I'm just about to successfully complete an IVA and am in desperate need of a newer vehicle - is there anything available to allow me to purchase a vehicle on finance - basically no vehicle equates to no job.
hi
and welcome to the forum and well done for completeing you iva regarding you car you will find it near inpossable to get credit until the iva drops of your credit file.i am no expert but i am sure one will come along soon to advise you
Hi, congratulations on nearly finishing! Finding credit will be almost impossible until the IVA is wiped from your credit file. However alot of people recommend www.duncton.com their APR is quite high but you are, in the eyes of any financial institution, a high risk, as someone else posted in another thread the cheaper way would be to get a family member with a good credit record to take the finance on for you if you know of anyone in the family who would be prepared to do it for you or if you have anyone who could lend you the money and pay them back monthly. Hope this helps
With the IVA still on your file, even when complete, you will have problems obtaining normal high street finance.
If you can hold on until it drops off completely at the 6 year point you should be able to finance at a decent rate on the high street. This assuming all defaults etc have also dropped off your file.
This is what I did & got an APR of 7.8% on a brand new car compared to the 35% APR offered by Duncton.
Duncton is okay if you have no other option, but they are not cheap!
Duncton are excellent and take on anyone in an IVA or bankruptcy.
Make sure that your credit record doesn't show any defaults after the start of the IVA. If it does, write to the creditors to request that they be removed.
Well done on completing your IVA.
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
Hi
Although Dunctons APR is high their cars are excellent and well priced. I have been delighted with Duncton and have had my car for over a year now.
Highly recommended and the only company that I am aware of hat will finance people in IVAs or with completed IVAs on their credit file.
Regards