www.iva.co.uk

Hey,

Ive been in a IVA about a 1 and a half years now and before i started a IVA i already owned a old car which was on finance. Im on the final year of payments with the car. The Car is only worth approx £1000 but with the costs of keeping it on the road through repairs, MoT and servicing the car is worthless and cost me more to keep it than it would another newer car plus i can never really afford the repair bills because of my repayments to the IVA which makes me struggle. I need a car to get to work to continue payments.

Would a IP allow me to get a new car since im almost out of finance on the last and ment to be increasing my payments to when it finishes?

Hi,

You need to speak to your IP about this. You might be able to get a newer car, but you have to run it by your IP first.

How will you fund the purchase of a new car?

The only way i possible could is be trying to get another loan.

You would probably find that you wouldn't be able to get another loan.

You will be hard pushed to get a loan whilst in an IVA and you cannot take out finance without the permission of your IP

I wouldnt go against my IP thats for sure. I just didnt know if i was stuck with this car.I have extra payments to make due to commision i earn every month and when i have £600 repair bill on the car i cant afford to survive make a payment and the extra.. Its impossible i worry this will happen again as more things seem to be going wrong with the car.

The only thing you can do if you get an unaffordable bill is to ask for a payment break from your IVA to fund it.