Taking out new credit whilst in your iva is not an ideal situation and one that should be approved by your IP.
With six months left to go I would suggest you speak to your IP explain why you need to buy a new car and agree how this will be funded.
How are you going to afford the finance payment, if allowed?
What you don't want to do is jeopardise the last 4.5yrs of your iva at this late stage.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Welcome from me as well - I echo what Luluj has said. You need to be upfront with your IP about this.
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
I can only echo all that has been said above, but would add: I imagine that the finance you have obtained is at a premium rate due to your credit history, so you will, in the long run, be paying over the odds for this vehicle. Would it not be better to wait it out with a cheaper banger until your credit files clear up? Then you might be able to get yourself a better deal, with more affordable repayments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks everyone. I'm not going to risk it. I'll wait till IVA is complete until I get a new car. As much as I would like a new car I'll keep on top of my old one for now.
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
