My car has done over a 100k miles is over ten years old and has broken down for the fourth time in two weeks. It will cost £600 to repair and the garage has suggested I scrap it for a new one. But I can't get finance for a new or newer car can I? I am in year 4 of an iva with DFD which has another two years to go because it was extended for one year after a variation in year one. What are my options? without a car I have no job.I am very upset and worried.
You could try and ask a family member to get finance for you so that you can get a vehicle or alternatively try http://www.duncton.com/ they seem to help people when they are in IVA's or have poor credit history
You could also request DFD allow you to miss a few payments to buy a runaround that would see you until the end of the IVA. No one would want to jeopardise your IVA at this late stage.
I am also looking to finance a car and requested and got permission form from my IP to buy a car. I am also in my 4th year of an IVA. Might be worth a try if you feel that is an option for you.
Jan
Nothing you can buy feels as good as not being in debt.
I have not started by IVA yet but when the IP invterviewed me I told her that I've been advised to change my car as it will cost a fortune when it goes up for it's next MOT. She will suggest that the first four payment be delayed so that I can get something.
Dont worry there are options. I have just got a vehicle through MSG Leading who utilise Ductons. It seems that almost all of the Sub Prime Car providers use Dunctons. They were very helpful and base the lending criteria on your disposable income and not your credit report. Obviously they charge more Interest but that is expected. The option of hire may be difficult. I am looking to hire another vehicle and I am having real problems. You could try bellhire.
How much are your monthly contributions into the IVA - and if you have a mortgage have you also explored the possibility of a temporary mortgage holiday?
cxxx wrote:
My car has done over a 100k miles is over ten years old and has broken down for the fourth time in two weeks. It will cost £600 to repair and the garage has suggested I scrap it for a new one. But I can't get finance for a new or newer car can I? I am in year 4 of an iva with DFD which has another two years to go because it was extended for one year after a variation in year one. What are my options? without a car I have no job.I am very upset and worried.
You could ask for a payment break again or do another variation to allow for the purchase of another car.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
