Changing my car while in Iva

puglove81 Forumite Posts: 1 Newbie
Hi I entered an Iva and when I did I asked if I could  change my car I had on finance to be told it should not me a problem. I’m now half way through my Iva and my car settlement is due this year. I contacted my Iva company to ask for letter to say I could change my car and they have been nothing but difficult. They asked me to update client portal I did, they asked me to get a Pre agreement from a lender I did. These Pre agreements don’t last long so I notified my Iva I had done everything they had asked to be sent a non related email saying what dangers come with breaching Iva. I have not breached my Iva as I have followed their instructions. Few days ago I rung aperture to ask about my case and the man on the end of the phone did not fill me with confidence that he knew what he was doing. Lot of the time he was quiet when he tried to work out what to do. I asked to speak to a manager as the Pre agreement was due to run out and the car it was based on would come off reserved. They have asked people not to email them more than once because of covid. I understand covid has changed the way people work but don’t understand why I should be messed about by company. Can they just keep me hanging on like this. Why should I miss out on car deal because they are unorganised? 


  • foxy-stoat
    foxy-stoat Forumite Posts: 6,879
    Eighth Anniversary 1,000 Posts Name Dropper
    I would of thought you should of been given a monthly amount for you to save to replace your car with a cheaper one while on an IVA ,if you had to hand the car back at the end of the PCP half way through the IVA.

    Begs the other question, why should you have a new car while you are in an IVA?
  • RauHughes
    RauHughes Forumite Posts: 56
    Fourth Anniversary 10 Posts
    The IP needs to directly approve the refinance of a new vehicle, and cannot do this without the precontract information confirming the new payment. If the original proposal did not state you would be refinancing, creditors will be expecting an increase in voluntary contributions once your current HP ends, which would then require a variation to creditors to reduce expected dividend. If the payment on the new agreement is higher than your previous agreement a change in circumstances assessment may be required to show that voluntary contributions are still maintainable, and if discretion to reduce voluntary contributions by 15% cannot be used, or already has been again a variation may be required. 

    All this work needs to be done whilst staff levels are low, 1000s of IVA clients are on furlough or have lost jobs and their cases need urgent attention. Getting the car you reserved is probably pretty low on the IPs list of priorities right now I'm afraid
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