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Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

I already have an IVA and can't afford my monthly payments on my car any ideas?

I have an IVA but My boyfriend (ex now) took out ford car finance so I could have a new car, I'm paying the monthly repayments but I can't afford them anymore and I'm going to uni so need the extra cash. Phoned the finance company and I can't give it back because I haven't paid 50% of the car, only paid 23%. Any ideas?

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  • 1 decade ago
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    Hi

    If the car was taken out in his name then if you stop paying it becomes his problem and he will have to take up the payments. If you stop paying and give him back the car you pass the problem on to him.

    This does cause you a problem though by stopping payments for the car your IVA payments may have to increase if your IP spots that you have an increased monthly income. It also means that you now have no vehicle for transport.

    If you were able to replace the car you have given back to your ex boyfriend with another cheaper option that should be acceptable to your IP but it may be that the saving is already spent and you just make do without a car.

    There is an excellent website you can visit at this address

    http://www.myiva-adviser.com

    who can advise you in more detail if this answer is not detailed enough.

    Whatever happens good luck.

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