Is it allowed to get a car on finance ?

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caroline112

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Post by caroline112 » Thu Nov 13, 2014 11:48 am
Hi I'm currently in my 3rd year in my iva. I was wondering if anyone had any advice. I live in a rural location and have no option but to drive to work. My car is on its last legs and spending money on it all the time. I'm getting very concerned what will happen with work if this continues. Are you allowed to Get a car on finance (if a finance company would entertain the idea) any advice would be greatly appreciated
 
 

Michael Peoples

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Post by Michael Peoples » Thu Nov 13, 2014 1:02 pm
It is possible to get finance if your IP approves it and a car is essential. Speak with your IP and they may allow the credit to be obtained in someone else's name which is a cheaper. Alternatively they may sanction a payment break to allow you to buy a vehicle which will last for the remainder of the IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

caroline112

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Post by caroline112 » Thu Nov 13, 2014 1:32 pm
I will phone my IP and see if they will allow this. Getting the credit in someone else's name could be a good option as a finance company I have looked at would be a huge apr. Thank you
 
 

bridgey

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Post by bridgey » Thu Nov 13, 2014 1:44 pm
look into car leasing for the remainder of the IVA. May be another option, and would give you a few years of worry free motoring too
Half the lies you tell aint true
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