Hi Guys
Its probably being covered a million times on here. But need some advice.
I am just over 3 and a half years into my 6 year IVA, I am self employed and heavily reliant upon my vehicle to get to work, without it i couldnt work as its used purely for work ( i have a motorbike for my personal transportation). Sadly the vehicle due to the crazy mileage i do for work purposes is on its very last legs to the point i cant afford to keep it on the road and the cost of doing so is more than the vehicle is worth, Its still under finance as this was excluded from the IVA due to the requirement to use it for work and is fully paid off and owned in 6 months time however its unlikely to last that long and if i get another 2 months use from it, I will be lucky.
I desperately need to replace my vehicle to be able to work and cannot manage without it. Is there any means of going about this and whats the best things to do?
There is a compnay called Moneybarn/dunctons who will provide vehicles on lease to people in IVAs but you need quite a big deposit and obviously the interest rate is high, you would also need your IP's permission as it may affect your IVA payments, this is where the sticking point may be as I would think they wouldn't be keen on authorising another lease for a vehicle whilst you still owe on the one you have, but you will need to check with them.
The other options are, to continue to keep your current vehicle on the road for the time being, surely it's worth versus what it costs to keep on the road isn't really a factor when you are in an IVA anyway as you just have to make the best of what you can sometimes, or ask a friend or member of the family to purchase one for you? or even a payment break to purchase a cheap runaround?
Our car died on us last year, and between us we do nearly 300 miles a week commuting. In our case we advised our ip a few months before as we were able to see what was coming and although we were trying to keep it on the road we wanted to know what if. They were very good and asked us to keep in touch if we were not succeeding in keeping the car on the road, which we did. We were able to take a Repayment break and use the money to purchase a new car. As Christmas was approaching we were given a bit of leniency with catching up the repayments and advised to contact them in January to sort out a payment plan for the missed payments which we did and have since nearly caught up all the missed payments. We were also able to offset the car cost against our overtime modification as it was a significant expense.
I would suggest therefore you get in touch win your IP now and make them aware you may run into difficulties. It is better to identify early then you can take the repayment break before you can't go on no more, then you will the money available and freed up already when the inevitable happens.
Last edited by Kelherring on Sun Dec 09, 2012 6:18 pm, edited 1 time in total.
My ip has just changed again. It was RSM tenon but has just changed to grant something or other. Its changed 3 yimes in the last 3 years as they keep getting passed on.
I do have a friend willing to purchase the vehicle for me, but that doesnt really solve the problem as the IVA takes care of all spare cash and onviously when my current vehicle finance is complete the amound for the repayments is added to the IVA repayments. I need a vehicle big enough to transport equipment around the country such as a van or 4x4. I average 3000 miles a month in the course of my job.
I had intended trying to keep the vehicle on the road as long as possible. Just know the time is approaching where its not possible and i am worried i will not be able to continue my job as a result.
singerdude - Welcome to the forum, please do get in contact with our Customer Service team on 0844 855 2166 or via email at ivacustomerservices@uk.gt.com and we will be able to review your case and advise you of your options - there will be options as you require your car to work,
Kind Regards
Karol
