Hello all
Well, after 7 long years, i have only one payment left remaining on my IVA!! Its been a long arduous journey, but there is now a light at the end of the tunnel.
Unfortunately, this victory has been rather soured by the fact that my company car is being taken off me in 5 weeks. (job needs car - not doing enough business mileage now).
I have leased a few cars prior to the IVA, and find it a good way of running a nice car without having to worry about breakdowns and maintenance etc.
My question is, can anyone recommend a leasing company who will possibly accept me following receipt of the completion certificate. The IVA is still showing on my credit report. I will probably have to hire a car in the meantime (no credit checks there) but this proves costly. There are a lot of leasing companies on the internet promoting bad credit leases, but it's difficult to work out who to trust.
Many thanks for your help in advance.
Richard
6 months down, 66 to go to freedom from £75,000 debt!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Bear in mind that some IVA firms take up to 6 months to send your CC with up to a further 3 months before you come off the register so you may find you have to wait 10 more months before your credit rating is cleared.
I've had a look at moneybarn and red potato. They're interest rates are astronomical, which results in paying double the value of the vehicle over 5 years. Hiring / renting in the short term does seem to be the best bet. Moneybarn doesn't get great reviews on Google either to be honest.
6 months down, 66 to go to freedom from £75,000 debt!!
Hi
We where in same situation as yourself ( well 2 payments left on Iva) our car became terminal and we needed finance for a new one. Moneybarn was the only lender that would touch anyone in Iva so yes interest rates are very high but no other option!!
6 months on and now out of Iva and cc issued with a clear credit file we have replaced our moneybarn loan with a much cheaper 5.9% personal loan reduced monthly repayment and wiped 2 years of loan length so in short term moneybarn helped us when no one else would even consider us!
