Car on finance?

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Post by sophie993 » Thu Jul 30, 2020 7:25 pm
I completed my IVA, last payment April (yay!) I have documentation to prove this and have sent to credit reference agency but due to covid taking its time.

In September, my car is due an MOT and to be honest, it’s an old banger and will cost more to fix!

I can’t be trusted with credit cards and would rather get a car on finance, pay a higher apr to rebuild my credit.

With my circumstances do you know of any lenders? I earn £2,200 a month after tax and apart from £400 transfer to my gf to look after. This is going in a house fund so don’t want to touch!

Any sort of stories of encouragement or people in our situation who have managed to get finance for a car would be grand


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Post by Foggy » Thu Jul 30, 2020 7:54 pm
Well done on getting to the end !

When you say "completed", do you mean final payment made or have you had the completion certificate and final accounts from your IP ? The IVA will formally complete when that is issued. Then it will stay on the Insolvency Register for up to three months from that date. It will also remain on your credit reference agemncy files for 6 years from the start date ( have a read here: ... dit-record )

You could enrol with ClearScore and see what offers they have available to you, based on your credit files --- this also gives an idea of the chances of acceptance while not leaving hard searches on that new, sparkling, credit file.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by luluj » Fri Jul 31, 2020 2:51 am
I would look into leasing a car personally but wait until you have your certificate of completion. This way you will have the option to pay monthly, knowing you have reliable car, that is affordable but allows you to change cars every 3 or 4 years.

Great you are able to save £400/month for a house fund ... when you need mortgage advice use a whole of the market broker who has helped ex iva'ers get on the property ladder.
The forum has two experts on this that come recommended, and I can personally vouch for the work of Ryan at Zebra.

Their contact details can be gleaned from their profile pages at:

Ryan: memberlist.php?mode=viewprofile&u=18488

Shaun: memberlist.php?mode=viewprofile&u=22837
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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