Could I upgrade my car?

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joanne452

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Post by joanne452 » Wed Aug 05, 2020 8:09 pm
I have an iva now and I want to upgrade my car to a new agreement rather than just take back the current car. I can’t make the balloon payment but have had no defaults on any payments even with my iva, if I go to a garage will they allow upgrade options?

luluj

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Post by luluj » Thu Aug 06, 2020 3:27 am
You would need to gain the permission of your IP to take out new lines of credit and even if given, it is unlikely you would easily find a lender at the moment with your iva on your records.

Do you have a family member or friend that is in a position to help you purchase a reliable second hand car for the duration of your iva?

You may need to seek a payment break to gather sufficient money as a deposit for a vehicle.

Sorry probably not the answers you were hoping for, but whilst in the iva it will be difficult to get a new contract.
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