I have 3 payments left on my iva (after 6 long years) and unfortunately it's looking like my cylinder head has gone on my car!! Repair quoted at anything between £800-£1000 and been told by mechanic it's prob the first of many things to go in my old banger car is only worth around £1200 if I could part ex it before it breaks completely! Mechanic says it won't last 3 months so what do you think my chances of getting the IP to agree for me to take out finance to purchase a new car?? I understand it will be difficult and expensive to get finance but no car = no pay and I travel 50 round trip to work so public transport is not available!
Any suggestions/advise on what I can do and if any companies will give me finance I'm happy to lease a car rather than purchase one !
You can speak to your IP but even if they say yes you might struggle to get a company to agree. Moneybarn might be ok as they have been known to help people with financial problems.
I take it there is nobody who could take out the finance for you?
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
With 3 payments to go there is little that the IP actually wants to be involved in unless there it is a windfall situation.
You do need to ask the IP but phrase it as "as a matter of courtesy I am letting you know - is this going to cause a problem?"
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Can you live without it for 3 months just to get the IVA completed? Its not worth complicating your IVA or risking having to extend it in the meantime. The alternative might be to have a break and use the money to buy a new car/fix the old one and extend your IVA.
