Is this wrong??

[antm]

Those subject bars just aren't long enough!!

Is it wrong to need finance just after an IVA to replace aging car??

I need a car for work and for leisure, my current car is beaten up and neglected a little bit if im honest. The result of being in an iva, the car just gets what it needs to get by. Today it had a big failure, the gearbox has completely gone, gutted to say the least. If it was a normal gearbox it wouldn't be too bad but its a sensordrive auto/manual one, RAC bloke quoted it would be £1k to replace. My car's not even worth that much anymore. Im at a loss what to do, i can't afford the £1k to replace the part, i know the car needs a full service as well and probably new tyres and brake pads this year.

Ive sent citroen an email as they were supportive during the start of my IVA and enabled me to pay off the car in full, but i feel guilty i didn't want to go back into debt straight away, i wanted to save. Not been a good week, broke my toe and now this [:(]

[Adam Davies]

Hi

Nothing wrong with financing a car in or out of an IVA. Very pften a newer car is more cost effective.

Moneybarn who are experts on here may be able to help, I have used them before and they are very good

Good luck

Regards

[Foggy]

Get the car and use your ex-iva payment to pay it off --- bit like an IVA extension, without the reviews !!

I think many of us find, or will find, ourselves in this sort of situation, after getting the cars to limp along during the IVA.

[plasticdaft]

I hope you didnt break your toe kicking the car!!!!

Paul

[antm]

I was hoping to get the car serviced, and tax it and get another 12 months out of it and then save up tp replace it. Best laid plans and all that!!

No i broke my toe on the door frame, passed out with the pain!!

[KAYKAY]

My final IVA payment was made in July 2011, certificate received August 2011. All defaults & IVA off my credit file September 2011. I got finance for a car at the end of October 2011 from CL4U, so it is possible. I must stress though that I was fortunate as my credit file was clean with no defaults or IVA listed.

[MRBLUESKY]

i dont know the answer to your problem antm,but personally i would,nt get finance for a new car,too much debt for my liking,i would,nt feel comfortable with it.

[Shining]

If you need a car then a modest loan for one won't hurt anyone and it will go towards rebuilding your credit rating and show your new found discipline at the same time of budgeting.

Broken toe, very painful, done it twice myself!

[Skippy]

If you need a car and can afford the repayments then I would go for it.

Mr Bluesky sometimes there is no option apart from finance. I know for a fact that in a couple of years I will have to take out finance for a new car. It's not ideal but there's no other way I could afford a decent car.

[Daveyboi]

there's a big difference between taking out a finance agreement to fund an essential item for work as you wouldn't get paid without it. I would personally go for a modest car and nothing too expensive and be wary of the APR as you don't want to do so well and end up in trouble so soon after getting out of trouble

[kallis3]

I would certainly get credit for a car if I needed it.

[kazzafunk]

A car, for many is a necessity and I don't see a problem with financing it by obtaining credit.

[Shining]

I'll be doing so eventually so I don't think it's wrong, if needs must etc.,

[MRBLUESKY]

I think i hav,nt put my point over very well,i would,nt have a problem getting a small loan to finance a car,i always look for good value,and have had a good bargain recently from Ebay,personally i wouldnt get finance on a new car that was aproaching the £10,000 mark which is the norm these days for new cars.

[kallis3]

I'd have to disagree - I would do that. I'd want a car that was going to last me for a few years.