We are 24 months into our IVA and our car is on it's last legs. It won't last the remaining 36 months. I understand you can't apply for any further credit (which is fine) but buying a new car is not possible. Do we have an option to lease a car?
You can apply for further credit whilst you are in an IVA, you just have to get your IP's permission, and to fund the purchase or provision of a replacement vehicle seems a pretty good reason to me.
You would need to look at the impact of funding, however.
You might find it difficult to source a company that will lease a vehicle whilst an IVA is on your records. However with the permission of your IP you may be able to gain a loan from someone like Moneybarn for a new vehicle - but think the lowest loan is £5000 so you would also need to consider that.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
