www.iva.co.uk

Has anyone used welcome car finance during an iva/trust deed??

Long and short of it is,the wifes car needs a new engine(£950) and our IP firm have said that to ensure we can carry on our trust deed she is able to obtain finance for a car,no car = no workie = inability to pay whats due.

I know this subject has been brought up before but a lot of the post are over a year old.

Thanks folks.

Are you talking about getting a HP agreement to fund the purchase of the car? I know of leasing companies which will deal with people in IVAs, but not HP companies.

Not sure what I am talking about really. I have emailed my man at Tenon and he will reply tomorrow. He did seem happy enough for us to attempt to obtain credit(though warned us it would be difficult without resorting to welcome,yes car credit etc type companies). I think leasing would be too expensive,I have looked at a few of the links Andy had put up in the past. Hoping to somehow finance a deal using broken car as deposit and paying no more than £100 a month. Car doesnt have to be brilliant,just has to not break for the remaining 30 odd months of the trust deed.

Thanks for the late reply Mel,you are a star.

How much are you paying into your PTD each month? Could a couple of missed payments fund the outright purchase of a car which would at least last until you have finished the arrangement?

Paying £420 a month. MY TD allowed for my car hp payments to continue (£153 a month),and the last payment is due march,after which my trust deed is due to go up by £80,leaving £73 spare a month which is what we hope to use to pay for a car. We are hoping to get something from trading in the old car which we wouldnt if we only spent a couple of months payments.

I have a Fiat Punto for sale £1200 based in Bedfordshire ! I am being gifted a car in a months time (could be less) by a relative - need to sell my Fiat Punto, 12 mths tax and MOT 50k miles !

Seriously though, it is really difficult for us all in an IVA to resolve these issues - to even get a decent car that will last the term of a IVA you need to spend between £1000-£3000 - where on earth are we going to get that - most peoples IVA monthly amounts would not even cover £1000 let alone more - the cheapest lease agreement I could source a few weeks ago was £140+VAT - for most of us no car=no work and therefore no IVA !

I am so glad that we were allowed to keep our car - it's just gone 3 years old so should do us for the term of the IVA.

Having to replace hubby's car signalled the end of the IVA for him...the mileage he does the best deal was £300 a month. Had to do it, or no job.

Hope you find a solution plasticdaft.

Is Welcome Finance a company that is prepared to lease cars to people in an IVA?

Welcome have pretty much stopped lending both in the HP and secured loan markets.

They deffo won't do new HP agreements to consumers in an IVA.

Ta - I'll ask a new question and see what responses are.

We have managed to get a loan from the mother in law,and the wifes car is getting traded in. Our Ip has agreed to allow us to pay back this loan as it is clearly the best option for everyone,no interest rates and we can pay it back using overtime pay. Very pleased with the service from our IP and his team.

Good news Paul, bet the wife is pleased to be getting a new set of wheels!

Aye,the car is as old as her current one,but has a bigger engine for getting her about. Low mileage for its age(the car not the wife!!).

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