Hello. Recently my old car broke down completely(engine done) and I’m in need for a new car. The old one is a 2008 VW and not worth trying to repair it. I spoke to the IVA company(FSS) and they told me I could look into a HirePurchase car with their accept of course. Do anyone knows any finance companies that accept people on IVA? Is it worth it to try and get a HP car ? The other option will be to try and buy a 2nd car (a few hundred £) but I will have to try and save some money first which is not ideal because my work place has no access to public transportation.
Since my wife stays with the baby at home and I’m the only one working I don’t know what solution will fit me best.
It will be great if someone could give an advice. Thank you.
Moneybarn and, I believe, Sprout deal with adverse finance applications. But do not commit to any deal until it is signed off by your IP and the repayments allowed within your I&E.
Many of us, myself included, limped through the IVA on "EBay Specials" --- a bit of care and a lot of luck is needed, but it worked for me. A modest purchase could, again with agreement from your IP, be funded, at least in part, by taking an agreed payment break from the IVA and using those payments for the car. Any break will be added back on the end of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I found finance with MoneyBarn and spoke with one of their advisers about it and all I have to do is to find a car and send the finance quote to the IVA company and see what they say. I am , to be honest a bit baffled because I always assumed it will be impossible to get finance while in an IVA. The iva company said that I could look for a car payment of a maximum 250£ Per month. I’m looking for something like 200£ a month thinking that it will be easier for me to get accepted by the IVA Company.
Normally further credit is a no no in an IVA, however, sometimes it is required ... for instance, many would face the "no car = no work = no IVA payments" scenario, so a pragmatic view should be taken. The finance company mitigate their increased perceived risks by charging a premium interest rate as well as retaining an interest in the vehicle as security.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
