www.iva.co.uk

Ok as per my previous threads i have finished my IVA and i'm now in the process of repairing my credit files.

Call Credit file is now clean. No defaults and no trace of IVA.

Equifax file is good. NO trace of IVA. one default but that comes off today 31st January.

Experian still showing an IVA but they are removing that for me. Also there is a default that doesn't come off until may 2014. Don't quite understand that as my IVA was agreed on 24th Jan 2008.

My problem is this. I am in desperate need of a new car. Can anyone suggest a finance company who have given them a loan with an old default on their credit file. I got a quote through Carloans4u and they wanted £205 a month for a loan of £7000 over 5 years. 24% apr. Thats mad!!!

Any ideas would be gratefully received. Cheers all

Neil

Hi Neil

I think until your IVA is cleared and the default gone you will struggle with any High St rates
Try Moneybarn, they are good and have helped people in a similar position

Regards

Niel,

24% APR is nuts.

However, you might have more luck at a local independent car dealership.

Someone in a similar position to you posted this thread recently:

http://www.iva.co.uk/forum/topic.asp?wh ... 155#538083

A wonderful outcome, I think you will agree.

I had the same issue when my Iva completed. I was offered a loan via money barn but it was really expensive and I didn't want to pay the high rates. I bought myself a cheap runaround for 3-4 months while everything cleared up. I also got myself a vanquis card to build up my rating. 4 months later I bought a Audi direct from the dealer on finance at te headline rate.

Good to hear Tony

Hi

Great advice from Cooltony, nothing beats first hand experience

Regards

I checked my paperwork with Audi and I pay 165 a month for a 09 plate a3. I then have to pay a lump sum in four years which is 4k or give it back. That car was up for just over 10k. I will pay interest but on a new car I think it's worth it for the sole fact I get a two year warranty.

If it helps, you can find a cheap runaround in auctions or best still call the local dealers and ask then for any part exchanges they want to auction off. As long as they get what thy paid the customer plus a small profit they will let you have it.