Hi, I'm im the second year of my IVA, and in need of a car, my IP has given me approval as a car is essential for work purposes, but I'm struggling to find a company that will accept me! Has anyone found a good company to go with or suggest my best course of action? Thanks in advance!
We used Moneybarn to buy a vehicle whilst in our iva ..they were very good and can source your vehicle for you if preferred. Their interest rates are slightly higher but they specialise in helping people with debt issues
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
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.
As has been mentioned by others, if your employers do a money sacrifice scheme, that is the first point of call.
Following that, Moneybarn may well be the only lender willing to lend to someone in an IVA.
I have just done that myself but went via MidlandCredit who put me through Moneybarn.
There are conditions for the vehicle though, with Moneybarn, in that the vehicle cannot be more than 10 years old at the END of the term or repayment so usually means up to 5 years old at purchase.
They will also only lend the trade value of the vehicle with you paying the difference with a min deposit. I was lucky in that the vehicle I bought was being sold for less than book trade value so only had to find £400 myself which the dealer gave slightly more for my scrap part ex.