Can I change car whilst in IVA

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stuart593
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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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Foggy
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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.
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kallis3
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by kallis3 » Tue Sep 18, 2018 1:05 pm
I agree with Foggy - stick with your current car for now.
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