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Posted: Mon Jul 30, 2007 10:28 pm
by steve b
can i get hp on a car during an iva
Posted: Tue Jul 31, 2007 6:55 am
by tinytori
I think they are someplaces who will let u, iam not sure the names of the company's but im sure someone will pot the details
Posted: Tue Jul 31, 2007 7:57 am
by catullus
Fairly unlikely because there is a restriction on borrowing in an IVA proposal and the new repayments would undermine the earlier calculations that had been done of your earnings and outgoings, to arrive at your IVA contribution.
Furthermore, unless you had a car to trade in where would you get the deposit from?
Posted: Tue Jul 31, 2007 8:06 am
by tinytori
im sure i have read a post on here about some car companies letting u have a car on HP while ur in a IVA i could be totally wrong like so if iam SORRY
Posted: Tue Jul 31, 2007 8:26 am
by catullus
You're probably right TT but I was just commenting on what most IVA proposals would say about new HP.
If you are in an IVA that is silent on new credit and the new repayments fit in to your I & E, then what you have said may be relevent so no need to be sorry!
Posted: Tue Jul 31, 2007 10:04 am
by iva_squirrel
Hi steve b,
It may be possible to take out HP during and IVA but you will need your supervisors permission.
It will depend on how that will affect your ability to continue to make payments into your IVA. If you can make both payments then your IP can call a variation meeting of creditors and try to get their agreement to you taking on the finance.
Regards,
Michelle P.
Posted: Tue Jul 31, 2007 10:34 am
by iva experts
Hi Steve,
Another option might be to borrow money from family/friends to buy a 'run around' car, then you could either pay them back when the IVA finishes as you will have disposable income OR you could possibly ask your I.P for a payment break to repay them back.
Either way you will definitley need to speak with your I.P to gain their advice and their permission.
Best Regards. IVA Experts
Posted: Tue Jul 31, 2007 10:37 am
by Oliver
It is possible but as Catullus states there are a number of reasons why this may be frowned upon.
If you describe the context of your situtation we can probably answer in more detail.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Tue Jul 31, 2007 1:38 pm
by Adam Davies
Hi
There may be a situation under an IVA where a car is needed.You may not have a car at present and a job offer further away necessitates the need for a car and the job offers a higher salary meaning that HP payments will not affect the IVA payments.
You will need permission off your IP and just as importantly you will need a finance company prepared to finance you.
Below are some companies that may help.
www.advantagefinance.co.uk
www.flexiblecarleasing.co.uk
www.duncton.com
regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp