Needing a new car

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Post by michelle793 » Sat May 08, 2021 8:32 pm
Hello, I am currently under an IVA, my car needs replacing as I crashed it into my drive wall. It's drivable but doubtful it will pass MOT in July (car only worth around £500

My uncle has offered to by me a car, though I feel its too much

My other Aunt has offered to loan me the money

I am a social worker who needs a reliable, 5 door spacious car due to my job. My current car has caused issues due to its very small size (3 door c1 07)

My family want me to get a decent car, when looking they are thinking of between 6k and 9k.

Should I borrow the money? Or..
Should accept the car as a gift?

Naturally I would want the car in my name, as I have another 4 years on my IVA

My IVA people have infused me. They initially said I could have a car worth no more than 7k. Now they say I can spend any amount

What should I do? I'm worried about doing something wrong


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Post by Foggy » Sat May 08, 2021 9:07 pm
First, I would take what you have been told with a large pinch of salt .... it needs clarification. This does seem unusual, as in most cases it is "No finance ... no car!"

You will not be able to get finance at reasonable rates, although Moneybarn does, sometimes, lend to those with bad credit, the rates are high .... if you go down this route, get written agreement from your IP.

I would be inclined to let your family purchase a car --- the car can be in your name on the V5C as this records the legal keeper, not the legal owner. If your auntie loans you the funds I assume the IP will allow you to make repayments -- if they stand by earlier advice -- again get this in writing BEFORE doing anything. If your uncle gifts you a vehicle you can always repay him after the IVA is finished.
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 michelle793 » Sat May 08, 2021 9:50 pm
Thank you,

I will email them tomorrow asking them to clarify and get the ball moving.

I think I will let them buy me a car, with me paying back after IVA finishes

It seems like the easier and safest option.

Just hope they can clarify what I can spend on one, don't want to get one and then get told its too much.

I will make sure its all in writing beforehand

Thank you so much!
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