When i entered into my IVA i had a Company Car as this is required to carry out my Job. The Company i work for has been taken over and New owners do not provide Company Vehicles. When the current lease expires in August i will loose company car and receive car allowance. This was covered by my previous Contract of Employment so under TUPE rules i cannot dispute.I am concerned that i will be unable to obtain/afford finance or personal lease on a suitable vehicle and how will the Car Allowance be treated under my IVA. Reading some of your other postings I looked on the Ductons website and they seem to require 3 months deposit and monthly lease costs are fairly high. I have allready obtained a 15% reduction on IVA payments on First Annual review of my IVA as this was allowed and therefore unlikely to obtain any further reductions.Do you have any advice on what my best course of action should be.
Hi Wilf and welcome to the Forum.
You will need to speak to your IP and explain the situation but allowances are effectively that and not treated as income.
If you need a good vehicle for work and cannot obtain the finance in your own name perhaps a friend or relative could get the loan. Your IP should be fine with this and you can pay them back.
There is a link that gets circulated on here some where. Its a link to a company that specialise in car finance for people with poor credit and in IVA's. High interest rates but thats to be expected.
Problem with finance in someone else's name, the car would have to be in their name also I believe which then means legally you can only be a named driver on the insurance policy! There are ways round this, but if you get caught certain things may be VOID.
I may be wrong in what I just said, its just what I was told when I tried to do a similar thing.
If Football was meant to have been played in the air then God would have put Grass in the Sky
im not sure this is correct as my wife is the legal owner of our car, I am the main driver on the policy with her as a named driver and this isnt a problem. When applied for the insurance I selected she was the owner so its all fine...
I'm not to sure, but thats kind of similar to what was in the news last week about younger drivers being named drivers on insurance policys to get a cheaper premium!! Can't have 1 rule for 1 and 1 for others!!
If Football was meant to have been played in the air then God would have put Grass in the Sky
I think the problem arises when a person owns a vehicle, has someone down as a main driver but then another drives it as a named driver and uses it daily?
What I typed was actually incorrect, my wife owns our vehicle with the DVLA, the policy is in my name with her as a named MAIN driver and her down as owner on the policy!
I understand what you are referring to wannabedj but danielns situation is totally legal and above board.
I used to insure my sons car for him in my name and then place him on the policy as a named driver purely to bring his premiums down.
Once i found out that he would not be covered in the event of an accident or in the eyes of the law it was swiftly changed to all being in his name. It all comes down to declaring who is the owner as per the V5 document.
I used to say it was my car until i looked into it and then as stated previously realised the ramifications this would have if things did go wrong.
If you look at the V5 document, then it does state that the registered keeper is not necessarily the legal owner.
One of our cars is registered to hubby, but is actually owned by Motability and both of us are down as named drivers on the insurance.
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
