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My car is dying and I have an IVA! Help!
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As fatbelly said the only way forward is to stop paying the IVA and save up, but it will mean the IVA lasts longer.fatbelly said:Hang on. I didn't suggest a dmp and didn't criticise your choice of iva.
Let me summarise my post in different words.
If you need a large sum of money to replace the car urgently, stop paying the iva and save. The iva still remains in place
If you can do a temporary fix on the car, talk to your ip about lowering the monthly payment as it sounds like it has been set too high.If you go down to the woods today you better not go alone.0 -
Read the first post on here.
Individual Voluntary Arrangement (IVA) & Debt Relief Order (DRO) Info, advice and help thread. — MoneySavingExpert Forum
If you go down to the woods today you better not go alone.0 -
@Peanutbuttertoast
Just to elaborate further on your choice of IVA.
In year 5, you will be expected to re-mortgage, if you don`t have a mortgage, or are unable to re-mortgage for any reason, you will be expected to make a further year of payments, that is virtually bog standard in the majority of IVA terms.
I think that`s what Grumple was trying to tell you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
How much are you paying Payplan a month? You said it was low.
It isn't really the fault of the IVA that you dont have enough money to save up £2000 for a car. The problem is you have insufficient income and you would have the same problem in a DMP.
Talk to Payplan and ask if you can have a 3 or 6 month break in which you can try to do a lot of overtime to be able to save up for a car. Get Payplan to confirm in writing that they wont want any of the extra overtime money. If they refuse, you probably have to let the IVA fail if you dont have another option.
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