www.iva.co.uk

Hi everyone,, havnt been on for a while but thought I would share some relativly good news & it might help others in a similar situation. We purchased a new car from VW 3 years ago we have been paying £177 a mth & it left us with a baloon payment of £8300 to find this month,now we love the car & it will last us,so realy didnt want to lose it,,I approached VW about re financing the baloon payment about a month ago(this is ok to do in our IVA) ,of course it had to be agreed subject to status & I thought we have no chance getting it while in our IVA.
Anyway got the paperwork back yesterday ,,all done & dusted & still only £179 mth for the next 48 mths at 9% APR.(small deposit payed by a family member) The reason we got it I think is because they have just modified our existing agreement & not started a new one.
Hope this helps others in a similar situation.[:)]

Hi MP, nice to see you again.

Excellent news about the car. Just goes to show that it can be done.

That's great news - and well done to VW for taking a sensible approach in this case.

That is good news and encouraging for other posters in a similar situation x

Did you have to tell VW of your Iva ?
My brother is account at the place I got my car from and will have a pcp in 3 years time. I will try to refinance this but don't want my brother to find out about my iva!
Any ideas on how this works ? Can the credit lenders discuss this with the car dealership directly or is it confidential? My iva have already said they will allowed car finance as part of my iva.

Thu Mar 04, 2021 12:43 pmCmb2312 wrote:

Did you have to tell VW of your Iva ?
My brother is account at the place I got my car from and will have a pcp in 3 years time. I will try to refinance this but don't want my brother to find out about my iva!
Any ideas on how this works ? Can the credit lenders discuss this with the car dealership directly or is it confidential? My iva have already said they will allowed car finance as part of my iva.

The lenders should not discuss anything other than it was accepted or it was rejected with the dealership.