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Can i get another car during my IVA? |
Submitted on: 22nd Jun 2010 by Non-Member | Total Answers: 1
Hi, I’m just starting the second year of my IVA. At present I have a lease car with work which I make a contribution too each month which I have been able to keep. However, the lease is due up, and with the economic climate as it is the company I work for is not providing a lease car any more. I still need a car for my job. Will I be able to purchase/lease a car with the money im not paying toward the company car?
Re: Can i get another car during my IVA?
Basically yes, as an IVA generally lasts for 5 years and there are often changes during that length of time. Although an IVA is a legally binding arrangement it is understood that there maybe a need to revisit your income/expenditure and circumstances throughout the time
If a car is required to enable you to travel to and from work then your ability to pay anything towards your IVA could rely on a replacement vehicle being in place. So acquiring a lease for a similar vehicle at similar costs would not necessarily be detrimental to your creditors
Acquiring a replacement vehicle during the course of an IVA is not uncommon, this is something you do need to speak to your supervisor about, who will then liaise with your Insolvency Practitioner.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.
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