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Posted: Thu Aug 07, 2008 11:41 pm
by lisa.k
Hello to all,
I'm nearly into my 4th year of my IVA and my car has died. I dont have any savings and phoned my IVA company to see if i was allowed to get a loan. They said im not allowed to borrow while i have an IVA and they can only help by stopping my payments for 2 months in which i will only save £400 and will still be without a car, also suggesting i take public transport which isnt possible as i live near Dartmoor. Does anyone know if i did take out a loan whether the IVA company would find out? Thanks. Lisa
Posted: Thu Aug 07, 2008 11:57 pm
by Viki.W
Hey Lisa, welcome to the forum. Sorry about your car. Please hang in there and an expert will advise you. X
Posted: Fri Aug 08, 2008 12:17 am
by MelanieGiles
The IVA company would find out as how would you manage to make the loan payments and pay your IVA. Loans whilst you are in an IVA are permissible, providing you get the permission of your Supervisor to enter into one. As you need the car to get to and from work, I would have thought that this is a sensible solution all round - and your IP should be prepared to call a variation for you - however if your monthly payments are only £200 you will not get much of a car loan out of that.
Could a family member help you to purchase a modest car perhaps? You could always then pay this back once your IVA has concluded.
Posted: Fri Aug 08, 2008 6:54 am
by plasticdaft
£400 would get a tax and tested runaround that would last a year if you are careful what you buy. I wouldnt go for a loan without IP's permission,and even then it would be through a specialist finance company(much more costly).
Good luck.
Posted: Fri Aug 08, 2008 6:59 am
by Wizzard
Hi Lisa
If leasing is a possibility then that would be allowed. One of our regular posters Chardanay leases her car. Have a look at these sites:...
http://www.advantage-finance.co.uk/home/
http://www.flexiblecarleasing.co.uk/
http://www.duncton.com/index.jsp
Posted: Fri Aug 08, 2008 8:23 am
by chardonnay
Hi Lisa,
Sorry to hear your car has shuffled off it's mortal coil!!I lease my car and have posted several times on the issue. Try calling Gary Beedle - 07879 414307 - he's Leaseline and is non-judgemental and very understanding of the problems of IVA.
I did have to find the deposit (A friend helped me out and my sister was willing to help as well)but I now have a brand new Peugot 207cc for £329 a month - there should be cheaper models out there - especially if you go for second hand. If that doesn't work there are others you can try so let me know how you get on,
Good luck,
Chardonnay