IVA question

isey235

Hi all

I am nearly 12 months into my IVA and things are going well.

I have a wife and 2 young children and our car (2002 Ford Focus) is on it's last legs. A friend of the family wants to give us his car (08 VW Polo) as he is elderly and no longer uses it.

As the car is small we would look to trade this in for something a bit bigger but around the same price.

My question is how would this affect the IVA ?

Any advice would be greatly appreciated.

Thanks in advance

DorisTrousers

As a general rule you should be fine with that, it doesn't sound like you are obtaining any further credit, so the only possible issue is whether any replacement costs more to run than your current one. However, as your current one is on its last legs then you may actually save in the long run on maintenance costs.

isey235

DorisTrousers wrote: »

As a general rule you should be fine with that, it doesn't sound like you are obtaining any further credit, so the only possible issue is whether any replacement costs more to run than your current one. However, as your current one is on its last legs then you may actually save in the long run on maintenance costs.

Thanks for your reply

isey235

Anyone else had a similar experience ?

Foxy-Stoat_3

Sell the Polo and keep the money aside for repairs to your current car, unless it has done 300,000 miles or you have parked it in the sea for a year and its rusted away.

It may last longer than you think with a bit of maintenance.