www.iva.co.uk

Hi,
Please can anybody offer any advice!
Our car is 11 years old and has cost over £1500 in repairs since October!! It's currently at the garage about to have a new catalytic converter & lambda sensor at a cost of probably £500+ we just can't keep throwing money at it, the garage keep telling us it's on its last legs and we need to cut our losses but what are our options? We are 4.5yrs into Iva and currently going through the whole equity release stuff.
We can't get any help from and family (my mum has already lent us £700 for car repairs before Xmas)
Can we lease a car? Is this even an option? I just don't know where to turn! We cannot be without a car, we live In a village and I'm self employed and need a car for my work. My earnings aren't enough to warrant a business lease tho.
Under our iva could we lease a car privately?
Any advice or help much appreciated
Thanks

Hi you could try money barn, they are expensive but fast and friendly and help people in iva's xx

If possible I'd rather go down the leasing route rather than car finance to buy another old car, the stress of having an old car I just can't cope with anymore, not to mention the expensive repair bills. I need a reliable car that's not going to keep breaking down ...I'm just not sure of Leasing option if in an iva?

My IVA let me lease an nhs car but only if I could afford it with IVA payments and thankfully I could as my fixed rate mortgage was reduced. However, if they would have said no, I was playing the stress card with no car = no work = no IVA payments. I would have then asked for a formal payment review to reduce so I could lease a car though I'm not sure if it would have worked but worth a try unless you get better advice. Good luck

I found a website time4leasing.co.uk but I don't know if it's legit or not ...

By an old toyota yaris for £300, mine got me through the final two years of my iva.
It was like a Swiss watch, and I've still got it.

Hi,

Try moneybarn - high APR but they do usually look at bad credit.

Or ask your IP for a payment break.

If a family member took out a personal loan and lent us the money do we need to inform our IP?
We would obviously pay the monthly payments to the family member, about £110pm over 4 years.

If the family member pays for the car then that is ok but you would need to run the payments past the IP if it is going to affect your IVA.

Do not describe the family arrangement as a loan in any way, shape or form --- this is credit and is not allowed without the agreement of your IP and creditors (which I doubt will be forthcoming). If the family take out the finance in their own names and any contribution you make to the costs are from your own, currently agreed, allowances there should be no real issue. I doubt the creditors will allow the monies to be added to your allowances.

Maybe instead they could get sufficient funds to make a f&f gift/lump sum offer to end your IVA.

I'm guessing that will be either 6 months or 18 months of payments depending on the equity position.

As Foggy says you usually can't obtain credit of over £500 without your IPs consent.

Unlikely, I'm talking about 4K to buy a second hand car. For a f&f they would want about 40k!

How much are your monthly payments?! They must be extremely high if the f&f would be £40k...

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

Do not describe the family arrangement as a loan in any way, shape or form --- this is credit and is not allowed without the agreement of your IP and creditors (which I doubt will be forthcoming). If the family take out the finance in their own names and any contribution you make to the costs are from your own, currently agreed, allowances there should be no real issue. I doubt the creditors will allow the monies to be added to your allowances.

As the payments would be £110 pm I think with a bit more belt tightening we could do that within our current allowances so does that mean I don't need to inform the IP at all? I'm confused