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T O P I C R E V I E W
Louise.7
Posted - 25 November 2010 : 11:56:37 Hi Everyone. Wondered if anyone could advise as to what we can do about our car. We were discharged from bankruptcy on the 10 th of this month and were allowed to keep our Peugeot 307 worth about 2 grand in the bankruptcy. Over the last few months everything as gone wrong with the car and we have now been told that we need to find about £800 for further repairs on it. We cannot afford this as we both have IPA and I am currently off work with cancer. The OR is looking into reducing my ipa payments but don't know how we can work out the car. Was wondering if there is any way we would get credit (not that I want to) to purchase a car as if we sold our current car we would probably get less than a grand! Won't be able to get a car that lasts long for this really.
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 26 November 2010 : 10:47:05 I would suggest speaking to the OR / Trustee about the IPA payment and see if they will let you have a IPA holiday to allow you funds to fix the car
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Real People ..... Real Debt Solutions
gettingoutofdebt
Posted - 26 November 2010 : 09:25:15 Would you be able to pay for the credit and the IPA at the same time without getting into financial difficulty? If you were to get credit the interest rate would be about 40% so this should really be a last resort.
The OR reducing the IPA is a much better and safer option. Mention to the OR that you would not be able to keep your job without a car, which would mean that you wouldn't be paying an IPA.
paulgm_2000
Posted - 25 November 2010 : 12:27:36 Hi, sorry yo hear of your dilemma. I'm sure an expert will be along soon to help.
In the meantime, i'm sure the OR will give you some room to allow costs for repairs.
Talking from experience, I have never spent more than about £1000 on a car the best car I ever had was a £400 Mondeo. I'd always buy from a dealer as you can take it back if it gets a problem soon after purchase. I'd also recommend buying from an auction as this is where the dealers buy their cars from and so it is much cheaper.
