Company providing car finance during an IVA

[Phil1024]

Hi,
I was wondering if anyone has ever taken out a hp loan/car finance during their IVA period. If so who did you go with and do you know of any companies that provide this?

Thanks

[MelanieGiles]

Hi Phil

Well I have certainly had clients who have done this in the past, but usually through local garages or car supermarkets rather than a national company. Sometimes it is easier for a family member to take the finance out in their name, and then you can make the instalments directly to them so that they are not left out of pocket.

Do be sure to get your Supervisor's permission if you are seeking to enter into a credit agreement, and that you can actually afford the payments without affecting the level of your contributions.

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

[Phil1024]

Cheers Melanie
My IVA Practitioner has given me permission providing it doesn't affect my payments however he has final say.
I have tried a few car supermarkets however they are not willing to help, I was wondering if you might know of anyone who can help

Thanks

[Storm]

None of the lenders used by Carcraft/Vardys/Pengragon etc will process applications from clients in an IVA.

The only one I am aware of that used to consider IVA's is Advantage Finance (www.advantagefinance.co.uk) they do an interview over the phone.

All the other lenders including Blue Motor, BCT and even Welcome will now auto decline an existing IVA.

[Oliver]

Thanks for that link Storm that's really useful.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[jed.]

Hi Phil

I am in the same boat as you it seems, I have my car finance written into my agreement and am now at a stage where I need to replace my car as it has high mileage, my current agreement is with Honda Finance and I would really like to carry on with Honda, but have a feeling they wont accept me when my current agreement ends in December 07, they are aware of my IVA. I have just had a look at the Advantage Car Website, but there doesn't seem to be a vehicle suitable for my needs, as I receive a car allowance of £7,200.00 a year I have to have a car "fit for purpose" and obviously of a decent condition, I was looking at purchasing a 12 month old vehicle with low mileage as I do over 30,000 per year..... let me know how you get on please....

[Storm]

With those expectations you are going to struggle to get any sub-prime hire purchase lender to look at this unfortuately.

You could try having a look at the two companies below, one is a short term rental company whose cars are decent and you can get a 30k per year allowance (most short term rentals / contract hire are 12k MAX ) - you will need a deposit.

http://www.flexiblecarleasing.co.uk/

http://www.duncton.com/da/15082

The second one is Dunction - a fairly flexible lender of mainly more expensive vehicles but they will be looking for a deposit.

You will need to re-align your expectations as you don't get a lot for your money with these types of deals but you will find your powers to shop arround very limited.

[jed.]

Many Thanks, I'll have a look at going down that route.