finance for a new car etc in IVA

[ben.c]

hello i have recently been accepted for an iva. once im in this agreement can i take out any personal loan or say have finance for a new car ect? once i have paid over the 5yr period is that it no more debt? will i have balliffs come round? thank you

[MelanieGiles]

Ben

It is possible that your Supervisor may allow you to take out some finance to pay for a new car, but only if that is essential to the successful outcome of the IVA - ie you need a new car to get to and from work - and that the finance payments will not disturb the dividend payable.

As you have recently been accepted, I suggest that you try and manage with your existing car for as long as possible, as it is unlikely that such a request would be granted so soon after your IVA had been approved.

Your debts will be legally written off at the time your IVA is concluded, and no bailiffs are allowed to call whilst you are subject to an ongoing IVA.

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk