It will be almost 2 years since this was posted, I am in an IVA the same thing happened to me last year had to get a new car to make the 32 mile journey to work each day.
Fortunately my Motherinlaw was able to help me out with a small loan, which initially helped me out, since then I have had nothing but trouble and spent almost 1k on it which only cost 895 previously. The Garage has closed down and still there are problems - I don't really want to ask my Mother in law again so I ahve approached my IP for permission to apply for further credit.
No decision as yet but I made some enquiries with one of these Guaranteed Credit Companies, I only wanted to borrow upto 2,500.
Outrageous but the deal they came back with was the following;
1,500 deposit in cash or part x
7,000 loan
4 year term
Apr 30%
The car purchased had to be less than 4 years old, value of 7K and to have 45k on the clock.
Disgusting really - obviously with this quote I will not proceed - but I do have a credit card that is 0 balance and not included in my IVA. This is where I have approached my IP to ask if I can use this to purchase a vehicle. If they say no, it might be Public Transport or Cycling or approach mother in law again.
I think though the point I am making is it is not always a good move to but a cheap run around it can cost you more in the long run.
Like my scenario and now I might be stuck, but my family aren't aware of my IVA and that is the way I want to keep it
