Page 1 of 1
Posted: Tue Apr 08, 2014 4:29 pm
by Kathryn.07
Am I allowed to take a lease out on a car whilst in my IVA?
Posted: Tue Apr 08, 2014 4:33 pm
by Michael Peoples
You would need permission from your IP and probably need to pass a credit check but otherwise I see no problem.
Posted: Tue Apr 08, 2014 4:48 pm
by welshwiz
How can you pass a credit check in an iva
Posted: Tue Apr 08, 2014 4:49 pm
by Foggy
Some firms will allow bad credit clients, and will hike the payments accordingly.
Posted: Tue Apr 08, 2014 7:59 pm
by kazzafunk
You would also have to justify where you would find the lease costs from as all monies should be being paid over. However if you need a car to work then creditors may say yes as no work means no money to them.
Posted: Wed Apr 09, 2014 2:49 pm
by althas
I am just looking at this myself. My employer operates a "Salary Sacrifice" scheme for lease cars so there are no credit checks
I talked to my IP (Melanie's company) and as long as it does not impact the ability to meet my repayments then it was ok. The cost of the lease and petrol etc is comming in around the same that I pay for my train ticket (and that is budgeted in my IVA as I have not owned a car for 5 years now)
Just remember to check on your insurance etc and the no claimes situation, as I have heard about some people loosing as they have not "owned" a car for a number of years. Seems to be on an insurance company by insurance company basis