Can I get car finance when in an IVA?

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by libby » Mon Feb 05, 2018 2:45 pm
Hi Guys,

You've been a source of great guidance and am hoping you can help me once more!

Basically, my car has gone bang! I need to get a new one - am I permitted to get car finance and if so to what value? I'm changing jobs but will receive expenses to cover my car and mileage costs so it wouldn't have an impact on paying my IVA amount. Due to the nature of my work I can't just have a run down banger......

Cheers in advance!
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by Foggy » Mon Feb 05, 2018 4:00 pm
You aren't allowed more than £500 credit without the permission of your IP. He / she might agree to you getting a lease or finance if the figures stack up -- but, you will find it nigh on impossible to get anyone to give you a deal at anything like reasonable rates. There is a company called Moneybarn that might do it which has been mentioned a few times on here, but I would be loathe to suggest going with most of the "adverse credit" finance firms.
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by luluj » Tue Feb 06, 2018 3:26 am
Seek approval for a loan / finance ftom your IP as without a car your employment is at risk as is your IVA.

Moneybarn are good however they have a minimum lending figure I believe of £5000 which may be too high.
Other option is do you have a relative in a position to purchase for you abd you then pay them back - its likely to be more favourable terms !
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