I think we have made a mistake

[Jason1973]

We entered an IVA 2 years ago last month my wife has had an accident & wrote our car off.
I spoke to our IP they have told we can get finance for a new car & but with conditions. we are having loads of problems find any finance even with our current car finance company wont lend us the money we need (we have never missed a payment)
Not having a car is not an option for us as we live in a rural location & would not be able to get to work.
also I'm due some inherence soon only small amount which we could do with as we need to get some stuff around the house & after the last year we have had we could do with a holiday.
I'm starting to think that we have made a mistake of entering in to an IVA as we never had any money left at the end of the month. I have to do overtime just to live !!!!!!!!!!!!!!!!!!!

[kallis3]

Hi Jason and welcome to the forum.

Sorry to hear that you are having problems.

You could try this company for a car:

http://www.duncton.com/jsp/index.jsp

APR is high, and you will need a deposit, but you can get a car.

I'm afraid the inheritance is classed as a windfall and will be required to be paid across to your IVA.

Unfortunately, things like holidays will have to go by the board until your IVA is over unless you can make any savings from your allowances.

If you really feel that you should not have entered into the IVA because of the restrictions, you can let it fail and either go bankrupt or go into a debt management plan.

Which company are you with?

[MelanieGiles]

Could you buy an old banger to tide you over until you get the inheritance money? Your need for a replacement car is far more important than your need for a holiday - and I think that this is something that could easily be negotiated with your IP.

[marky b]

we too are struggling to get by but i think the only thing that keeps us going is that this iva means we dont have to worry about being sued by creditors.
My wife has taken a paycut but im making up the shortfall with my overtime.
no one said it was gonna be easy.did you not have fully comp insurance.

[kallis3]

What does fully comp car insurance have to do with anything?

[MelanieGiles]

Presumably because the written off car would have been covered under the policy and money released to fund the cost of a new one? Only guessing!

[kallis3]

That's what I thought and it sounds a bit dodgy to me.

[janderson]

Hi All

I also think it important to be able to have a holiday, it does feel sometimes that we are expected to live like trapist monks while in our IVAs. The idea of scratching about with contingencies to go on holiday is crazy. There should be a pot for the annual break which is allowed by creditors. After all I would bet they have a holiday. Please also do not go off on one with creditors come first etc.

This is my view!!

[rayb]

You can still have a holiday whilst in an IVA, you just have to save that bit harder and there are always special deals available e.g through the sun paper etc.

Just remember the IVA is hard but at the end it is well worth it and you can have a luxorious holiday to your hearts content. I can assure you now that I am debt free that I will be having a well deserved trip later on this year.

[kallis3]

I think it is unfair that people who are bankrupt have a holiday allowance, whereas those in an IVA don't.

We managed a holiday last year courtesy of daughter's insurance policy. Prior to that, the last one we had was in 2005 and we won't have another one until the IVA has finished.

I'm just happy that we are being given a second chance and that in 3 years time I can go on a really nice exotic holiday!

[MelanieGiles]

If creditors had their way there would be no allowance in bankruptcy either!

[kallis3]

Will it ever change though?

I don't mind not having a holiday now, I can look forward to one at the end of my IVA and I hope we have a nice summer this year so I can sit out in the garden!

[Jason1973]

the reason we want a holiday is my wife lost a baby oct 08 and found out she had cancer at the same time. then last year she had a miscaraige then found out she was diabeicia. then in feb this year she crashed wrote the car off & had a hypo coma in the same week & all thru this we had made all our payment ontime so I think we deserive a holiday

on the car front leasing a car is not an option as is having an old banger (as we live in yorkshire & we have family all over the place) on the leasing front the budget doesnt alow for this as our payment are due to go up in sept 2011 for 1 year as this is when our car payment were due to end

[marky b]

That's what I thought and it sounds a bit dodgy to me.

if the car is written off and you have fully comp insurance then it will be replaced. why would that sound dodgy to you.
you have a suspicious mind.

[kallis3]

The car wouldn't be replaced anyway - unless you have Gap insurance you would be offered the market value for the car.

Unless you have an accident, God forbid, it shouldn't matter what sort of insurance you have.