Boiler replacement

Brian123

I hope this is the right forum.

We are 2 years into an IVA and the central heating boiler has just had the last rights read over it.
Replacement is £1600 and obviously finance is not an option. I'm just wondering if anyone knows of a scheme which would include the replacement within the fuel bills and therefore avoid (legally) any need for a credit check. I haven't been able to find one.

HappyMJ

You can ask a friend or family member to pay for the repair for you and keep that out of the IVA.

Are you sure you cannot repair the boiler. What's the fault with it? If you got BG to look at it they do have a tendency to condemn a boiler before it's time when a couple hundred pounds could have been spent to repair it instead.

If all else fails what alternative heating and hot water do you have. If you've got a conventional boiler with a hot water cylinder you can install a immersion element at low cost to get hot water and this winter you can use electric heating to keep warm. It'll cost much more to heat a room by electricity than gas but the cost of finance may exceed the extra cost of the energy in any case so delaying the replacement of the boiler for one year until you can get finance or save the money may be an option you'll be forced into taking.

Just a quick calculation. Someone just out of an IVA or bankruptcy would be likely to be offered finance at a terrible rate of 39.9%. £1,600 borrowed would then cost £638.40 in interest for just one year. Electricity costs about 10-12 pence per kWh or about 5-8p more than the cost of the gas that you would have used so you would need to use quite a bit of electricity for it to cost more than the cost of the finance.

footyguy

Brian123 wrote: »

I hope this is the right forum.

We are 2 years into an IVA and the central heating boiler has just had the last rights read over it.
Replacement is £1600 and obviously finance is not an option. I'm just wondering if anyone knows of a scheme which would include the replacement within the fuel bills and therefore avoid (legally) any need for a credit check. I haven't been able to find one.

I'd suggest you try the Bankruptcy & Living with it board for advice; there's a sub-board there for IVA & DRO

Without wishing to sound judgemental, if you can now afford to pay out £1600 (in installments) for a new boiler, you may fall foul of your IP who would want to know why you have not been paying your creditors more.

But then again, I can see you probably need a boiler, so perhaps your mortgage provider might help you?

I know next to nothing about IVAs, but I'm sure the people who frequent the above boards could advise you better