I need a car for work

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Post by laura.ce » Sun Aug 22, 2010 3:54 pm
Hi, I am about to enter into an IVA. I currently have a car on a 3 year HP which is due to finish in August next year. The car has a guaranteed value at the end of the HP and I either trade it in or walk away with nothing. But I need a car for work. How will the IVA affect this?

Adam Davies

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Post by Adam Davies » Sun Aug 22, 2010 6:14 pm
You really need to address this before starting your IVA.
You have a few options
1. Your credit provider refinances the balloon payment after next year
2. A family or friend finances the car and you make payments to them
3. You take out a fresh HP agreement

You need to talk this through with your IP
Andam Davies


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Post by plasticdaft » Sun Aug 22, 2010 6:38 pm
Point 1 from Andy isnt always possible,so I'd be tempted to try and secure a new deal now,although your IVA could run for 5 or 6 years so unless you can get an agreement to cover the whole period this problem may arise again. Others have secured a refinance with existing lenders but it isnt always going to be approved so having a back up plan is adviseable.

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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