Would it be acceptable to approach my IP for another HP agreement as our main car is on its last legs and I am concerned about getting to and from work which is a 30 mile round trip in arural location.
Our repayments are about to increase to £290 from £170 due to our current HP agreement ending this month. Could our IVA be extended or could we propose to pay more into the plan to make the difference up after another 2 years. Our IVA has finished its 1st year.
This is only a tentative enquiry as we are fully bounded by the IVA rules.
Thank you
Hi Secondtimearound - we had the same problem earlier in the year. We approached our IP who recommended a payment break so that we could obtain another vehicle. Yes the IVA will be extended by the number of monthly breaks taken but this way there is no additional credit being taken.
If I was you, I'd speak with your IP and see what help they can offer you.
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
It may be difficult to obtain new finance so a break to buy a reasonable runaround may be the best option. The IVA could be extended unless the original dividend was still achieved within the original timeframe.
I have recently come across another good provider of car finance to clients who are in IVAs. Happy to pass the details on to anyone who wants to contact me off-line.
