I'm currently in a IVA which finishes I believe in October 2016 for the past 3 years I've gone through cheap car after car which do not last very long or needs so much work doing to it, it's worth more scrapping it. I'm now in a position where yet another car I've had for 8 months has broken down, I've had it towed to the garage and it's depressing me because my car is my livelihood, what I wanted to ask is would I be able to apply for finance for a car that's likely to last me longer than a few months?
Hi and welcome to the forum. I would have a word with your IP about getting a car on finance, would this affect your monthly IVA payment, assuming it does maybe offer a few months tagged on the end but to be fair without a car you can't earn so you need one that will see you through. As your credit rating will be shot, you'll have to shop around but there are companies out there who may help.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
There is nothing to stop you exploring finance options, Eric, but once you have an offer of funding and know how month the monthly repayments are likely to be, you will need to seek your IP's permission for the loan and also discuss the impact on the IVA and your ability to make your contractual payments.
Try The Car Finance Company.85 Kingston Crescent, Portsmouth PO2 8AA, 023 9244 8600
We were in the same situation that you are in with my husbands car and with our IP's permission, we took out an HP 3 months ago.
We were in the lucky position that we had a few contracts with our mobile phone company that ended and by not replacing our phones and laptops, we had extra money over that we could use for the HP monthly payments and still maintain our iva payments. We had to provide a new income and expenditure form showing how we would pay for the loan. We also had to get a letter of permission from our IP to give to The Car Finance Company. Good luck
IVA accepted 18 March 2011, we have paid our final contribution on 1 June 2014.
