Can I lease a car while in an IVA ?

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craig725
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by craig725 » Tue Nov 28, 2017 10:13 pm
Hi I am currently in an Iva and it finnished November next year. I have a car and have no end of problems with it so am looking to lease a car. Is this something I can do while in an Iva? What would I need to do? Or can I just go and do it? Cherers
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Foggy
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by Foggy » Wed Nov 29, 2017 7:50 am
You would need to get the permission of your IP .. especially if the lease payments affected your ability to make the IVA payments. However, it is extremely unlikely that you will get a lease agreement as your credit rating is shot and you will fail the credit checks.
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MerlinL14
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by MerlinL14 » Wed Nov 29, 2017 6:26 pm
I was told by my IP that there would be no issues in renewing my PCP during my IVA as long as the repayments were the same as I was paying at the start of the IVA. What he failed to disclose was that there would be frost in Hell before I would get any finance company to consider me for another PCP or any other means of financing a car.
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Foggy
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by Foggy » Wed Nov 29, 2017 6:45 pm
MerlinL14 wrote:
I was told by my IP that there would be no issues in renewing my PCP during my IVA as long as the repayments were the same as I was paying at the start of the IVA. What he failed to disclose was that there would be frost in Hell before I would get any finance company to consider me for another PCP or any other means of financing a car.


You would, from the IVA angle, have also enjoyed the fact that you were renewing, as opposed to taking out a new burden previously unknown to the IVA estate
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