IVA payments and emergency bills

keeno1406

My partner and I have been in an IVA since July 09 and after bills / food petrol etc. we have little or no cash spare each month and although this took us a while to adapt to, we coped over xmas / special birthdays etc. etc. The thing is now, our car is in desperate need for 2-new tyres and the rear brakes doing; We obviously haven;t got the cash lying around and our only alternative is to approach our IP and ask if its possible to reduce 1-months IVA payment in order to get the work done. Has anybody experienced this at all / can offer any advice?
We've not missed a payment and alsways paid in full and on time since the start of the IVA.

Thanks in advance

Nargleblast

Go ahead and ask, that is what you are supposed to do when unexpected items of expenditure crop up. There should be an allowance in your agreed budget for car repairs and servicing, have you been setting that aside each month? I have recently started putting monthly amounts away in a savings account to cover the annual/quarterly bills so that I don't spend it; I do occasionally have to dip into it for other things, but I am in the process of going through my first annual review, and have increased areas of my proposed new budget to allow for increased costs of living. If you can get written quotes of the cost of new tyres and the work on the brakes then you can do some negotiating with your IP. If they agree to reduce your next payment then think about my suggestion of putting aside money for the annual/quarterly stuff so you don't encounter this problem again. Good luck.

cheapround

Hi there

We are always worried about this situation as I think what happens if the boiler breaks etc etc. But we have been allowed an emergency amount of about £40.
We also have had to contact our IVA company because one of our cars is on its last legs and is costing us alot in tyres, repairs etc etc. We have contacted our IVA company and they have agreed that we can put some extra money aside (instead of putting our payments up at our yearly review - just gone). Also my car is leased and this is due to go back in November, the IVA company have also agreed that we can put any extra money aside to pay for the deposit for the new lease car.

Since they have been taken over by another company they have been really helpful!!