Hi my iva final payment was made 22 Nov 2018 to finish 22 Dec yay !!!, still waiting for completion certificate though, i have checked my credit rating on experian which is fair but has dropped to poor when one of the creditors made an alteration that affected my rating, i had 2 loans and an account, the loans have been removed but the account is still showing though i expect it will until i get my completion, my question is my car is 18 years old and needs replacing desperately am i likely to to get excepted for a car loan in my current situation and are there any recommended respected companies that i could approach, i am nervous that i get to many searches done and knock my rating even more.
It would be better to try to hang on until the credit records are clear --- but, if impossible, several forum members ( a while back now, though) used a firm called Moneybarn, who specialise in adverse credit.
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
Hang on in until completion certificate is issued and defaults drop off your credit file if you can.
I used Moneybarn for car finance, it was high interest rates but it gave the funds for a newer car. I recall there was a minimum loan amount of £5000, but that may have changed as it was done years ago.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If you are desperate try a price comparison website. I've used Confused.com's car finance calculator: they do a soft-search based on the information you give them and it shouldn't have an impact on your credit file.
I haven't had my certificate of completion yet but I was getting conditionally accepted by at least two companies, I didn't pursue further because the APR was around 30%!
At the end of the day there will always be companies prepared to lend money to people whatever their circumstances, they will just offset the risk with a higher than average repayment.