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Posted: Tue Feb 04, 2014 10:41 pm
by Kevin.79
We are 24 months into our IVA and our car is on it's last legs. It won't last the remaining 36 months. I understand you can't apply for any further credit (which is fine) but buying a new car is not possible. Do we have an option to lease a car?
Posted: Tue Feb 04, 2014 11:57 pm
by kazzafunk
I am not sure about this - I think you would have to run it past your IP - would this not affect your ability to pay your IVA if you leased a car?
The other option is to request a payment break to be able to buy a used car?
Posted: Wed Feb 05, 2014 2:33 am
by MelanieGiles
You can apply for further credit whilst you are in an IVA, you just have to get your IP's permission, and to fund the purchase or provision of a replacement vehicle seems a pretty good reason to me.
You would need to look at the impact of funding, however.
Posted: Wed Feb 05, 2014 6:33 am
by luluj
You might find it difficult to source a company that will lease a vehicle whilst an IVA is on your records. However with the permission of your IP you may be able to gain a loan from someone like Moneybarn for a new vehicle - but think the lowest loan is £5000 so you would also need to consider that.