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?
If presented correctly by a helpful IP this should notbe an insurmountable problem. Let's face it -- no car = no job = no income = nothing for the creditors !!
I would advise you pop over to www.iva.com and have a word with a few of the companies listed there. An IVA is a formal, long term, financially intimate relationship between you and your chosen firm ... it is important to find a company your are happy and confident with, so chat to a few and compare. The advice is free and without obligation at this stage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
