Been asked to move to another job at a different location which i would have a pay rise....but i would need a car as i cant get public transport there. Catch 22???
There is Moneybarn and Carloans4U. Speak to your IP and explain the situation, you may be able to buy a second car.
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
Leasing options will be very minimal while an IVA is on your file. We used Dunctons, now Moneybarn and had no issues - we had our paperwork and new car in less than a fortnight !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks guys, I may have got confused I meant Dunctons, I assumed you pay for the car then give it back after the term?
Luluj how does it work at Dunctons when i looked on there website it looks more like a loan to buy a second hand car? I thought i had seen on here some people had new cars? Only concern when spending money on a car is that something may go wrong after say 6 mths? So was hoping for a newer car to cut stress out of the situation.
Ahhh what a pickle!! Will call my case officer for some help and advice on this.
After our IVA finished, we approached a local leasing company who unfortunately said no due to the IVA. The same company however did do HP agreements or loans and contacted Dunctons on our behalf.
We were allowed to borrow a maximum of £8000, with a deposit of £3500 from sale of car.....our repayments were set at £280 per month for 4 years .......yes it works out we would have repaid £13440 back - a massive interest rate, but it was the only way we could get a newer car sorted.
The car we bought came from a Peugeot dealership in Yorkshire, it was driven down 200 miles to us and our car taken in part exchange......the car came with the manufacturers warranty as it was only just a year old.
We were lucky enough to be in the position to pay it off just after four months of the loan starting and therefore did not incurr huge interest costs.
Dunctons/Moneybarn are only one of two companies I know that will help people in IVA's - the other I believe is carloans4u - but again the interest rates are very high.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I asked for a payment break when the car we were using caught fire and was written off and got a car from auction. Made a profit when we sold it (found it was a bit thirsty on petrol) and got another one from auction and recently sold for 100% profit. Not bad given that we had owned it for 18 months! If you know someone 'handy with a spanner' or who knows their way around a car and what to look out for then it is real alternative to leasing. Not for everyone I know, but just putting it out there as a possible alternative option for some.
