Around 4 months before the end of my IVA I was in a position that I needed to replace my car so, with the permission of my IP, obtained a loan with Moneybarn (the only lenders that would lend to someone in an IVA).
This was at an interest rate of 49.9% ... yep its high.
Well was looking into replacing that car and what my options would be on this... saw a car I liked and crossed my fingers that I would be accepted for a loan at a rate I could afford the replayments ... the garage came back within a couple of hours .. loan accepted at a rate of 4.3%
Just shows what a difference 2 years can make .. I got a Credit card just after the 6 yr after start of IVA with a low credit allowance of £1000 .. this was increased earlier this year to £2000 by the card company but I have it set up that it is paid off in full each time ... with the way it works it means can get 0% credit for up to 6 weeks and usually just use it for fuel or a weekend away, etc.
Those of you still in your IVA there is light at the end of the tunnel, sometimes it is hard and you need support which this forum is fantastic at, but once through it and out the other side look ahead to things being better.
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