Hello, My IP seems adamant that i can't get finance

[lloyd163]

Hello,

As previously mentioned I need a new car desperately so i can afford to drive to work. The age and economy of my current car is crippling my finances. I just wish to part ex mine in a buy a slightly newer car that's diesel for say an extra £2000. My IP seems adamant that i can't get finance and that im not eligible to any help. Because of the milelage im now doing, having a diesel car would save me nearly £200 a month, so surely taking out a small finance package for £120 a month is sensible ?
Im really at wits end with what to do?
Any help would be greatly appreciated
Thanks in advance,
Lloyd

[Adam Davies]

Hi
It does seem sensible to pay for the car by savings on fuel. Have you an agreement in principle for the finanace ? You will find it hard to get any type of finance and will ned the approval of your IP.
One way around it is for a family member or friend to take out the finanace and you pay this person from your fuel saving. You will need the agreement of your IP for this route
Good luck
Regards

[everhopeful]

Don`t forget that diesels cars command a large premium over the petrol version,and you can buy a lot of petrol with the saving you make.

[lloyd163]

So just to confirm , I must get permission from my IP?
Im compiling a spreadsheet detailing savings and distance over a month. but I certainly wouldn't recommend my IP.
my cars only managing 23Mpg so anything is a big improvement.

[Michael Peoples]

If it does not impact on your IVA payments and you can obtain the finance in your name or as Andy says in someone elses, I see no reason for the IP to refuse permission.

Have you spoken to the IP directly?

[kallis3]

If you are having any problems speaking to your IP direct via this link:

http://www.insolvency-service.co.uk/newipsearch.htm

You might find a sympathetic ear.

[MelanieGiles]

Has your IP given you any reason why they will not support you raising the finance to replace your car? It seems a bit of a short-sighted attitude to me - and there are firms who will let you take out a lease but they are expensive.

[kallis3]

This is one such company:

http://www.duncton.com/jsp/index.jsp

I think you need a decent deposit though, which could be funded by a payment break from your IVA.

[kabby3]

Am I right in saying you only need your IP's approval for HP if you use Duncton for say Contact Hire you don't!! If I'm wrong accept my apology now !!!! I have a friend with very poor credit and he uses Bell Hire this is not finance but long term car hire (Gemma is contact) she is very helpful. You can search through Google Bell Hire they re in Surbiton.

[kallis3]

I don't think it makes any difference who you use as long as your IP is happy with it.

Duncton is the one widely used by people on here and comes recommended.

You have to be able to afford the payments on top of your IVA payments.