www.iva.co.uk

I posted earlier about my mortgage payment coming down by £255 a month, I was wondering if I could use some of this excess every month to fund finance on a car? My current car is 16 years old now and not sounding well, its due MOT in november and I know it needs significant work done! Ive been looking about and have noticed some companies eg moneybarn who help people in an IVA, has anyone any thoughts? Many thanks

mjam

I think this is something to discuss with your IP. If you need a car to get to work then it could be a possibility but you do pay higher charges with companies like moneybarn so needs careful consideration.

So long as you are able to secure finance, and the payments do not affect your IVA payments, your IP may well support this providing you put forward a case which could be justified. Beware finance companies who specialise in people who have poor credit ratings. You may have to find up to six monthly payments as a down deposit before you can have the vehicle, and if this is the case you will have to determine how this would be financed.

We used Moneybarn and although they were very good the interest charged was sky high ! Look into it more ....have you a relative that could take the finance deal out for you and you pay them each month ?

I used Moneybarn too - they have a minimum loan size of £5000 I think, and you also have to put a deposit down on the car you want, ie they wont lend you 100% of the value of the car. Their customer service is excellent but as Luluj says, dont expect a high street rate of interest! I would guess that most if not all of your excess capital would be used up financing the monthly payments assuming even the £5000 minimum loan size.

I heard today that Payplan now have their own car finance product available. I am not sure if this is only available to clients of Payplan, or the world at large, but it could be worth looking into.

Have payplan not done this for ages? I'm sure its existing customers only with good payment history and initially was set up for purchasing white goods etc at better rates than brighthouse etc.

Paul

Its called Red Potato???? Ive been looking on their website etc and cant find any information on it, it was there a couple of months ago but now I cant find anything, I wonder if they have stopped doing it

All the information I found was historical too. Maybe this is a new thing then.

Paul

I certainly hope so

Just found out that Red Potato facility is only available for those in a DMP not an IVA.

How strange that they would offer this product to someone in an DMP but not an IVA? I suspect that this is an issue relating to the underwriters of the product, and may be beyond Payplan's control.

Hi,

I'm new here and a little late to the party but some interesting points raised that I would like to update.

Red Potato was initially offered exclusively to Payplan customers, this is why the general public struggled to find us online. However, I can confirm that our service and website is now available to the general public.
Red Potato's service is available to customers in either a DMP or IVA and is also available to those that are not in debt solutions, but may have impaired credit ratings.

Hi Lucy,

Can you remove the advertising from your signature please? It's not allowed unless you are expert.