Car finance needed

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lauren923

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Post by lauren923 » Tue Sep 01, 2020 3:54 pm
I entered into my IVA 3 months ago , and my practitioner was happy for me to continue to pay £289 a month on my car finance , next September my car finance is due to end and in order for me to keep my car there is a £5500 balloon payment , when entering into my iva my practitioner assured me I would be able to re finance this amount with Nissan with no problems , however speaking to Nissan they have told me the chances of being accepted for finanace for the remaining £5500 would be slim due to my iva , bearing in mind I have had the car on finance for 4 years and have never missed a Payment , they have told me I would fail the credit checks . I am a care worker so need a car for my job . I have been allocated £289 a month in my iva for a car for the next 4 years , are there any car finance companies out there who would accept me for credit on the £5500 next year so I can keep my car ? I am panicking now at the thought of not having a car next year even though I can afford it .

Foggy

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Post by Foggy » Tue Sep 01, 2020 4:03 pm
Who is your IVA provider ? They were well out of order in making promises on behalf of a third party company about which they know nothing ! A few finance houses will refinance, but they are few and far between and any responsible IP would never make that promise !

The only alternative lender I know of that has been used by several forum members is Moneybarn. You will need the formal aproval of your IP to get finance and I would suggest that you get this in writing to avoid any more nasty surprises.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

lauren923

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Post by lauren923 » Tue Sep 01, 2020 4:16 pm
Hi Foggy thanks for replying .
My iva is with “ financial support system “ and they assured me before I went ahead with the iva that I would have no issues in re financing the car , but Nissan have made me aware that it’s not going to be that easy.
I have until September next year to figure out what I’m going to do as that is when I either have to cough up the balloon payment or give the car back To Nissan which I really do not want to do ! My iva practitioner have allowed me £289 a month on a car for the duration of my iva ( I’m only in month 3 ) so it’s not the case that I cannot afford this payment it’s just getting the credit to do so .

I have heard of money barn , I think I may have to contact them to see if they can help next year , if not I can’t see a way round it as I’m living on not very much anyway so I won’t be able to afford a car to buy , but if I have to give the car back next year I will be £289 in pocket which I assume will have to go towards the iva ? I’m worried as I cannot do my job without w car :(

Foggy

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Post by Foggy » Tue Sep 01, 2020 4:21 pm
Who do you work for ? No need to answer -- it's a rhetorical question ..... some employers have salary sacrifice car finance schemes, which might be worth looking at if your employer operates such a scheme.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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