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Posted: Thu Nov 13, 2014 11:48 am
by caroline112
Hi I'm currently in my 3rd year in my iva. I was wondering if anyone had any advice. I live in a rural location and have no option but to drive to work. My car is on its last legs and spending money on it all the time. I'm getting very concerned what will happen with work if this continues. Are you allowed to Get a car on finance (if a finance company would entertain the idea) any advice would be greatly appreciated
Posted: Thu Nov 13, 2014 1:02 pm
by Michael Peoples
It is possible to get finance if your IP approves it and a car is essential. Speak with your IP and they may allow the credit to be obtained in someone else's name which is a cheaper. Alternatively they may sanction a payment break to allow you to buy a vehicle which will last for the remainder of the IVA.
Posted: Thu Nov 13, 2014 1:32 pm
by caroline112
I will phone my IP and see if they will allow this. Getting the credit in someone else's name could be a good option as a finance company I have looked at would be a huge apr. Thank you
Posted: Thu Nov 13, 2014 1:44 pm
by bridgey
look into car leasing for the remainder of the IVA. May be another option, and would give you a few years of worry free motoring too