How to refinance car when in an IVA

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1

kyle197

User avatar
Posts: 5
Joined: Thu Aug 15, 2019 2:27 pm

Post by kyle197 » Thu Aug 15, 2019 2:27 pm
Hi, I entered into my IVA in February this year and currently have a car with a ballon payment owed in December. I’ve spoken to my IP who said that because it is written into my agreement that a car is needed I can continue to pay £164 a month for the finance. My question is I am with motonovo finance for my car finance and wondered if anyone has been accepted by them to refinance there car and keep the payments rolling until it’s paid off whilst still in the IVA. It is driving me mad not knowing what might happen because I need the car for work. The IP seems to think it’s fine but I’m too nervous to tell my car finance my details just in case they take the car off me. I’ve spoken to the anonymously and they said there will be the options to pay the ballon payment, give the car back or refinance but I didn’t mention the IVA. Any help would be appreciated. Thanks.

kallis3

User avatar
Forum Expert
Posts: 75196
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Aug 15, 2019 3:29 pm
I would speak anonymously again and mention the IVA. It will put your mind at rest or at least give you time to sort something else out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

bowline

Posts: 6
Joined: Sun Aug 11, 2019 2:31 pm

Post by bowline » Thu Aug 15, 2019 5:23 pm
Did you not discuss this with your IVA firm before you started the IVA?

I agree you need to find out now what the car finance company will do. If they won't let you refinance, you need time to find another option.

kyle197

User avatar
Posts: 5
Joined: Thu Aug 15, 2019 2:27 pm

Post by kyle197 » Thu Aug 15, 2019 5:30 pm
Yeah I spoke to the IP before I took it out that I’ll be able to refinance but the more I look into it I don’t think it’s as plain sailing. I’m going to give them a call on Monday when I’ve got a day off and I see what my options are. I’ve seen there is a company called red potato that do balloon payment finance so they might be an option.

Foggy

User avatar
Forum Expert
Posts: 29858
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Aug 15, 2019 5:49 pm
Any IP can only give an opinion from the perspective of the IVA: Will he allow refinancing or not. He cannot foresee how the finance company will react, only the finance company can do that.
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

kallis3

User avatar
Forum Expert
Posts: 75196
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Aug 15, 2019 5:51 pm
Make an anonymous call to check this out. I have never heard of red potato so do be careful.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

kyle197

User avatar
Posts: 5
Joined: Thu Aug 15, 2019 2:27 pm

Post by kyle197 » Thu Aug 15, 2019 5:56 pm
Thanks guys fingers crossed. I did see something on the web that Motonovo support IVAs so that might be a good sign. I’ll let you know how I get on when I speak to them.

kallis3

User avatar
Forum Expert
Posts: 75196
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Aug 15, 2019 5:59 pm
Hope it goes ok
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

kyle197

User avatar
Posts: 5
Joined: Thu Aug 15, 2019 2:27 pm

Post by kyle197 » Fri Aug 16, 2019 8:24 am
Morning, so I have managed to get a spare minute and ring Motonovo again this morning and told them about the IVA. They said what will happen is if it’s a large debt owed they could sell it on to a debt collection company but if it’s a small debt they will look at just my paying them back. I told them my IP will five written permission as long as it stays in my agreement amount. So it looks like it could be positive just the waiting game now for them to call me and tell me my options officially as
I did it anonymously.

kallis3

User avatar
Forum Expert
Posts: 75196
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Aug 16, 2019 8:40 am
That sounds positive!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”