car troubles

nocashatol

I'm 15 months into my IVA and things just keep getting worse, now my 10 year old car is on its last legs and I know I'll need something else before the next MOT. I don't want a banger, can't get a new car (no finance available), have no savings so need some options. Is leasing a possibility and if so does anyone in a similar position have any advice?

Thanks

Paul
:eek:

Depth_Charge

Hi

Sorry to hear of your problems

Unexpected essential bills and emergencies are the big problem if your budget is up to the shock absorbers in any debt solution payment arrangement and no easy answer really.

Leasing will up your monthly expenditure I would think which will impact on your disposable income and in turn very likely to mean you will struggle with payments into the IVA at their current level.

Just going on what you have put, then you have to start by contacting your Insolvency Practioner / IVA Company see if they can help in some way.

Like I have said in other posts hard times ahead with the cost of living going through the roof (especially food, travel & motoring) and peoples income levels under the cosh.

The pro IVA posters on here probably wont like reading this and nobody is blaming them as we are in a unique economic situation as I am quite sure most in the debt advice sector would agree if they are honest.

Something has to happen or the iVA industry might just end up falling apart, the signs are well and truly there to see now and it can only get worse.

Thats my take on things anyway

Hope you get something sorted and let us know how you go on if possible.

Foxy-Stoat_3

Cars last longer than 10 years, what work do you think will need doing exactly? Maybe you can ask for a payment holiday to carry out MOT work.

forgotmyname

Sadly adding more to your outgoings isnt the way.

You dont want a banger, But if thats all you can afford im afraid you need to live with the rest of us who have no money and have to make do.

Ive had cars a lot older than 10 years, Ive bought cars with over 200,000 miles on them. Cars with a list of faults but had an MOT and TAX.

Bought a rusty one and one with a blown engine and pu teh best of each together.

Think hard before you make a big mistake.

Buzby

DON'T go down the leasing route - it shifts the total cost of ownership and is never good value (unless you are a business and can reclaim it all agaist tax). Of all the peop[le I've known to take on leasing, all ignored the fact there was a 'balloon' payment at the end which, if not paid meant the car went to the finance house and all the money you paid was effectively a rental with no rights of ownership.

Further, if the finance house decrees you've used it too much, damaged it they charge you to restore it to the value they thought it might be worth (if they can). If they can't they charge you additionally for it - so win win for them, and you get Royally rodgered at your expense.

FiatFan_2

I've been having similar thoughts about my 15yr old car as it's coming up to mot time next month. I've started noticing water in the oil when i check the levels, hopefully it's just condensation which would be cured by a oil change service but worst case it could be HG failure meaning a bill that could equal the value of the car.

I was speaking to my IP yesterday so asked her, she understood my concerns and said that if i thought a change in car was necessary at any point throughout my iva, the best approach would be write to them explaining why i needed to replace the car and include a budget for the new one compared to the old and if any, what funds could be realised from the sale/scraping of the old one.

She wasn't aware of many requests being turned down as generally after all the pre-iva advice, once the new car is budgeted for then we should know ourselves if we'd think it be accepted ie having as little or no impact to our I&E or iva payments.