Can one have car finance whilst on IVA ?

[OM]

can one have car finance whilst on iva?

[luluj]

If you are already in an IVA then any car finance already in place should have been included in your proposal.

If you are in an IVA and want take out finance to purchase a vehicle your IP will need to discuss this with you as it is very unlikely you would gain finance whilst in an IVA..they ay be able to sanction a payment break to allow a few months of saving to fund a modest car that will be reliable....but this is a decision of our IP.

If you are yet to start an iva look at www.iva.com and speak to two or three professionals for their advice

[MelanieGiles]

Yes you can - so long as you seek your IP's permission for the borrowings and can find a lender prepared to lend to you.

[Coffee Break]

As Melanie has stated, you do need to ask your IP's permission before applying. I, like others often worry about their cars during the life of the IVA, mine has seen better days to say the least. Trying to get finance is not impossible, but the rates and costs per month will make you think again.

I have been given permission to seek a company to grant me a loan for a car. I have been offered/approved for one through carfinance247 but for £215 as the cheapest deal... which for me isn't worth considering for a very small loan, but I guess we all have to weigh up what is the best all round.

I don't know whether anyone else has had any success with other companies, but I would say the majority will be spouting at least 22% interest on the loan - quite eye-watering considering, but that comes with being in an IVA

So for me I think I will just carry on with my rust bucket for now and any repairs/maintenance will have to be dealt with there and then!

[MelanieGiles]

How much were you applying to borrow on this loan Coffee Break, and over what period would you have been repaying the loan?