www.iva.co.uk

I currently have an Iva that has has a car running on PCP since the start... the Iva company have approved the car payments for another 3 years. I just thought the payments would continue and not that I would need to refinance for the last 3 years! Problem is finance company have declined the finance and I am going to have to return my car, which in turn makes it difficult for me to get to work... I don’t know what to do. Can you advise

Most PCP companies will not refinance at the end of the term, though some do. Most of us, myself included, limped through the IVA with "E-Bay Bangers". Your IP might allow a short payment break to amass a modest amount to buy a cheap runabout --- this will be added back on at the end of the IVA.

Some forum members have had cars financed by family members, although any repayments from you would have to wait until after the IVA ends --- that said, I have seen one, unusual, instance of an IP agreeing to the debtor repaying the family member.

Your IP might have some useful suggestions.

If you work for the NHS, you may be able to get a lease car (no credit checks).

Hi, I refinanced my pcp balloon payment through moneybarn. They were excellent, I was paying £167 pm for my PCP and now pay £172 with Moneybarn.

Moneybarn has helped a few people with the sane situation that Kevin explains - worth contacting them maybe.

An old school chum of mine faced a similar situation. Having a car is essential for him so the news about finance denial was sort of unpleasant. He got refinance offer via Carplus.