Hi can i have some advice, my company lost a contract and i am down to be transferred to this other company under TUPE now in 3 months time. I have just found out that i will be given a payment of 10,000 for a car which will be paid in my first salary payment. I will need this due to having to go out more often for new employees. What do i need to tell my IVA firm. I am worried that they will see this as a bonus payment when it gets reported. I cant go and get a letter from my employees due to risk of losing job. we are up to date with payments over first 2.5 years and i will be getting a small bonus also at time of transfer and plan to send £1500 for IVA.
If this is towards a car and you can't use it for anything else, I think you should be ok.
You will need to inform your IP though.
Hopefully one of the experts will be along to advise further.
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
The nature of the payment should be clearly shown on your payslip, which your IP will understand when you send them a copy. If the money is paid to you specifically to purchase a car by your employer, then it is not captured under the windfall provisions of your IVA.
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
Fiat are doing a brand new Punto for under £10k at the moment, and I think you can pick up the small Kia and a Renault Clio for under that as well.
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
My pre-registered Kia Rio Diesel cost £8495 OTR. £35 a year road tax, cheap insurance, avg. 50MPG.
It's definately an under-rated car in my opinion. Pretty nippy, holds its own on the motorways and is comfortable.
I do 21K miles a year and it hasn't skipped a beat in the 13 months that I've had it. Worth investigation I would say.
It may not be the flashest car in the company car park, but if you cannot afford a shiny new BMW, then something like a new Kia, with all the warranty, then it's a reliable, cheap as chips car. It'll be worthless come trade-in time, but it wont have depreciated by nearly as much as some bigger and flasher cars.
An alternative might be the Kia C'eed. Slightly more expensive, but a almost new one may be just under the £10k price, and still have 6 years of warranty left. They have 7 years in total, and that would see you out of IVA and then some.
