Affordability in an IVA

PixelCode

Now I know that really if your income changes then you should pay more, but recently my car HP finished after 5 years, so I was wanting to get another car, but being within an IVA am I able to get finance? If I can prove my affordability will it pass or is it likely to be automatically ditched due to the IVA?

That being the case how long after the IVA is complete before I can get finance for a new car? My IVA finishes in less than 15 months.

doelani

HI Pixel

Check your IVA paperwork with mine when my HP for car finished we had to pay that amount to increase IVA payments.

You are not supposed to get any credit while in an IVA so really you should not even apply for it .

PixelCode

Well I wasn't really going to, but then your not supposed to have an overdraft but mine has crept right up.

The IVA has helped me and we are paying the IVA people, who are in turn pocketing a shed load of interest out of me, so i'm not going to feel guilty.

So basically it's a none starter.

PixelCode

bumped.

Anyone?

bluecatblue

doelani wrote: »

HI Pixel

Check your IVA paperwork with mine when my HP for car finished we had to pay that amount to increase IVA payments.

You are not supposed to get any credit while in an IVA so really you should not even apply for it .

when my hp finished on my car, i was expected to pay the extra payments onto my iva. also you are not allowed to obtain/apply for credit whilst in a iva (according to mine) or have any form of credit, if they find out about your overdraft (as it is borrowing) this may be in breach of your IVA and issue a default notice, which could in turn end your iva, i would do some checking befoehand.

PixelCode

Well they have known about my OD and have not said anything. I have paid religiously for 3.5 years, and have always had some kind of overdraft. Strange that nothing has been said by them.

My car was actually part of my business which was external to the IVA, and they said they couldn't add into the IVA as they would seize it.

Charco_2

How much is the overdraft for?

When the HP ended, was there a "Balloon Payment" that meant you couldn't simply finish the repayments and keep the car you had?

You CAN get credit WITH THE PERMISSION OF YOUR IP!

PixelCode

So I would need to speak with the IP? Who is the IP?

doelani

PixelCode wrote: »

So I would need to speak with the IP? Who is the IP?

The insolvency practitioner who set up your IVA

PixelCode

Right, well I'll see how it goes. I don't want to end up paying them more money so they can feed of the interest some more.

I may just soldier on.

doelani

PixelCode wrote: »

Right, well I'll see how it goes. I don't want to end up paying them more money so they can feed of the interest some more.

I may just soldier on.

Why do you keep saying they feed off the interest? Any money you pay them is put in an account and the interest will be added to your payments and any fees you are paying you would have agreed to.