IVA & CAR UPGRADE

Littlebutloud

Good morning, I hope you can help. Myself and my husband have an iva, but our car finance is not included on it.
We are with Black horse, and have are wanting to possibly upgrade, as our car is starting to give us issues. I am wondering if anyone knows if that is possible or not?
We have spoken to our IP who said that as long as its not more than the amount we pay monthly it should be fine. We haven't approached black horse yet, so wanted to ask for advice before we approach them. 
Thank you in advance 

normanna

Get a couple of quotes from local garages to fix your existing car at least until the end of the IVA.  May well be cheaper than looking at newer cars.  You could always ask for a payment break to cover the repair costs.  Look at the costs for each option over the longer term.  

Littlebutloud

Thannormanna said:

Get a couple of quotes from local garages to fix your existing car at least until the end of the IVA.  May well be cheaper than looking at newer cars.  You could always ask for a payment break to cover the repair costs.  Look at the costs for each option over the longer term.  

We have longer left on the IVA than the term of the car finance and so far we have spent over £4000 fixing it, which is currently more than the car is worth. It just seems to be one thing after another. Regarding the payment break is that finance or IVA as  wouldnt it be added on to the end and we don't want to be on the IVA any longer than needed., 😊

normanna

Sorry, I misread.  If your IP is ok with a newer car as long as your payments don't go up then you could speak with Black Horse for options, maybe even voluntary termination and hand the car back if you meet the criteria, then buy a cheap car until the IVA ends.  I'm not really familiar with all the details of the voluntary termination option but others on here are.
Good Luck

lookingforadvice93

Save up for a cheaper car with no finance - remember the reason you first entered into an IVA!!