Can I change my car while in an IVA?

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Leeds1965

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Post by Leeds1965 » Tue Jun 19, 2007 4:40 pm
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Hi, new to this forum. Been in an IVA for a year now. It's tough counting every penny but it's not forever, though I never want a credit card again!
Need advice on how to change my car while in an IVA. I will need finance - as I have with my current car. All I will have as a deposit is my current car - probably valued at around £1,000
I've been told as long as the monthly repayments are no more than I currently pay it should be OK. But how do I approach a garage/salesperson and go through the process without being embarrassed? Do I have to declare I'm in an IVA and run the risk of outright rejection? Or is there another way?
Be grateful to hear from anyone else who's been in this position.
I can't go car-less as I travel for work and kids etc....
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Adrian Ratcliffe

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Post by Adrian Ratcliffe » Tue Jun 19, 2007 6:44 pm
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Hi Leeds 1965
I have been in this position also, firstly you have asked your IP about this yes?
A company called Tyler Morgan & Co Ltd have a deal with Companies for persons who are in an IVA.
They told me that I needed 3 months payments (which your car may be worth) that they could finance a new car (new car has to be £6,000 or more)
So dependent on what you are paying now the fiqures may work.
This is my personal view but you can call Tyler Morgan and ask they are very friendly.
Tyler Morgan 0845 600 3518 www.trylermorgan.co.uk

Regards
Adrian
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MelanieGiles

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Post by MelanieGiles » Tue Jun 19, 2007 7:53 pm
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That is a great contact Adrian - clients of mine often ask the same question, so I will be keeping those details on file!

Thank you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Tue Jun 19, 2007 9:05 pm
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Hi
Yes thats very useful,thank you.
I have three other contacts,kindly supplied by Storm
www.advantagefinance.co.uk
www.flexiblecarleasing.co.uk
www.duncton.com/da/15082

Hope this helps

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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Leeds1965

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Post by Leeds1965 » Wed Jun 20, 2007 9:34 am
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Thanks to all for that advice. Glad to have found this forum as I'm sure lots more questions will crop up...
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