Can I change car whilst in IVA

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Post by stuart593 » Tue Sep 18, 2018 12:41 pm
Hi my name is Stuart Bailey I already have an Iva I’m in my second year I travel a lot of miles in my car for work the finance is finishing in 6 payments time however the car has now done over 108k miles and the maintenance bills are now getting bigger and bigger I’ve found a deal on a new car with low mileage and the repayments are most likely going to be less than what I pay currently can I change my car


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Post by Foggy » Tue Sep 18, 2018 12:44 pm
You would need to seek, and gain, the approval of your IP and I doubt this would be forthcoming. In any event, even with approval, it is highly unlikely that you will be granted finance as you will fail any credit check.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by kallis3 » Tue Sep 18, 2018 1:05 pm
I agree with Foggy - stick with your current car for now.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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