www.iva.co.uk

I am in IVA with Grant Thornton, final sum due October 2015.
Last year we took a payment break as needed to replace our cars. We sourced cheap second hand cars.. These cars now require repairs beyond the value of the cars themselves. They are costing a lot of money.
We have had poor communication with GT and tbh we just keep our heads down and keep the payments going.
I have submitted an email to them asking them to contact me as we really need to address our car situation. We need the cars desperately as both work full time and have two young children to get to school and nursery.
I have researched car finance during an IVA, possible payment breaks to allow us to buy another car etc etc and just don't know where to go from here. GT are not very forthcoming with their support and in fact we never hear from them, only once have they asked for the annual review and that was because I contacted them.
Is it possible to source a good car on hire purchase (would save so much money running a newer car and paying a monthly fee) whilst still in the IVA? How straight forward is the process? I imagine it being a lengthy process where they have to arrange meetings etc etc to decide.
Just don't know what to do, any advice would be great.. Thank you

Hi and welcome to the forum.

Are you saying you've only had one annual review despite being only just over a year from completing your IVA?

Have you tried emailing your IP direct rather than support staff? Not sure how effective this will be but might be worth a go.

You would need the permission of your IP before acting. There are companies like moneybarn who offer this service but yiu would have to continue with your IVA payments as well. Interest rates advertised don't necessarily resemble interest rates given if approved and you are likely to need equivalent of six months payments as s deposit.

With only 18 months to go I would consider any other options before taking out a financial package with high interest.

Hi Lesley yes I have only had one review, we were originally with Blair Endersby until they handed us over to GT after about 10 months or so. I have chased GT up on numerous occasions but get fed up of it tbh.
I think you may be right luluj. I am hoping our local garage will let me pay in installments- he has done before… fingers crossed!

Any relatives that could help you out ?

I used moneybarn a couple of years ago when a new arrival turned up and needed to change the car. Have to say they were first class, no messing about, everything done as it was supposed to, and transferred the money to the dealer with no fuss. I think they had a minimum loan size of £5000 and as luluj said, you do need a deposit of around 20% from memory. Interest rate was on the high side, but only to be expected.