Hi, my car is dying, It has until the mot is due in. Dec as there are so many issues suddenly appeared (stay away from old vauxhall's haha) it would cost more than the car is worth to repair, over £800 with no guarantee of mend, so I need a replacement which will last me at least a couple of years until the IVA is finished. Can I ask for a couple of payment breaks? Are there rules? My dad has offered to lend me some more short term I would have to get some overtime in to pay that back plus with what I can get for my car I may have enough for a reliable one. I only found out about the car this weekend so haven't had time get in touch with payplan just hoping to put my mind at rest as it's stressing me out. Thanks
Yes, payment breaks are allowed, at the discretion of your IP and within the agreed terms of your IVA. These will be added back on at the end of the IVA. Be aware that you cannot take 'credit'
over £500 (assuming you have the usual clauses) without permission from your IP (that includes borrowing from friends and family) and overtime (about half of it) is payable into the IVA when you get it.
If, say, your dad bought a car for you to use and you decided to pay him back after your IVA ended ........ that might work.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for the reply, no chance of him buying me a car just a small loan probably under the £500 anyway. I would normally only do 1 extra shift a month for overtime staying under the 10% rule but being a keyworker there is a lot available at the moment so it would be easy to get some more and as it is exempt from the above rule I could easy pay back less than £500 in the next few months. Thanks
If you say it is a loan, just say that payment back is deferred until after your IVA has been completed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi - I was able to get a second hand car through finance even with my IVA. I used a company called Moneybarn and they were great. My IP held a variation and an amount was approved for finance. The only downside was that they added an additional 12 months to the IVA as the money I am paying to the finance company could have been money my creditors were receiving however without the new car, I wouldn’t have been able to get to work so it was a compromise on both parts.
Hope you get it sorted!
Moneybarn also have high interest rates compared to high street rates. Also bear in mind that you may not be able to get your IP to agree.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
