Moneybarn

[allenhero]

Morning all

I have just finished my IVA in July 2013 and am still awaiting my completion certificate.
Need to potentially upgrade my car, I have heard very good things about Moneybarn being able to help people with poor credit/IVA's.
I was just wondering if anyone on the forum can comment on Moneybarn.
Many thanks

[Adam Davies]

Hi

I have used them in the past, as have other forum members, and they are very good with an excellent customer service section.
Give them a call

Regards

[allenhero]

Thanks Andy for the information.

Interesting thing is that one car I was looking at is £4995, five years old and only 20,000 on the clock and Moneybarn have stated they only lend up to £5000 if accepted.

So I will certainly call them as I suspect they may be slightly flexible.

[Adam Davies]

Hi

Let us know how you get on, it will help other forum members

Regards

[allenhero]

Just to let you know Andy, I spoke to Moneybarn yesterday, they recommend that you look for a car to the value of £5,500-£6,000 min, as they will always consider a sell-on value once it leaves the forecourt.

I must also add that their customer service is excellent and they have also added that 90% of their customers are approved for finance, however in the case of people in who are in/and have just come out of IVA's, you are more likely to be in catagory 3, which means the rates are higher.

[Adam Davies]

Hi

I think higher rates are to be expected but considering you have no other debt hopefully it will be affordable

Good luck

Regards

[nittykitty]

Hi there,

We are on a higher rate as still in IVA but payment is affordable.

We complete IVA in March 2014 then only have 1 year left (out of a 4yr repayment) on the car which we are hoping to finish sooner due to completion of IVA.

We've had no problems and also took out GAP insurance in case of theft or damage which had we not taken would mean we could still owe more than car was worth. This was something we couldn't risk whilst in an IVA but everyone has individual circumstances.

Hope this helps!

[UpToMyNeck]

I used Moneybarn to finance my fiances car a year ago - I think they wanted s min deposit of 10% which wasn't a problem as we had a trade in worth more than that. Borrowed £5000 from them and all went through smoothly customer service is excellent.

[Shining]

Sounds very positive to those of us who may require a car without having a clean credit file.