I am in my second year of IVA. When I entered I had a PCP and was told and have it in writing at I could renew/update PCP when needed. My car is now having multiple issues, my IVA assessor has agreed a new PCP and I have a letter. I sent this to Renault but I have been declined. I spoke to IVA company ebwngate and they said go via moneybarn they will accept. I looked yesterday and the rates are so high it makes lending unaffordable. Can anyone advise? I need my car for work and my child for hospital visits and I am a lone parent. Very worried. Thanks in advance.
I am afraid that the advice given at the start was only correct from the IVA provider's point of view --- they cannot speak for the lenders. It does happen that PCP plans get renewed and balloon payments re-financed with an IVA, but these are very few and far between. It is usual to assume that this will not be possible.
Again Ebenegate cannot speak for Moneybarn either, and I would treat anything they say with a pinch of salt. But Moneybarn are one of the leading car finance firms for those with adverse credit and, yes, the interest rates are high I am afraid.
Could a relative finance a small vehicle for you ? When I was in my IVA I relied on "E-Bay Specials" to limp through --- but this has a certain degree of risk with reliability !
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
We had our request to finance the balloon payment declined. Ended uo a family member paid it and we now pay them what we paid the finance company - no problem getting this approved.
As for not telling people. I am in no way telling u what to do, i dont know your situation and I dont live in your shoes. I will say though my husband and I both came clean snd honestly was a weight lifted. People were shocked - granted. However it is what it is and it was a relief to say yes, we in a mess but u know what? We fixing it. The secrets and lies covering up were too much to bear. People who care will help and support. Those who judge, well they have bigger issues.
I must admit that I did not tell anyone other than my adult children. It would have killed my parents as they never had any debt at all. It didn't bother me at all that we kept it to ourselves, however, as Nicola says, it is each to his own.
I hope you can get something sorted with the car.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk