Will need new car soon

Barkley_2

Hi all

Well, I am nearly in my 3rd year of my IVA and things are ok except that my car that has never broken down and has always passed its MOT first time has decided to blow a piston ring. It is running ok for now but could go at any time. Until such time, I am still driving it.

I have spoken to my IP and they have given me information about how to apply to my creditors for when the inevitable come. Does anyone know of any companies that I can approch to enquire about finance. I have looked at MoneyBarn, but they have a minimum £5000 loan. I dont want to take out that amount. £3000 max on a reliable, economical car.

Any help welcome. Thanks

Depth_Charge

Barkley wrote: »

Hi all

Well, I am nearly in my 3rd year of my IVA and things are ok except that my car that has never broken down and has always passed its MOT first time has decided to blow a piston ring. It is running ok for now but could go at any time. Until such time, I am still driving it.

I have spoken to my IP and they have given me information about how to apply to my creditors for when the inevitable come. Does anyone know of any companies that I can approch to enquire about finance. I have looked at MoneyBarn, but they have a minimum £5000 loan. I dont want to take out that amount. £3000 max on a reliable, economical car.

Any help welcome. Thanks

Hi

Car maintenance costs amongst other things are becoming more of a factor for people in tight debt solutions

Firstly, could you clarify the point where you say that you have spoken to your IP and they have given you information about how to apply to your creditors for when the inevitable come?

BobQ

Barkley wrote: »

Hi all

Well, I am nearly in my 3rd year of my IVA and things are ok except that my car that has never broken down and has always passed its MOT first time has decided to blow a piston ring. It is running ok for now but could go at any time. Until such time, I am still driving it.

I have spoken to my IP and they have given me information about how to apply to my creditors for when the inevitable come. Does anyone know of any companies that I can approch to enquire about finance. I have looked at MoneyBarn, but they have a minimum £5000 loan. I dont want to take out that amount. £3000 max on a reliable, economical car.



Any help welcome. Thanks

I may be missing the point , but if I had financial difficulties I would not be taking out a £3K loan when I could probably take one out for what £500-£700 to get the piston rings replaced and the engine refurbished. If its been reliable to date why swop it for someone else's problems?

harveybobbles

So by being in an IVA you havent learnt your lesson on debt by wanting to apply for another loan..?!

Why not just pay to get the car fixed? Asked your IP for a payment holiday and extend the term of your IVA by one month.

I know people in similar situations have asked to extend the term of the IVA by 6 months if something came up like a car disaster etc .

Barkley_2

To clarify, it was my IP who gave me some options one being to get a car on HP, the second to take a 6 month holiday on the agreement of my creditors. I am with you harveybobbles, no I do not want to go into debt with another HP agreement. I am looking at my options before I decide what to do and just so people know, I have opted for the payment break and have composed a letter to my IP explaining the prolems with the car and that I have requested a payment break.

Why not get the car fixed? Because I have been quoted at three seperate garages between £1359 and £1600 to compleate the work needed to get my car on the road and in a roadworthy condition. This is a rebuild of my existing engine, a replacement cat convertor which has been ruined due to the 3 litres of oil a month my car spits through the system, a new exhaust manifold and all the rings, valves etc etc. I am not a mechanic so I couldnt tell you what is involved or needed but I have been quoted at all 3 garages between 15 and 20 hours labour + parts. So please dont think I want I new car because my old one is outdated. My car is 12 years old 116000 miles and is now showing its age. I travel 50 miles a day to work which cost me IRO £140 a month in fuel + £25 it is costing me in oil.

If anyone can point me in the right direction for a company that will provide me with a fully refurbed engine with a minimum 2 year warrenty on a D-Series Civic engine for a Honda HR-V then please post a link with price as an other possible option. Either way, the long and short of it is I need a car otherwise my creditors dont get paid.

pivotalgubbins

It would appear to make more sense to explore the possibility of taking a payment holiday than entering into a further credit agreement when you have previously shown you are unable to meet your obligations.

Have you done any research to determine whether you could pick up a reliable and economical car in the £1000-1500 region? An older diesel, for example, may have considerable miles on the clock but providing it has been serviced regularly and maintained it may well see you through the remainder of your IVA.

Also, have you considered whether any of your friends and family are sitting on a car that they are looking to shift or wouldn't mind being put to use. For example, the parents of a friend of mine went away travelling for six months and had a car just sitting there that they actually wanted to be put to use. I know it is a long shot but worth considering.

I cannot understand why an IP would suggest HP to a person in an IVA - ridiculous (and I've worked in an insolvency role for a few years now).