I'm looking at getting car finance

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chris487
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by chris487 » Fri Jun 16, 2017 5:32 pm
I've been in my iva since 2012 missed a few payments but have had the monthly payments upped to pay off the arrears. I'm looking at getting car finance I have a provisional agreement of £265pm for the car which I can afford with no issues to my iva! My current car has an inlet manifold issue and has been quoted £450 to fix which is clearly more than the finance and more than the cars worth. I also need a car to travel to work as I'm in the forces I'm working all over the country and need my own car to travel to places for courses and exercises. I have all the finance request forms from my iva company and plan to post them on Monday can you let me know what you think of this situation?

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Foggy
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by Foggy » Fri Jun 16, 2017 6:30 pm
If it will not affect your IVA payment, and is being funded from already agreed allowances (not an as yet unaccounted for pay rise), they might agree --- after all, no car = no work. However, they might just allow a payment break to pay for the repairs, which will be added to the arrears. I would just say that repairs are uneconomical rather than mention a figure unless asked.
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chris487
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by chris487 » Fri Jun 16, 2017 6:44 pm
On the paper work they have sent it's asks for proof that the repairs are beyond economic repair all I have is a work card from the garage which has the price on it!? Also regarding the payment break I had one just before I started work back in 2014 and I've already got a payment extension of 10 months added on.
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luluj
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by luluj » Sat Jun 17, 2017 2:40 am
It seems reasonable in how you have suggested things but my only question is how can you manage a monthly payment of £265 from your allowances ? Do you already have a monthly car payment in which case fine; but if not are you really sure you have a spare £265 each month - thats alot to find in my opinion and would be concerned its going to cause more issues in the long run and delay iva closure.
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chris487
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by chris487 » Sat Jun 17, 2017 7:13 am
No don't current pay for a car but I'm confident I will have the money and still be able to make iva payments
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Lisa Thomas
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by Lisa Thomas » Mon Jun 19, 2017 8:46 am
How are you able to afford these extra monies?

Something does not sound quite right - if you have enough surplus each month to fund an extra £265 then I'm surprised your IP has not asked you to pay this into the IVA after doing your I&E review...
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chris487
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by chris487 » Mon Jun 19, 2017 11:45 am
My I&E review arrived today so I have filled that out inline with the finance request and posted it! The monies are available from an increase in wages and child maintenance the increase in wages is since April and has been annotated on the I&E. I was under the impression there was to be a review every 12 months but this is the first I have received! I am in constant contact with my IVA company and nothing has been mentioned and I have had no emails regarding one.
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Foggy
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by Foggy » Mon Jun 19, 2017 12:09 pm
Yes .. a review is supposed to be done every 12 months, as per the agreement. But, it is also down to you to remind your IP, if needs be. It is your agreement and also you are responsible for it's running too. the pay rise and increase in child maintenance will likely lead to an increase in your IVA payment, leaving you with roughly half of the net increase.
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chris487
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by chris487 » Mon Jun 19, 2017 12:35 pm
According to the I&E for the finance request I have a contribution of 343 left witch is an increase from 194 which I pay at the moment I have also proposed the increase in the documents? Is that a good thing?
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Foggy
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by Foggy » Mon Jun 19, 2017 1:05 pm
chris487 wrote:
According to the I&E for the finance request I have a contribution of 343 left witch is an increase from 194 which I pay at the moment I have also proposed the increase in the documents? Is that a good thing?


Never a good thing parting with more money! But, as long as your IP agrees the calculations, all should be well. Fingers crossed.
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chris487
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by chris487 » Mon Jun 19, 2017 1:10 pm
Thanks I'll keep you posted should hear back by end of week.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 19, 2017 1:48 pm
You will likely find your contributions are about to increase.

You may be able to keep some of the monies to use towards the finance agreement if your Supervisor consents to this and the finance Company agree to it.
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chris487
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by chris487 » Mon Jun 19, 2017 2:15 pm
In the I&E I accounted for the finance so the 343 would be the full contribution so no monies would need to be deducted from that. Does it sound like something they would agree to bearing in mind without a reliable vehicle I'm unable to do my job in the forces.
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