www.iva.co.uk

Do all IVA agreements have a yearly review?. It is just that I can afford the proposed arrangement at the moment but will need to replace my car within the next 12 months and it is needed for the work I do. Also I get a car allowance and this has been added to my income.

Yes - and you should highlight your concerns about your car to your IP as soon as you can. Perhaps a higher car maintenance allowance could be budgeted in to take account of the need to replace the car during the IVA.

Thanks for the advice. I can just about afford the proposed repayments at the moment due to the fact that I am on a tracker mortgage and my payments have plummeted. I need to replace my car within the next few months so will need a payment holiday of about 2 months. On the bright side I am expecting to be promoted so everything is all up in the air.

Ask your IP - I dont think you will have any problems in getting one.