Car...

[Car1e]

Posting this as much for a rant as advice. So sick of my car. Has cost £800.00 for repairs already this month. Have managed to deal with it with help from the in-laws...and put a bit towards it ourselves. Juggled direct debits to co-incide with paydays (I have only been at my new job 3 weeks). This morning took husband to work - we have just one car - and I suspect coil has gone as it is running like a bag of spanners - probably due to deluge of rain. Now I cannot get to work on Monday or indeed any day. Have plucked up courage to email my new Boss and ask about a company car, he had mentioned it before but..still...I am new girl yet unproven..so watching my emails like a hawk. Just not sure about taxation if he says Yes and cannot email IP yet as it's all up in the air! Pffft. What does happen if you have a company car and are in an IVA? I cannot work without a car.

[luna]

Hi,

I have a company car which does not effect my IVA.
The only issue might be a reduction in your net pay due to the tax element of having a company car.
Depending on the value and emmissions it might not be a massive amount and you can cope with it in your overall allowance.
I also pay a set amount to trade up to a better car and that has also not been an issue for me.

Regards.

[BigRed]

Same here rant as much as a worry here...Our car is our biggest issue with our IVA as we are just setting our IVA up and our IP says it will have to go. He says we will have to get a cheaper car as we bought it new last year and the payments are higher than what we will be paying our creditors!!! The whole reason we got the new car was the same as you with our previous car having faults etc and getting sick of it also we went for 2 cars to 1 car so decided to get a better car. we did our research and got a car that costs the least to run day-to-day with the capabilities we need as we go camping. so its free road tax, low fuel consumption and low serving etc but is an expensive car initially but once purchased will be cheaper for us but they only want to see the next 5 years and of course its expensive for the first few years!!!! I really really don't want to lose this car not only do I love it but I cant use public transport as it doesn't go to my work location early enough for me to get to work. I would have to walk 3 miles at 5.30am not good for a lone female!!!!!
So ok we hand it back......that would mean more debt added to our IVA surely as we've only had the car a year and our outgoing would be more so although we wouldn't have the car payments to make it would surely balance it out with more fuel consumption, high road tax, and older cars need more money spent on them more often etc etc.. I'm thinking is it worth it really? Am I right or am I looking for more excuses to keep my car which I suppose I am in a way

[baldy]

ummmm..... Cars seem to be difficult for a lot of people in IVA's. We are lucky to have two cars which together are not worth more than £3500 total. We just cannot get away with one car so ive really tried to keep them in good nick.

Its when things go wrong with them and they cost loads of money then the sh*t hits the fan!

Some people have been able to keep cars that are worth a few bob, i guess you may just have to have a understanding IP!!!!!!!!

Could you part EX your current car for something a little bit older maybe? Not sure what you car is worth, but you must be able to have a car worth around £4500 ish?, i know its not as nice as a real new car but then its about getting through the IVA i guess.

Baldy

[Broke of London]

I'm allowed to lease a car so long as the car lease and running costs are less than public transport costs. It means I can spend up to £150pm on a lease which gets a nice, small car. This situation came up after my car went to the scrapyard inthe sky.

It does depend on your IP and the overall costs. x

[luna]

BigRed,

When we went into our interlocking IVA's my wifes car was 3 years old bought new and we just needed to re-finance the balloon payment.The car was valued at 8k and not questioned with the new monthly payment added to our expenditure and needing to be included into the IVA after 3 years when paid for.I guess the issue for you is you have just bought it.