I started my IVA in 2015 when we lived in the UK and at the time I had a car lease in place, which I needed to keep going for my job. I had a 3-year lease at the time, and the agreement was that I would have an extra year added to my IVA agreement as the creditors had asked me to terminate my lease agreement but I couldn't due to needing it for work. So I agreed to go the extra year on the IVA. That meant a 7-year term.
We moved abroad last year, after my car lease came to an end, and my IVA payments naturally were adjusted. Although I haven't bought a car yet where we live now, I will need one again for work.
As I'm in a different country, I am able to get a car loan here, but I will need to get my IVA adjusted again. I'm of the view that the agreement I have in place should allow for a monthly car payment, since the original agreement allowed for it and I'm still obligated to pay through the full term. Would my view be correct?
I did check with the IVA initially when my car payments ceased to request whether I could have the term reduced by a year but my request was rejected. So in fairness, I believe I should be able to have my car payments re-adjusted back into my payment schedule.
Can someone provide insight? I don't want to ask the question directly and get penalised somehow.
I am afraid I do not agree that they should allow you another car loan, covered by your allowances. The original agreement was that they allowed to to pay the remainder of the earlier car payments and be compensated by the extra years IVA payments .... You got the car payments covered, as agreed and in full ... so the creditors are still entitled to the extra year, as agreed and in full.
What you are asking for now is for your creditors to buy you a car, in effect.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
It sounds to me that creditors allowed you to maintain the car payments for 3 years with a view that they would then see the benefit once it had been paid off by your contributions increasing accordingly.
As Foggy says, you had the car for 3 years so creditors now expect the increased contributions for the remaining term of 4 (?) years.
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