iva advice

jjm1960

Hi folks
Im in an iva since September 2015 through money plus.
My problem is my 1995 transit van which I need for work needs to be replaced earlier than I had hoped. I have no savings and Im not sure how things work with ivas about getting a loan or finance to replace the van. I do have a frozen pension worth about £12500 which I believe I could withdraw £2500 tax free. Would this count as income for my iva or would I be allowed to do this with being in an iva? I find it all so confusing.
Thank you in advance for any replies.

mwarby

I think you really need to speak to your IVA firm. They will (or should) be able to help as this protects your work and so income, depending on repayments maybe they could organize holiday.

jjm1960

Thanks mwarby
Will talk to them but at present they dont seem as helpful as previously.

mwarby

Are you asking to replace the van with a brand or nearly new one, or are you looking at older ones ? it might be easier to get a break sorted to buy say a 10 year old one outright

jjm1960

Just looking to buy something cheap, new is out of my range
Thanks

mwarby

Would 6 months of iva payments and car expenses get you enough ?

If so ask for a 6 month holiday(to be added on to end of term) if you can do it in less all the better (they're more likely to accept less). You will need evidence to convince them that the replacement is needed and not just a want, but should be too difficult