Not a question for now however will almost certainly come up before my 6 years is done. To recap F&F accepted last June 2016, CC 1st Feb 2017 so very much at the beginning of the journey. My car, a 2010 Mondeo will almost certainly need replacing in 2-3 years. I tend to buy cars relatively young and keep them serviced but run them into the ground owning them for 6-8 years, always getting my money's worth. The last car I got caught in a money pit with it, replacing and repairing 2 clutches, gearbox, problems with the turbo and a whole bunch of other minor repairs. In the last 12 months or so I must have spent nearly £3k on the thing. I really do not want to do that again. So in the interests of getting my ducks in a row, what are the options for someone still affected by the IVA, within the 6 years since it started. Asking now incase I need to start thinking about creating some sort of car replacement fund.
Personally I would look at buying a runaround that would last until the six years is up. There are lenders out there such as Moneybarn who will advance money but at high rates so it may be better to avoid them if at all possible. Alternatively see about getting finance in someone else's name which you could repay at normal rates.
Interesting, thank you. The run around approach will probably not work, I have to travel quite a lot for work so car needs to be reliable and we also have a large touring caravan so the car needs to have a bit of power and reliability for deal with this also.
There are some companies offering leases that suggest acceptable rates to IVA'ers or is this a scam to hook people in?
I have just had a look at their website and it looks like finance for those with bad credit is via Midland Credit who are brokers.
I obtained my replacement car via Midland Credit and the only lender that they could find who would lend to anyone in an IVA is Moneybarn at a high interest rate.
You also need permission from your IP to go down the route of financing any replacement vehicle and they will, usually, only give permission if it does not affect your IVA payments.
In that case you done need to involve your IP and Midland Credit may well be able to get you a better rate with your IVA already finished even though it will still be on your credit file.
In that case you done need to involve your IP and Midland Credit may well be able to get you a better rate with your IVA already finished even though it will still be on your credit file.
In that case you done need to involve your IP and Midland Credit may well be able to get you a better rate with your IVA already finished even though it will still be on your credit file.
I do need to get permission from the IP?
Sorry a bit confused!!!
Sorry it is a typo .. should say "don't need" not "done need"
So does anyone think there will be any other options given my circumstances in a year or two as the Money Barn option is eye wateringly expensive having just looked at their calculator page. Or shall I get the piggy bank out now!!!!
Hi - i finished my IVA about 2.5 years ago after paying 100p but it won't drop off my credit file for another year. I had been leasing a car at eye watering rates because of this but over the last couple of years, i have been trying my best to rebuild my credit etc. I used the eligibility calculator on noddle to see what chance i would have for a loan for a car. As much as i didn't want to borrow, the money that i am paying for leasing could be better used to pay off a loan quickly. I was approved for a loan through Zopa at only 3% APR for £5000 over 2 years but i can overpay without any penalties. They do a soft credit search first to tell you if there is a chance whether you will be approved - might be worth it?
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
