Can I lease a car and how would it affect my IVA ?

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Franco

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Post by Franco » Mon Mar 02, 2015 8:09 pm
Hi I have just started paying into an IVA & I really need to change my car can I lease one & will it affect my IVA even if I keep my payment to the creditors the same?
 
 

Adam Davies

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Post by Adam Davies » Mon Mar 02, 2015 8:23 pm
Hi

Firstly you will need to chat with your IP and gain their permission.

The reality is that you will struggle to secure a lease because of your credit record unless it is an employer based car scheme such as the NHS. The other problem is how you will fund it without effecting your agreed IVA payment

Regards
Andam Davies
 
 

Foggy

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Post by Foggy » Mon Mar 02, 2015 8:33 pm
I can only echo Andys reply --- I doubt you will get a company willing to grant a lease, and those that might entertain you will charge eye watering rates.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lou74

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Post by Lou74 » Mon Mar 02, 2015 10:36 pm
Hi, Our car was on its last legs, and we needed it to get to work. Our IP allowed us to join an employee car lease hire scheme. Not sure if its the same thing that you have in mind. Its been great for us as we save on tax and ni too, plus we don't have any nasty unexpected repair bills.
I would speak to your ip, about your situation. I got all the figures together for ours first, to show we could afford it, plus we used the proceeds from the sale of our old car to cover the first few payments. We were allowed to do it, as with the savings we made on tax, maintenance, insurance, plus fuel (better fuel economy) we were still able to meet our agreed iva payment.
Just to let you know it is a possibility!
 
 

lifenoteasy

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Post by lifenoteasy » Tue Mar 03, 2015 9:02 am
As Lou74 says - get the right scheme and it can all balance out e.g. the NHS salary sacrifice scheme. The pain if if you finish the lease contract early as you may need to find 3 months payments etc. to get out of it.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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