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How do I finance a replacement car for one that has been written off ?
Posted: Fri Dec 15, 2017 8:57 pm
by david194
I had a car on finance when I took out my IVA but I've just crashed it and it's a right off I need a new car but how do I get finance for it?
Re: How do I finance a replacement car for one that has been written off ?
Posted: Fri Dec 15, 2017 9:52 pm
by Foggy
I am afraid that you can't get new finance. Was the car finance secured on the vehicle or was it a personal loan and included in your IVA ?
You need to have a chat with your IP to see if you could have a payment break to buy a banger
Re: How do I finance a replacement car for one that has been written off ?
Posted: Fri Dec 15, 2017 10:43 pm
by Seventh
I was able to get a car on finance whilst in an IVA. I spoke to my IVA provider and made them aware of the situation, my old car was costing a small fortune in repairs and I had to use a payment break to pay for those. It was deemed a better option to replace the car as I needed it to get to work. No car, no work, no payments. IP called a variation and my creditors agreed to a certain amount per month. The stipulation was that it added another 12 months of payments to the IVA to recoup some of what is being spent on the car. I used a company called MoneyBarn and although the payments are a lot higher than they would be for someone with good credit, it’s affordable. Speak to your IP and see what they say.
Re: How do I finance a replacement car for one that has been written off ?
Posted: Sat Dec 16, 2017 9:34 am
by Foggy
Thank you Seventh -- yes, I had forgotten that !