Advice on car options

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Jag Bola

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Post by Jag Bola » Thu Apr 08, 2021 9:06 pm
I need a car but am in a IVA due to being a contractor and doing a lot of mileage. I worried about speaking to the IVA company am with. I have found them not helpful. I was with a good IVA company then moved to a new one with being told.

With my last IVA company it was simple to get premission for the car loan. Due to the virus I sold my old car to pay back the loan I had but now I need a car to start my new contract position. Am really worried about it all, its giving me sleepless nights

They are asking for certain information from me and really would like to know what do they do with this information. I dont want it shared around. Anyone please advice me

Foggy

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Post by Foggy » Fri Apr 09, 2021 9:05 am
They are entitled to ask for reasonable information regarding your financial circumstances in order to make a decision. What sort of information are they after ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Jag Bola

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Joined: Thu Apr 08, 2021 7:04 pm

Post by Jag Bola » Fri Apr 09, 2021 12:15 pm
Hi,

They are asking the following:

Update Income and expenditure (Understand)
Accounts Projection
Agreement in Principle
Mortgage (outstanding amount and agreed payment for to reduce the arears)

The all are valid questions but I dont want them sharing my data with the creditors. I am 5 years into my IVA (April 2016) it started.

Kind regards
Jag

Foggy

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Post by Foggy » Fri Apr 09, 2021 1:45 pm
What they do with that information depends on who makes the decision : If the IP decides, he will keep the information to himself. If he feels he needs the creditors to make the decision (after all, they are parties to the IVA agreement) then he will pass this information on to support your request.

The mortgage details will be required anyway, as part of the IVA agreement, to see if you can release equity or need to add another 12 months to the IVA, assuming there is more than £5k equity there.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

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Post by luluj » Fri Apr 09, 2021 6:29 pm
Is there a family member or close friend able to help you purchase a car that will support you without repayment until after the iva concludes ? Can they purchase car in their name and add you as a named driver ?
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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