IVA settled need loan

[faye1]

Hi all

I completed my IVA in May last year - phew and what a feeling. I have saved £1500 since and now need to borrow £5k for a car. Who will loan me the money at a reasonsable rate? Any ideas who loans money after an IVa is completed? Thanks

[Adam Davies]

Hi
Try Welcome finance.
Be sure that you can afford the repayments and don't buy a car from them, you will pay over the odds.Also don't add on their very high insurance protection.
You can obtain loan protection insurance cover at a far less cost from other companies, "Coveritall" for example.
Good luck

[faye1]

thanks, but at 69% APR no thanks! My god, no way am I paying that!!! Thanks for the help.

[MelanieGiles]

Try your local car supermarket - garages are desperate to shift stocks at the moment, and may be more lenient when it comes to credit checking.

[David Mond]

In todays market place I don't think you'll have any problem. dealers will bend over backwards to move stock. They will also have access to finance companies.

[kallis3]

You can pick up a decent car for a good price at these car supermarkets, and as Melanie says, they are probably desperate to shift stock so you may be ok.

Let us know how you get on as the information may be useful for posters in the future.

[faye1]

Thanks all. However I got declined yesterday by Ford - Wierd, as I am now on £20k and just been told I am having a pay rise - no outgoings as live at home with my mum and dad. However the guy at Ford said her will try and see what he can do-I am thining of sneding them my certicate of completion as this shows I paid off £300 every month for 5 years without fail. Would this help do you think?

[kallis3]

It might do, it shows that you have taken your debt seriously and have made regular payments. Certainly can't do any harm.

[faye1]

Thanks

[David Mond]

I agree - even get a letter from your old Supervisor to state that you regularly made payments and completed the IVA over 5 years (or whatever term it was).

[kallis3]

Have you checked your credit record Faye to see what it says on there? There may still be defaults showing.