Obtaining Car Finance

[Coffee Break]

Hi all,

Just a quick question to see if anyone has had a similar experience. My hubby's car is due to be paid off later on this year, but I am now worried about my car being able to sustain being roadworthy until the IVA concludes (5 years).

Once the payments for my hubby's car is finished, these monthly payments will be swalllowed up by the IVA pot, but wondered whether this would be an 'ideal' opportunity to obtain a car loan to buy a car for me when his HP payment does finish?

Is there such a thing for loan companies for people within an IVA, or more importantly do IP's discourage this? Or am I being completely 'wrong' in thinking this way altogether, I mean I am in an IVA and no further credit is supposed to be the objective here.

My point being, that in my twisted way of thinking, to continually pay out for a car payment, and know I have a car to (hopefully) last for the duration of the IVA. Rather than the extra payments going into the pot, and then further down the line have to take payment breaks to keep my existing car running with repairs or it breaking down altogether?

I could of course deal with the situation if and when my car will start to be more of a problem than its worth, but would like to read some of your opinions!

Anyone with any experiences with this? Many thanks.

[Nutkins]

Hi! Is your hubby in an IVA too? You may find it difficult to obtain a car loan although money barn etc offer loans with higher interest rates but you do have to borrow a minimum of £5000! Your IP may not be in favour of this and like you say you may have to wait until the car deteriorates!! An expert may shed a different light on it though!

[Adam Davies]

Hi

Chat the option through with your IP, it can be very cost effective to have an updated car.

Regards

[Coffee Break]

Nutkins - yes my hubby is in an IVA too.

Andy, I will be speaking to my IP (Melanie Giles), as it will be her say so at the end of the day! But was just interested and wanted to get an overall view on what other people may have had with this issue.

[luluj]

Defo worth a chat with Mel and her team ...it will depend on your own set of circumstances and what was agreed at the creditors meeting by your creditors as to wat should happen at the end of the HP agreement for your husbands vehicle. It certainly isn't out of the question..,worth asking x