Just a quickie really, how long does one usually need to be in an IVA to have a payment break? My Car is due for a service and MOT in september and then also new road tax. Im worried about how im going to afford to pay the bill. Ive been in my IVA since May of this year.....[:)]
There is an monthly allowance for maintenance and tax and your IP may want to know how you pay these things next year if you are already struggling. They may be sympathetic but may want to be sure that future problems are avoided.
s-s star,
In an IVA it is not always plain sailing and unfortunately these things do crop up.
You can either bite the bullet and go through the what i call TOUGH MONTH!!
or try speaking to your IP and see if they can Help!!
DON'T FORGET!!! The IP is there for you and are on your side and the creditors.
Try to pay in something to your IVA this month instead of absolutely nothing and hopefully during the IVA you can make up the Shortfall.
thanks for the replies, im just worried about a hefty 400 pound bill,or even more..! obviously they put aside stuff like "car maintenence" which is fine, i have some money aside, but i drive an S Reg Car, so i know the bill can be high. I will contact my ip and just see what the options are. i have been fine with my finances and no problems at all,its only been a few months ive been in it, so im still getting on my feet to be honest!
I know by next year, this shouldnt be a problem..!
I was involved in a minor fender bender last year when I was with Accuma - although my IVA allows for car maintainence and tax it doesnt allow for a £250 excess when things go really wrong. They were very understanding and allowed me to pay it off over the next few months including a small "token" payment when I first spoke to them.
A payment break can be authorised at any time during an IVA depending upon circumstances. People with elderly cars, should really consider whether it may be better to replace the car prior to the IVA, when credit ratings may not be so impaired to stop hire-purchase finance - obviously do not borrow the money on an unsecured basis. They do have to last for five years after all - and tend to get more expensive to repair the older they are.
