Mum on IVA, needs a replacement car but can't get finance

Anondebtadvisor

At this stage in the IVA process all these questions should have been answered for you and discussed in detail before you decide if an IVA is right for you.

Some IVA companies are now requesting credit checks to help them identify accounts with possible PPI so your additional accounts may be discovered but if you have nothing to hide you have nothing to worry about?

I have seen IVAs with the car arrangement that you describe but make sure that your chosen IP will allow this arrangement.


Overtime, bonuses, commission or similar payments

Where at any time during thearrangement you receive any overtime, bonus or commission payment from youremployer which is not included in the original surplus income calculation, andif this sum exceeds 10% of your normal take home pay then you shall disclosethe receipt of such monies to the Joint Supervisors within 14 days of receiptand pay 50% of the amount over and above the 10% to the Joint Supervisors, suchpayment to be made within 14 days of disclosure to the Joint Supervisors. Routine overtime allowed for in your incomecalculation is not included and this is in addition to your obligation toprovide copies of your payslips to the Joint Supervisors on a quarterly basisand details of your income and expenditure to your Joint Supervisors on anannual basis, and to make any increased contributions arising from that review.
Failure to discloseexceptional overtime, bonus or similar to the Joint Supervisors will be consideredto be a breach of the terms of the arrangement and will be notified tocreditors in the next annual report with proposals of how the breach is to berectified. You will be allowed howeveran extension to the term of the arrangement to enable you to repay any arrearsof exceptional income to a maximum of 6 months, without the requirement of myJoint Supervisors to convene a meeting(s) of creditors.

iwilldoitthistime

Anondebtadvisor wrote: »

At this stage in the IVA process all these questions should have been answered for you and discussed in detail before you decide if an IVA is right for you.

Some IVA companies are now requesting credit checks to help them identify accounts with possible PPI so your additional accounts may be discovered but if you have nothing to hide you have nothing to worry about?

I have seen IVAs with the car arrangement that you describe but make sure that your chosen IP will allow this arrangement.


Overtime, bonuses, commission or similar payments

Where at any time during thearrangement you receive any overtime, bonus or commission payment from youremployer which is not included in the original surplus income calculation, andif this sum exceeds 10% of your normal take home pay then you shall disclosethe receipt of such monies to the Joint Supervisors within 14 days of receiptand pay 50% of the amount over and above the 10% to the Joint Supervisors, suchpayment to be made within 14 days of disclosure to the Joint Supervisors. Routine overtime allowed for in your incomecalculation is not included and this is in addition to your obligation toprovide copies of your payslips to the Joint Supervisors on a quarterly basisand details of your income and expenditure to your Joint Supervisors on anannual basis, and to make any increased contributions arising from that review.
Failure to discloseexceptional overtime, bonus or similar to the Joint Supervisors will be consideredto be a breach of the terms of the arrangement and will be notified tocreditors in the next annual report with proposals of how the breach is to berectified. You will be allowed howeveran extension to the term of the arrangement to enable you to repay any arrearsof exceptional income to a maximum of 6 months, without the requirement of myJoint Supervisors to convene a meeting(s) of creditors.

Does anyone actually check that you have declared the extra income?

Anondebtadvisor

Yes it will show on your p60 at annual review

sarah222

When in an IVA we had a car on finance. The car became unreliable and we contacted the IP to discuss replacement. They advised us we could replace it as long as the monthly repayments didn't grossly increase etc. We couldn't swap a fiesta for a discovery etc. We then googled a garage that did guaranteed finance. So they financed themselves rather than using a financing company. We got a new car fine - we did have to pay the first months payment in advance and the IVA gave us a months payment break to cover this. Our old car was used as deposit. It was really quite simple for us. It is worth asking her IP for advise. At the end of the day if she doesn't go to work as car poop then she wont be paid, IVA fails, they really don't want that so ask for help.

Elfbert

When my partner was in an IVA he needed a more suitable car as we moved to the city and his old car was quite large/powerful, really not good for city living! We went to Toyota and they gave us their 0% finance deal on a brand new little tiny city car. I think the IVA agreed as the total cost - car+insurance (it's car-tax free and congestion charge free) was less than his previous insurance on the gas guzzler!

We didn't think they'd let him have the finance, and were going to do it in my name, as I have good credit, but they said they were happy to see if it would go through, and it did so it's not impossible to do! Although I appreciate not everyone can 'downgrade' their car in such a way, if they already own a small run-around like we now do. It really did represent a significant saving to us, moving to such a small/cheap car.

dapast

They do check extra income, at our review we need to send 3 months pay slips, 3 months bank statement and p 60! Best to declare and not get in trouble!

biscuit1_2

Just because you send in your payslips doesnt mean they actually get checked, there are now more people in iva's and the ip's are probably very very busy, i would think if you keep your nose clean dont cause trouble, accept the ppi thing and keep your payments up, but pay a decent portion of overtime over i doubt that an indepth check would be carried out, as thankfully there are lots of people who think they have a god given right to an iva and want to pay as little back as possible coming up with all sorts of excuses for not paying ppi back which is taking all the time of the ip's up. Maybe

craig1342

i am having the same problem my wife and i have a joint IVA and she had a bad fall about a year ago leaving her with serious mobility issues . she has just been awarded both standard p.i.p benefits which does not enable her to get a car but the car she has is no longer suitable for her as she cannot use the clutch correctly so needs an automatic she gets a total of £304 a month from this benefit and we both still work so the IP has agreed in principle to allow us to get a car on finance . and keep the rest as various modifications have to be done on the house , this seems an impossible task as no one will accept an application due to us being on an IVA the problem is her contract of employment states she has to make regular trips to do banking and attend meetings using her own transport and although the company are really good about her mobility issues these two issues are a necessity and if she is not able to perform her duties she risks losing her job , affecting her ability to keep up the IVA payments WHAT A MESS . so if you do find a solution please she it as we are at our wits end