Hi again. I've just had one of the interviews about starting an IVA. The lady I spoke to suggested that my creditors may not like the fact that I have just taken finance out for a car (I know it sounds bad, but read on). I am currently on a DMP and I had a car on a PCP deal which finished last week. Due to the nature of my job, I have to have my own vehicle and it has to look reasonably tidy.
I asked Stepchange if this would be ok whilst on the DMP and they said it should be fine.
I have had to go through a company called Moneybarn since everyone else turned me down (due to the DMP, fair enough), as they specialise in finance for people on IVA's, DMPs etc.
The finance is secured against the car and although the car was cheaper than the one it replaces the monthly cost is slightly more due to credit status.
Please forgive the long explanation! Is this likely to prevent me completely from doing an IVA?
I wouldn't have thought it would be an issue as many people obtain a car through money barn in an iva and as long as it still leaves enough to fund an iva your ip will be realistic enough to understand a reliable car is worth it's weight in gold when you are in an iva and don't want to suffer endless repair bills coming in!
