Will I enter any issues with a pcp car deal after IVA and clean credit files?

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Neil2888
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by Neil2888 » Wed Jan 24, 2018 4:11 am
I have completed my Iva in full and all my credit reports are clean and clear of all defaults after the 14th Feb. I have £600 a month in my pay to lease a car, earn over £70k a year and have no debt and 1 cc which I pay off every month in full along with phone contracts and mortgage for the past 10 years. Will I enter any issues with a pcp car deal as I’m nervous
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Foggy
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by Foggy » Wed Jan 24, 2018 7:51 am
It all looks good, but there are never any sure things -- even those with unblemished records still get turned down. There is as much an element of luck and timing involved as finances!
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MerlinL14
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by MerlinL14 » Wed Jan 24, 2018 8:44 am
I waited until all my defaults had dropped off (6 years from start of IVA) then waited another 6 months before even applying for a PCP, so my credit records showed good management and clear of any insolvency involvement. Had no issues.
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kallis3
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by kallis3 » Wed Jan 24, 2018 8:47 am
Have you had your completion letter yet?
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Ryan
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by Ryan » Wed Jan 24, 2018 9:01 am
Hi Neil,

Hopefully you will be fine. It's the same as with Mortgages though many Lenders won't lend until 9 years after the start date of the IVA, some may never lend after entering into an IVA.

Regards
Neil2888
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by Neil2888 » Wed Jan 24, 2018 11:19 am
Ryan wrote:
Hi Neil,

Hopefully you will be fine. It's the same as with Mortgages though many Lenders won't lend until 9 years after the start date of the IVA, some may never lend after entering into an IVA.

Regards


how will the lender know as they do not ask the question " have you been in an iva?" on a car finance pcp deal? am I missing anything? I totally understand mortgages but what about car pcp?
Neil2888
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by Neil2888 » Wed Jan 24, 2018 11:20 am
MerlinL14 wrote:
I waited until all my defaults had dropped off (6 years from start of IVA) then waited another 6 months before even applying for a PCP, so my credit records showed good management and clear of any insolvency involvement. Had no issues.

thanks,
have got lots of good history, 12 months of a CC and 10 years mortgages/bank/bills/mobiles etc. Just a leap of faith
Neil2888
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by Neil2888 » Wed Jan 24, 2018 11:21 am
kallis3 wrote:
Have you had your completion letter yet?

yes, had that 6 months ago. all credit files sorted so all good
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kallis3
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by kallis3 » Wed Jan 24, 2018 1:46 pm
If they ask the question you will have to answer yes. Otherwise you don't need to mention it.
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Shaun Vickery
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by Shaun Vickery » Wed Jan 24, 2018 6:33 pm
If there is nothing showing on your credit file you should stand as good a chance of anyone when it comes to car finance.
Neil2888
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by Neil2888 » Thu Jan 25, 2018 7:43 am
Shaun Vickery wrote:
If there is nothing showing on your credit file you should stand as good a chance of anyone when it comes to car finance.

Thanks for your response, DO companies only use the 3 main CRA or do there look at Noddle and Clearscore also - only ask as these 2 are some 4 - 6 wek behind as they are monthly reports
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Foggy
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by Foggy » Thu Jan 25, 2018 7:52 am
Neil2888 wrote:
Shaun Vickery wrote:
If there is nothing showing on your credit file you should stand as good a chance of anyone when it comes to car finance.

Thanks for your response, DO companies only use the 3 main CRA or do there look at Noddle and Clearscore also - only ask as these 2 are some 4 - 6 wek behind as they are monthly reports


Lenders only use the three agencies -- Clearscore and Noddle are "powered" by those agencies themselves and are not seen by lenders, nor are credit scores seen by them either, just your actual history.
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