Hi guys, so this is my last 3 months of my IVA. I originally got into the Iva not due to bad money handling but due to being scammed for thousands on online trading which I was told I will make good money at. But they lost all the money in my credit cards on me, I had to enter an Iva to keep above water, but now I’m almost done, once I’m completed can I give my completion certificate to a finance company in order to get finance for a vehicle. They are bound to know that I’m debt clear and my score can only go up. Is this possible. I need a new car. My car gives me so much trouble every month, I need a car to get to and from work, please tell me good news
Well done for reaching the end stage. Completion certificate paperwork needs to be kept safely as you may need to refer to it in the future, some years down the line. I took copies of ours and have saved the email version I received several times over ..its now 10 years on and I could still go to it tomorrow.
With regards to getting car finance etc- your iva will remain on your credit file until the 6th anniversary from its start date, albeit updated to show completed.
Until this time you may find it difficult to find suitable finance but some companies may clerically adjust a decision to work with you.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
There are firms, such as Moneybarn, who will consider car finance once the IVA has completed, but the interest rates will be higher. After your credit report has cleared, as Luluj mentions, the chances will be better.
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