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Kaybee
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by Kaybee » Wed Sep 06, 2017 5:00 pm
Hi everyone

My IVA proposal was accepted on 4/9 with my first payment due on 1/10. During the period the IVA will run my car agreement will come up for renewal. What are people's experiences with dealing with the balloon payment at the end or replacing the car? Really can't do without it lol

Karen
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Foggy
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by Foggy » Wed Sep 06, 2017 5:18 pm
Hi. Your IP should have discussed this with you. You are very unlikely to be able to finance the balloon payment or to lease a new vehicle. Most of us make do with "eBay Specials" until we come out the other side. Alternatively see if a friend or relative can finance a replacement for you.
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MerlinL14
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by MerlinL14 » Wed Sep 06, 2017 6:19 pm
Renewing cars has been a well versed topic for some time. I was told by my IP, no issues in renewing your PCP during IVA. Which would have been true had every finance house in Christendom not ushered away my applications like I had the plague. I wasn't lied to but was also not told the whole truth.
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Foggy
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by Foggy » Wed Sep 06, 2017 6:33 pm
MerlinL14 wrote:
Renewing cars has been a well versed topic for some time. I was told by my IP, no issues in renewing your PCP during IVA. Which would have been true had every finance house in Christendom not ushered away my applications like I had the plague. I wasn't lied to but was also not told the whole truth.



Don't think I have seen one renewed yet.
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kallis3
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by kallis3 » Wed Sep 06, 2017 7:09 pm
I've not seen one either.
Kaybee
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by Kaybee » Wed Sep 06, 2017 7:46 pm
MerlinL14 wrote:
Renewing cars has been a well versed topic for some time. I was told by my IP, no issues in renewing your PCP during IVA. Which would have been true had every finance house in Christendom not ushered away my applications like I had the plague. I wasn't lied to but was also not told the whole truth.


That's what I was told too :shock: :shock:
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Foggy
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by Foggy » Wed Sep 06, 2017 8:09 pm
Seems some IPs do not live in the real world -- or appreciate the difficulties an IVA brings with it.
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Michael Peoples
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by Michael Peoples » Thu Sep 07, 2017 8:14 am
The best option is an interest free loan from a family member if this is at all possible. The IP can sanction repayment of the loan at the existing amount until the loan has been repaid.
ANNED
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by ANNED » Wed Sep 13, 2017 5:03 pm
Foggy wrote:
Hi. Your IP should have discussed this with you. You are very unlikely to be able to finance the balloon payment or to lease a new vehicle. Most of us make do with "eBay Specials" until we come out the other side. Alternatively see if a friend or relative can finance a replacement for you.


Hey foggy just reading this my car is in the same position I've 2 more years of payments then a final payment but I was going to carry on the payments for another 2 years so the car is mine can I not do this if I'm on iva I thought I could ??
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kallis3
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by kallis3 » Wed Sep 13, 2017 5:06 pm
Hi,

Depends on what is in your agreement. You may need to speak to your IP.
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Foggy
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by Foggy » Wed Sep 13, 2017 5:39 pm
ANNED wrote:
Foggy wrote:
Hi. Your IP should have discussed this with you. You are very unlikely to be able to finance the balloon payment or to lease a new vehicle. Most of us make do with "eBay Specials" until we come out the other side. Alternatively see if a friend or relative can finance a replacement for you.


Hey foggy just reading this my car is in the same position I've 2 more years of payments then a final payment but I was going to carry on the payments for another 2 years so the car is mine can I not do this if I'm on iva I thought I could ??


I doubt that the car company will allow you to do this anyway -- if they did agree you would also have to get the approval of your IP.
ANNED
Posts: 87
by ANNED » Wed Sep 13, 2017 6:43 pm
Foggy wrote:
ANNED wrote:
Foggy wrote:
Hi. Your IP should have discussed this with you. You are very unlikely to be able to finance the balloon payment or to lease a new vehicle. Most of us make do with "eBay Specials" until we come out the other side. Alternatively see if a friend or relative can finance a replacement for you.


Hey foggy just reading this my car is in the same position I've 2 more years of payments then a final payment but I was going to carry on the payments for another 2 years so the car is mine can I not do this if I'm on iva I thought I could ??




I doubt that the car company will allow you to do this anyway -- if they did agree you would also have to get the approval of your IP.


I have told the ip about this and he said it was ok to do that but I'm scared now cause you all say it's not
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kallis3
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by kallis3 » Wed Sep 13, 2017 6:46 pm
We don't say no - it's just that car finance firm may not agree to it.
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Foggy
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by Foggy » Wed Sep 13, 2017 7:11 pm
If the IP agrees ( get it in writing) and the finance firm does too then all systems go.
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luluj
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by luluj » Thu Sep 14, 2017 12:26 am
Important to get IP approval in writing to support your application with the car lease company - it msy help to support a positive decision
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