Some IP's will allow you to put that money towards a new car instead ( but not all) --- but --- you have to secure finance ! The only firm I have had mentioned here is Moneybarn, though I have seen adverts for a few "ardverse credit" car schemes (obviously very expensive).
benjiboo1 wrote:I had this problem too. I was 2 years into my Iva when my balloon payment was due. I was with Ford finance. I had not missed a payment to Ford but they would not re finance my car nor could I swap it. I had to hand the car back but was lucky enough to find a local garage that would finance me a car & at a very reasonable interest rate & at the same monthly payment I was paying to Ford.... although it was an older car.
This could be the answer -- but do run it by your IP and get permission first ! Not to do so could fail the IVA. Hopefully he / she will be helpful ---- after all --- no car = no work = no money for the creditors.
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