IVA - 3 questions

coffeemoon

1). I am going through work (NHS) for a new car as my current one has been ok but getting more expensive with the repairs. I do need a car for my job.  However I am in the middle of an IVA.  The payment for the car is taken out of my pay at source (before tax and national insurance) and over all it is going to cost me way less than car finance (which I can’t get) and keeping my old car.  But do I have to let my IVA practitioner know about this?  I don’t want to mess up so if I have to inform them then I am happy to do so.

2). I am in the IVA but was told I should not have had it as I am not a home owner and have no other assets.  Is this true

3) Some of my creditors handed my debts over to companies like CapQuest etc.  Is this allowed?  Also when I finish the IVA in 6 years will these companies decide to come after me for the rest of the unpaid stuff and will I have to pay them?  Or are they bound by the same agreement as the original company 

thank you 

Grumpelstiltskin

Question 2 Yes you are correct you should have never touched an IVA with a barge pole, how far are you into it?

What research did you do before going into the IVA?

Was it as a result of an advert on social media?

Question 3 . It should have been explained to  you that if the  IVA completes all the debts are covered.

How much was your total debt at the beginning of the IVA?

It may be possible for you to let the IVA fail but we need some further information.

ManyWays

1) you have to tell your IVA firm. They will probably increase your IVA payment for the amount you are now saving on the car less the drop in your income.

2) you may have had much better options then, but now completing the IVA is normally the sensible choice as you are half way through.

3) debts can be sold, and the new creditor remains bound by the IVA agreement, not something to worry about.

BrilliantButScary

Are you fully aware of the impact on your pension, that salary sacrifice for a car, has?