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If we had an IVA would it affect our credit rating if we wanted to buy a car at a later date whilst the IVA was still in place

Hi tracy and welcome to the forum

Your credit rating will be impaired whilst you are subject to an IVA, but there are probably still a number of lenders who will provide finance facilities to you, so long as you have your Supervisor's express permission.

You will also need to ensure that the new car payments do not disturb your ability to fund your IVA, in which case your Supervisor may need to approach your creditors for a formal variation. This will only be done if it is essential that you replace the car, and not just because you fancy a newer model!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Tracy

Yes it would affect your credit rating but there are advantages.. Entering into an IVA can show that you are willing to honour your debts and not just go bankrupt at the first sign of trouble.

You would still be able to buy a car but you will need to make sure your IP has been told and ensure that the car is not seen as an unnecessary purchase.

Good Luck and remember to shop around when choosing a company to go with.

Lee
www.123debtsolutions.co.uk - 08000 114 123