www.iva.co.uk

New Car?

I'm looking for some advice...

9 months before i entered my IVA i sold my car to help me keep maintaining my
monthly payments to creditors. Once the money dried up i realised i had to take some
advice as i couldnt meet all my outgoings. My IVA was approved in August this year
and must admit it has definetly been the right action for me to take.

However selling my car has been the worst thing i have done as public transport has a lot to answer for.
In March i am due to recieve my annual bonus, after i have paid my IP the 50% they are due, I will have £900 left.

Im wanting to spend the £900 on a car, just a little runabout.

My only change in outgoings would be the £80 a month i currently spend on bus pass would be changed to petrol, i have had a play around with car insurance comparison sites and i can get it for £30 a month which i could pay from my monthly overtime, I am guranteed £50 every month which
my IP lets me keep in full, so i could use the remaining £20 for Tax and MOT costs.

Does anyone thinks this sounds reasonable? I havent put the question to my IP yet,
was just wondering if anyone had any similair experience? Will my IP let me do this?

Hi this does sound reasonable, however I would worry about the reliability of a car that costs £900 to purchase at the outset....you need to take into account costs for service and mot etc. Are you mechanically minded that would enable you to do some of the maintenance yourself ?

I agree with Liz that you might regret buying such a cheap car as it may prove to be very expensive to maintain.

A cheap runaround is great but as others have said may cost you more in the long run. Its still worth checking with your ip. They may even allow a coupke of months payment break to gice you extra to spend on the car.

Paul

I know buying a cheap car may be a risk, however my uncle is mechanic and will fully check out any car before i buy and also if any repairs are needed i dont have to pay labour just costs of parts and he get his discount on these. Wonder if 1 of the experts would be ok if any of there clients asked them the questioni am asking?

You can spend your bonus on anything you like. As long as your I&E can cope with it and your IP is happy then I don't see any problem.

Thanks for your help.

Chris - your part of the overtime is yours to do with what you want...we were just concerned for you in buying a run around at little cost - but you have a great support network behind you that many of us are jealous off so hopefully you will find a great little runaround that will see you through - best wishes !