My partner is willing to purchase a car for me on the agreement I pay him back

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Dawny17
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by Dawny17 » Sun Jan 21, 2018 4:46 pm
I am about to start a new job, however I will need a car for this role as I will be working in the community and doing home visits. My partner is willing to purchase a car for me on the agreement I pay him back . I am looking at around £2500 for the car and paying back £100 per month towards the car . My wage will increase with the job by around £200 per month but I will have tax , insurance and fuel to pay out plus the cost of the car itself, this will all probably be around the £200 Will this be allowed with my IVA? And do I need to inform them.
I was also wondering if I was to be gifted cash to pay of the IVA off how much would they accept ? I currently owe around £2400 and have 29 month left until the end of the agreement
(Please note I would not be gifted the money if I didn’t pay the IVA off)
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Foggy
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by Foggy » Sun Jan 21, 2018 5:10 pm
Your partner can gift you a car but you will not be allowed to pay him back during your IVA. What you can manage from existing allowances plus your share of increased income can be kept privately between the two of you. If you have the usual clauses you will have to inform your IP of the increase when it happens, but, being an increase in permanent income it should not be taken into account until the annual review ... so until the review you get to keep all of it, then half of it after the review. Lucky timing (and having those clauses) could save you a lot of messing around.

If you are seeking an increase in allowances to cover insurance, tax, etc. you will need to keep your IP in the loop. They may not, however, be agreed.

F&F ..... this is based on the number of payments left x your monthly payment at the time of presenting the offer to creditors. If that is the £2400 you mention, considering they will be saving a couple of years administration costs I would offer £2000. Of course this will increase once your salary goes up and the IVA payment with it.
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Lisa Thomas
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by Lisa Thomas » Mon Jan 22, 2018 12:15 pm
You could ask your IP for permission to get this credit and confirm that the payment of £100 a month will be deemed an acceptable expense that forms part of your I&E and explain you need it for a new job increasing the amount payable into the IVA by c£100.

As regards any offer bear in mind if the IP deems your contributions can go up by £100-£200 you may have to increase your offer for creditors to accept it.

Based on your calculations are your payments £83 per month? (29 payments totaling £2,400) as this seems low?

How much are your current contributions?
Dawny17
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by Dawny17 » Mon Jan 22, 2018 6:06 pm
Lisa Thomas wrote:
You could ask your IP for permission to get this credit and confirm that the payment of £100 a month will be deemed an acceptable expense that forms part of your I&E and explain you need it for a new job increasing the amount payable into the IVA by c£100.

As regards any offer bear in mind if the IP deems your contributions can go up by £100-£200 you may have to increase your offer for creditors to accept it.

Based on your calculations are your payments £83 per month? (29 payments totaling £2,400) as this seems low?

How much are your current contributions?



Hi Lisa . Thanks for your advise
My contribution is £80 a month I finish my IVA IN July 2019 .. it was a 6 year agreement.
Dawny17
Posts: 5
by Dawny17 » Mon Jan 22, 2018 6:08 pm
Lisa Thomas wrote:
You could ask your IP for permission to get this credit and confirm that the payment of £100 a month will be deemed an acceptable expense that forms part of your I&E and explain you need it for a new job increasing the amount payable into the IVA by c£100.

As regards any offer bear in mind if the IP deems your contributions can go up by £100-£200 you may have to increase your offer for creditors to accept it.

Based on your calculations are your payments £83 per month? (29 payments totaling £2,400) as this seems low?

How much are your current contributions?



Sorry it will end July 2020
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Lisa Thomas
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by Lisa Thomas » Tue Jan 23, 2018 9:30 am
So £80 x 29 = £2,320 or worst case with changes to income say £280 (less any additional expenses for travel etc) x 29 = £8,120.

Do you own a property? If so have you allowed for the potential 12 month extension?
Dawny17
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by Dawny17 » Tue Jan 23, 2018 12:23 pm
No, I rent Lisa.
Kind Regards
Dawn
Dawny17
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by Dawny17 » Tue Jan 23, 2018 8:41 pm
Lisa Thomas wrote:
So £80 x 29 = £2,320 or worst case with changes to income say £280 (less any additional expenses for travel etc) x 29 = £8,120.

Do you own a property? If so have you allowed for the potential 12 month extension?


No I rent Lisa.
If I was to keep my current employment position and was to be gifted the money to pay off the IVA Only.ehat would a reasonable amount be to offer and is it a simple process ?
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Lisa Thomas
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by Lisa Thomas » Wed Jan 24, 2018 12:24 pm
If my calculations above are correct then c£2k might do it.
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