Car finance after full & final payment is made?

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Post by ByeVA » Sun Aug 29, 2021 9:45 pm
Hi all,

A question for Foggy or anyone else out there who may have knowledge/experienced this scenario.

I paid my full and final payment at the beginning of June - I am still waiting the certificate of completion.

I am currently looking into buying a car using finance,

1) I would assume I do not need permission to do so now?

2) Will I be able to purchase a car with finance without the certificate of completion even if I have made the f&f payment and have all the official receipts of payment?

3) can I push my IVA company to provide me with a document which will satisfy lenders that the IVA is closed, other than a COC - does such a doc exist?

Thanks for your help.

Kind regards, ByeVA


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Post by Breezy » Mon Aug 30, 2021 9:03 am
Foggy is, I believe, taking a break right now, but I will give you my thoughts:

1) The answer to this would depend on the exact terms of your full and final offer and agreement. Many F&F offers are merely a moratorium (break) on regular monthly payments until the IVA is formally concluded. Until that CoC is issued you are still in the IVA and bound by the agreed terms. However, I am confident that a helpful IP would give the required permissions from the IVA perspective.

2) If your IP is happy, as well as the lender, then, yes.

3) You can certainly ask for a letter from your IP confirming that the IVA is all but completed and, at the same time, he agrees to the transaction (if his agreement is still required, depending on the F&F terms). It would then be up to the lender as to whether this is acceptable. I would hope, however, that the CoC arrives before this is even put into motion.

If the CoC arrived this morning, remember that you would still be on the Insolvency Register for up to three months and the IVA will still show on your credit reference agency files until the 6th anniversary (albeit marked completed, in due course). Your lender might still refuse on the grounds of an IVA showing, whether completed or not. If they do a hard search to then refuse, the search on file will discourage other lenders, so, please, do not 'shop around' and only consent to soft searches.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
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