IVA help - Car finance

littlebigno · 24 February 2019 at 1:53PM

Hi,

I have entered a IVA with creditfix (wish I did more research but that’s another problem), As part of my agreement I have to hand back my current car and get something under £250 a month,

I was happy with this and obviously said I need the car until I have the new one on my drive otherwise how would I get to work, I can hand it back the day or two before and get a lift to get the new car but not for work at all,

Now obviously with the circumstances I am really struggling for help, I’ve been accepted by one company but they wanted more then I pay a month now after expressing it’s no point if it is over £250 a month, Wasting even more of my time to be honest,

I can scrape together a tiny deposit but again with the circumstances I don’t have spare money,

If I have a holiday and just try to sort it while I don’t need my car for work then can’t get another car I’m screwed either way,

I’m really worried it’s going to screw with my IVA agreement and I’ll be worse off then ever god forbid I loose it I don’t know what I would do,

I also have to get the agreement approved which means one to two weeks between knowing if i can get the car,

Any ideas or help?

Thank you.

sourcrates · 24 February 2019 at 3:00PM

Its unlikly, in fact nigh on impossible, that you will get car finance whilst in an IVA, just does not happen.

Once it appears on your credit file, that is it, I think this IP is not telling you the real facts here OP.

Save up a few hundred quid and buy an old banger for the duation, ideally this should of been researched before you signed on the dotted line.

Tasha27 · 28 February 2019 at 11:15PM

Before signing for an IVA can you back out if you don’t like what they’re demanding on the contract then just go down the route of a DMP?

WhenIam64 · 1 March 2019 at 7:55AM

Save up a few hundred quid and buy an old banger for the duration

Check you local British Car Auctions. Friday is banger day but they go pretty quickly.

PrettyKittyKat · 2 March 2019 at 10:39AM

You need to provide evidence that you are trying to find a car for a lower cost and can't. If it shows you are trying to source a suitable replacement vehicle (ie probably a lower spec basic model) and the payments are still too higher or you are rejected then the IVA company will have to report to creditors and propose other options such as 1) remove the MOD that required this, 2) payment breaks to pay for a vehicle outright so no HP and then the payment will increase following these (although this option depends on whether how much you pay per month makes is viable).

Is your car on HP or is it a scheme through work?

littlebigno · 21 March 2019 at 3:34PM

Hi,

Thanks everyone for the help,

I am getting absolutely nowhere with this,

I have tried every company I can find and every option I know, I’ve sent emails, Made phone calls and had online chats,

I’ve proven that everything I’ve tried has come back negative,

I’m waiting on another phone call from the IVA supervisor that I guarantee I’ll have to chase up because it won’t happen otherwise,

I asked what would happen if I couldn’t find a option to get a car and the only thing they said at that point was termination, I asked what would happen, Basically it’s a free for all for everyone I owe from my understanding,

I have no assets, I live with parent, I own a few clothes and a tv, Mobile phone and games console, I literally work then go home and vegetate till I have to go to work again,

I have nothing left to give up, My car is PCP and is the only thing I’ve kept paying outside the IVA as mentioned I have no other way to work,

What else can I do and what can I do if my IVA gets terminated?

I’m pulling my hair out with worrie about what’s happening and although the IVA has provinces for you to actually lead a life I’m in a worse state then I was when just sticking my head in the sand,

Just don’t know what else to do

Clouds88 · 21 March 2019 at 3:45PM

Why are you even in an IVA if that is the case? I would cancel, save up money for an old car, less than £1,000 then go bankrupt. Have you sought advice from debt charities? I thought IvAs were more for people who had a house as an asset to protect

Minkym00 · 21 March 2019 at 8:16PM

This is what I was going to suggest. Bear in mind though as someone working and living at home will get an IPA but if you can get that agreed to be less than your IVA then you’ll be better off.

Annie35 · 21 March 2019 at 11:22PM

If you do consider sacking it off & going br, check if you're eligible for DRO as the fees are massively different £90 vs £680 !!)
OP, what car is it? I do understand your reluctance to let it go, but don't let this stop you being free

littlebigno · 22 March 2019 at 2:42AM

I’m in the Iva because I’m stupid and didn’t research my options,

What’s a IPA and DRO?

It’s a fiesta, I’ve no hassle in letting it go but it’s just the fact I can’t get to work otherwise,

A early is a 5 or half 5 start and a late is a half 11 finish, That’s not flexible with my job role either, And includes weekends, I live rurally a bus route does not cover anywhere near the times and would be multiple buses,

It’s atleast a 2 hour walk each way on a good day,

I gave up my motorbike with the IVA as you can’t have more then one mode of transport as it’s considered a luxury, I also wouldn’t want to ride through the winter so it was the better option to keep the car and hand the bike back

Craig1981 · 22 March 2019 at 6:37AM

IPA is a payment plan if going bankrupt, based on excess income
a DRO is like a mini bankruptcy, but you cant have more than £50 surplus on a monthly basis once expenses are paid. there are no monthly payments in a DRO.

can nobody help you out with a few hundred pounds to buy a banger with a 6 month mot? that way, you have a few months to repay and save up for something else

IVA help - Car finance

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