Car Finance

[jskaife]

I know this is a long shot but here goes.........

Car finance companies known to give finance to people in an IVA. Please list below )

Thanks

[kallis3]

Hi, and welcome to the forum.

The following oompany is very sympathetic to those of us with a less than perfect credit record:

http://www.duncton.com/jsp/index.jsp

The APR is quite high, but you will get a car.

You will need to speak to your IP to get permission to take out finance, and you will need to be able to carry on with any IVA payments.

[jskaife]

Thanks for the reply

Unfortunately they dont deal with anything lower that £200 per month or without a £1500 deposit.

Does anyone have any other suggestions?

[kallis3]

I think you will find that any company who does car finance to people in an IVA will have similar charges.

I don't think there are too many about to be honest.

[Julie]

I agree with Jan, I think you'll struggle to find something for less than £200 a month.

If your in an IVA and the car is a necessity, have you thought about asking your IP if lowering your monthly oayments is an option?

[jskaife]

My IP has told me that any finance obtained must not affect the payment we are currently making. My mortgage does go down from £675 to £240 in March this year but come my annual review I could end up paying more into the plan.

[kallis3]

Surely if your mortgage is going to go down by that amount, you could afford to fund a new car?

[back on track]

only if the iva payments are not increased as i suspect they will be.
if the ip allows some of the funds for this then ok

[kallis3]

I would think that if the expense was justified they would agree to it. There should still be money left from the decrease in mortgage to pay extra across to the IVA.

[MelanieGiles]

If your need to replace the car is justified, in order that you manage to get to and from work to be able to pay the IVA payments in the future, then your IP would be silly not to agree to the expenditure - and if necessary should call a meeting of creditors if you would need to reduce your payments to fund the car finance.

[back on track]

thats a very sensible way of looking at it mel.
hope my ip sees it the same way if that ever happens to me