www.iva.co.uk

Hi

I have 3 payments left on my iva (after 6 long years) and unfortunately it's looking like my cylinder head has gone on my car!! Repair quoted at anything between £800-£1000 and been told by mechanic it's prob the first of many things to go in my old banger car is only worth around £1200 if I could part ex it before it breaks completely! Mechanic says it won't last 3 months so what do you think my chances of getting the IP to agree for me to take out finance to purchase a new car?? I understand it will be difficult and expensive to get finance but no car = no pay and I travel 50 round trip to work so public transport is not available!

Any suggestions/advise on what I can do and if any companies will give me finance I'm happy to lease a car rather than purchase one !


Thanks

Hi kaza,

You can speak to your IP but even if they say yes you might struggle to get a company to agree. Moneybarn might be ok as they have been known to help people with financial problems.

I take it there is nobody who could take out the finance for you?

With 3 payments to go there is little that the IP actually wants to be involved in unless there it is a windfall situation.

You do need to ask the IP but phrase it as "as a matter of courtesy I am letting you know - is this going to cause a problem?"

Can you live without it for 3 months just to get the IVA completed? Its not worth complicating your IVA or risking having to extend it in the meantime. The alternative might be to have a break and use the money to buy a new car/fix the old one and extend your IVA.