Car on finance

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Post by abi547 » Mon Nov 23, 2020 9:37 am

I have been offered a job where I get a £4,800 a year car allowance. This equates to £400 a month.

I am 2.5 years into my IVA which I had to take out when my ex fiance (who became violent towards me and was arrested and charged) left me in £40,000 worth of debt.

I am now very stable financially and emotionally, but I am wondering how to get myself a car on finance with my IVA.


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Post by Foggy » Mon Nov 23, 2020 10:33 am
First you will need the permission of your IP -- then, assuming this is forthcoming, you will need to find a finance company who will accept you. Moneybarn are sympathetic, though charge higher rates, or you might be able to get a PCP contract.
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 lifenoteasy » Mon Nov 23, 2020 1:13 pm
The other issue is that the IP may take 50% of the car allowance if you cannot get an arrangement in place.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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