www.iva.co.uk

Hi
I posted a week or so ago about finishing my IVA early and don't think it would be possible however I have been thinking about asking my IP for a payment break in order to buy a new (2nd hand car) as mine is very nearly on it last legs and will be getting to the point where more and more money will be going in it to keep it on the road (its 12 years old). I currently pay £450 per month into my IVA and wondered what most IP's would class as a resonable amount to spend on a car during an IVA. There is no point getting a £500 one. So would £2000-3000 (so 5-6 months payment break) be acceptable?
I know i need to talk to my IP but just wanted an idea.
Cheers

I'd be surprised if they let you have that much. Do remember any missed payments from a payment break would have to be tagged on to the end of your IVA.

My IP originally allowed £1000 for a car but 3 months of looking and I haven't found anything. So I approached my IP again about leasing and they agreed to this. However, (1) public transport costs me more than leasing and running a car each month and (2) a payrise covers the additional cost so there is no reduction in my monthly payment.

I do live between two of the most expensive parts of the country (west London and Tunbridge Wells) so a grand may stretch further in other parts of the county.

I cannot see that a break of such length could be negotiated - and this would need the agreement of your creditors additional additional cost relating to the calling of a meeting.

Are there any family members who could assist with the purchase?

MelanieGiles wrote:

I cannot see that a break of such length could be negotiated - and this would need the agreement of your creditors additional additional cost relating to the calling of a meeting.

Are there any family members who could assist with the purchase?

My family don't know about the IVA so not sure that would be an option.

It goes without saying they will have noticed you don't have as much money as you once did (nosy b*****s that families are - love 'em). So why not just say you got into a bit of financial difficulty and are putting all your spare cash into paying it off. You don't need to be explicit about the iva but you are being honest.

A 2 or 3 grand car could be just as unreliable sometimes. Best to stick with your 12 year old car until it does pack in I would have thought.

when we were with payplan and needed to replace our car they only allowed us similar amount to what our car was worth so had to get one of a similar age and was only allowed 3 months payment break if you have someone to help you out would be better we were lucky with the car we got had a friend who a mechanic check it out and it was sound but for the money we had to play with could of ended up with another old horse