www.iva.co.uk

[V]We finish out iva in september of this year. We have had our struggles but we have more or less made it. But .... we managed to put 200 pounds to one side to cover one of the cars mots, it came in under budget at 190. However, my hubby mentioned something worrying him and now the garage man is looking at it in more depth and has told us worse case scenario could be 400-500 pounds. How on earth are we going to manage that??!! Honestly, sometimes I could just sit down and cry. This has been so hard at times and the light at the end of the tunnel is fast approaching but I really am at my wits end with things like this. Hats off to all those who have completed, I know we made the right choice but its so hard. I really dont know what to do.

Hi sonj,

Not good with the car, hopefully you can find the money to pay for repairs.

It always does seem as though you get yourself back on track and then something comes up to smack you in the face. Has the garage said what the problem is?

Is there any possibility of a family member or friend lending you the money? - it's not 'that' much in the grand scheme of things. Failing that how about getting in touch with your IP asking if poss for one payment break [if that will cover it] and spreading the cost over the remaining 6 or so monthly payments? I know wjhat you mean that it's hard, of course it is, but you are so close now, so c'mon, head up - there will be some weay round it. Also Get a second quote on the car - it might come in cheaper.

thank you for your replies. Ive calmed myself down a bit! The car is through its mot, it cost 180 so under budget. The exhaust prob remains but it is useable, the mechanic said no danger in driving it but it will get to the point where it needs to be done. At least we have some breathing space. Hubby has the chance of some overtime but I will need to check through our paperwork to see what the overtime clause is as we have always avoided it as werent sure. Thanks again for the support guys, this forum is a god send xx

That's good news sonj, hope the car holds out for a while yet.

I would consider the overtime option as the first possible solution, alongside and relatives that could help. Other option is to ask for a one month payment break and delay the en until October if necessary.
Your IP will want to support you .....you have come so far!

I did overtime a year ago and in september last year i got a call from my IP to question on my p60 etc the extra money. i told them it was from overtime. they said they were ringing to tell me they had re-assessed my I & E and that my monthly payment was going to be reduced by £20 per month but because of the extras income i had from the overtime they said they were to recoup it by leaving my monthly payment the same! As far as your car is get a second opinion or ask around garages to see how much they would charge for doing the same work. There are a few dealerships now that offer a monthly payment plan for mots and services which is a good thing so you dont have to shell out lump sums for them. (repairs not included unless under warranty of course). Imagine how you would have felt had you not had your IVA especially one that ends soon.

My hubby does overtime and our company works on the 50/50 rule. But when our television blew up Payplan let us use the whole amount of the overtime money to cover the cost. Hope this helps and you manage to get sorted soon

IVA companies should always be flexible when it comes to unexpected costs(cars,fridges etc etc). If there is no other way a payment break should be easily authorised with any missed payments just tagged on at the end.

Paul

I couldn't get mine tagged onto the end as my IVA apparantly can't go over 60 months - apart from the extra year for the (not going to happen) equity release!!!!

My payment break has been spread over the next twelve months.