Refinancing car

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gemma685

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Post by gemma685 » Sat Dec 01, 2018 6:32 pm
I started my IVA in September 2018 and my car finance ends in april 2020 I think. It is stated in my proposal that “a car is essential for me to commute to and from work and in April 2020 I will refinance at this time.” I’m really worried about refinancing as I know a lot of people have been unable to do so 😬😬😬

Foggy

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Post by Foggy » Sat Dec 01, 2018 7:04 pm
Refinancing is difficult ( to say the least) but a couple have managed and the market is changing all the time. Most of us, however, end up with "ebay bangers" for the duration.
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

Zebra555

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Post by Zebra555 » Sat Dec 01, 2018 7:22 pm
Thing is I won’t be able to afford an eBay banger because I have to stick to my budget :shock: my current car is £200 per month so I wonder when that finishes in 2020 if the IVA will let me save that money for a few months to buy a car

Foggy

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Post by Foggy » Sat Dec 01, 2018 7:42 pm
Zebra555 wrote:
Thing is I won’t be able to afford an eBay banger because I have to stick to my budget :shock: my current car is £200 per month so I wonder when that finishes in 2020 if the IVA will let me save that money for a few months to buy a car
Yes, we have all had to stick to tough budgets --- but you find a way. Nothing to lose by asking. In the meantime put aside your share of any overtime or bonus payments you get (if any). You might be able to agree a complete break on payments for a few months, which will be tacked on at the end.
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

MerlinL14

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Post by MerlinL14 » Sun Dec 02, 2018 5:55 pm
I think IP's should be far more transparent when it comes to telling people about refinance or extended finance on an existing car lease or HP. I was told "yea, just refinance your PCP car at the end of the lease, it is already agreed that this is an allowed expense" which is all well and good until you actually try to get re finance or a new PCP while in an IVA. I don't know anyone who managed it while in an IVA.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

JimmyJem

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Post by JimmyJem » Sun Dec 23, 2018 10:27 pm
Halfway through my IVA I lost my company car and needed to buy one that was reliable as my job included travel, I spoke to my then company who allowed me to finance through red potato and get a car suitable for work. Obviously we had to go through a new expenditure review and I had to demonstrate how I would be able to afford it.

IVA completion cert received yesterday so currently feeling very positive about my whole experience, however I completely understand how much of a drag it feels x
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