I am in a IVA with a few months remaining and have just been added to my works car allowance scheme due to the amount of miles i will be doing. I dont want the company car due to having to pay excessive tax and would rather take the monthly payment to buy a second hand car but would need a loan for this. Would i be allowed to do this?
Is there anyway you could wait until the IVA had completed?
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.
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Would it not be cheaper to pay the extra tax rather than pay out for a personal loan. The chances are any loan available to you while in an IVA would bring with it very high interest rates.
I am sure that your IP will be happy to sanction the taking of a loan to fund your car repayments, so long as the IVA payments are not going to be affected - however you may find it difficult to find someone to lend you the money with the IVA still in place.
Thanks melanie, one question then around once i am out of the IVA will it still be as difficult to obtain a loan as i thought you could not apply until 6 years from commencement?
The IVA will remain on your record for six year after the date of the original creditors meeting. Thereafter you should find it easier to obtain credit, but this will always be at the discretion of the particular lenders you approach.
