I’m a bit worried as my wife wrote the car off & I can not find anyone what will do a new HP agreement for a new car. So I have gone down the route of getting a third party to take out a loan & I will be making the payment. Do I need to tell my IP?
I am as so due to get some inherence soon its only £2000 but I don’t plan as we could do with the money. Also at work we receive a bonus every year in shares which I have haven’t told them about as I can’t do anything with them for 3yrs.
I’m just wondering what is the worse that will happen
Did you try Duncton for car leasing? They are excellent with IVA and BR.
The loan will be in someone elses name, but I imagine you will have to justify the expense to your IP.
Your inheritance will need to be declared to your IP, and you should declare any bonus you get, from whatever source.
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
Not sure what the experts would say, but I think you should inform your IP about shares, inheritance and bonus as from what I understand all are reportable to your IP (as these are income or income you could introduce into your IVA). As for car credit, if someone else takes it out for thats fine. But you wouldn't be able to take it out as this is new credit which is prohibited in an IVA (unless your IP says its ok).
I was told by my IP that failure to disclose income or taking out new credit would be classed as a breach of the terms of my IVA. Perhaps best see if any of the experts can confirm all this, but this was my understanding.
You do have to make sure that you are allowed to pay back the third party for the car.
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
"Did you try Duncton for car leasing? They are excellent with IVA and BR.
The loan will be in someone elses name, but I imagine you will have to justify the expense to your IP."
Leasing is not an option as 1 I dont have the deposit & 2 I cant aford the payment as I have been told by IP that I need to keep the payments within the same amount as I am paying & time.
with the shares I cant cash them in for 3 years I think so there is no income from them
the stress all this is causing at the moment is something we could do with out
Sorry to hear you are feeling stressed. You will fine I am sure.
Probably best to see if someone can help you with a cheaper used car for now, possibly? This is what I did when my car "died".
As for the shares, I see your point, however, at 3 years won't you still be in an IVA? My IP wanted to know about my pension contributions and whether I could cash it in early to release funds into my IVA. I can't for the next 40 years, so the whole thing was academic, however, I still declared it, just in case.
the insurance company paid out £2500 for the old car which has left us £800 short I'm planing to spend about £2500 which a loan taken out by third party which will pay for the car so basical there will be no change in what we are paying for the car
if IP doesn't like it I dont care we need a car
we really need 2 cars as its been a real pain for the last 2 years having to use public transport which is not cheap & there is nothing in the budget for public transport!
If the payments aren't changing, I can't see a problem.
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
