www.iva.co.uk

Does anyone have any experience of car leasing? I am hoping that my completion certificate arrives before my car joins the big scrapyard in the sky. Once my IVA is off my credit file it will be clear, my question is, Does my credit file merely have to be clean for main stream car leasing or do I need a lot of good credit history,credit scoring and all that? I have the vanquis card, mobile contract and current account, but the credit card is new, so not a lot of history.

There is no easy answer to this one Louise, but it is probably fair to say that until the IVA drops off your credit file that you will have some difficulty in obtaining sources of finance - especially at normal high street rates.

There are companies that specialise in dealing with people with impaired credit ratings, but you will certainly pay a high rate of interest and perhaps have to fund up to six months payments in advance.

Let us know if you manage to find anybody.

I looked into leasing a vehicle last year and was told that until the IVA was completely off the record i would not be considered, however i was able to gain HP on a vehicle but at a higher rate of interest ... Moneybarn (were Duncton) are good.

Thank you for your replies. I am past year 6 so all other defaults are gone. I am not even considering applying until my IVA is off, recently updated my current account, not eligible for overdraft (didn't apply for overdraft, just not eligible), so don't expect any acceptance for car finance just yet. Just hoping to get my cc in the next few months and then get accepted for standard leasing rates. My MOT is due January I know the car won't pass without a lot of expense so I'm hoping to get things sorted before then.

What is actually delaying the issue of the completion certificate louiseh?

Good question, went to closure 6 months ago. Told it will take 6 months, been through ppi, I have tried all forms of contact, no response. GT. I am off on holiday soon, paid in cash (great feeling), so I'm hoping it will be on my door step waiting for me when I get back.

Louise - I wouldn't rush and use a "Specialist" source of finance. Try if you can to be patient and wait for the IVA to clear your credit file. Many lenders are now looking at your previous finance providers to try and get clues to your financial past that they would otherwise not be able to see. Its just another good excuse for them to jack the rate up by 3-4% for no apparent reason.