loan while paying ipa

scottishsodapop

if you are discharged and u could get car finance what would your trustee say about this if u were paying an ipa
this only a question i dont want a loan im just intrested in the answer

Ineedaname

IF you were lucky enough to be able to get finance then I assume you would need to negotiate with the OR for an allowance for the repayments and the costs of running the car.

If you could manage all the costs out of your existing allowances then I guess you could just go ahead without informing the OR.

All depends on what value of car and what your justifiable needs are.

scottishsodapop

lol
trust me im not going down the finance route again was just a some thing ive wondered for a while

Ineedaname

Don't worry, I got that impression from your opening post.;)

The simple answer is that car finance would probably be difficult to obtain for a few years post BR anyway, so not until an IPA is ended, credit files cleaned up and credit built back up a bit.

kepar

Have you got any spare money each month after paying your IPA? Not only to cover the cost of the loan but to run a car.

If you have and feel that you want one go for it. What does it matter to the OR.

We lost our car as it was on HP and the OR felt that we didn't need one. So we were not allowed any allowances for one, but we saved up and got a cheap run around . We find the costs out of spare money. The OR is not aware even though my wife has an IPA, and why should he be?

In your case you want a loan, who knows you may be lucky. Many on here have Credit cards whilst paying an IPA so what is the difference.

dojoman

Unfortunately your chances of getting finance for a car are slim to none.

kepar

dojoman wrote: »

Unfortunately your chances of getting finance for a car are slim to none.

Have you tried?

Has anyone on here tried?

It would be interesting to hear of other's experiences as to regards a car loan.

Johnpj

I agree I doubt it. However if the finance was a personal lease, where in effect the car is security, you MIGHT, and I stress MIGHT, be lucky. The car finance would be slightly easier to get I can imagine.

However you would have to have cleaned your credit file up, have proof of running credit for quite a while, at least a year if not more. It MIGHT also depend on the circumstances of your bankruptcy, as it would have to be looked at manually by a credit analyst.

I managed to get a new business loan, which is harder to get than car finance, due to it being riskier. So it is possible, it just takes lots of hard work.

scottishsodapop

excuse me guys i dont need a car i have the use of one for work
it was just a question i was intrested in asking

kepar

Why?

Can anybody tell me tomorrow nights lottery numbers, I am not going to do it but I am just asking.

Waste of time and post.

Johnpj

Read between the lines, possibly.

Another reason is the poster MIGHT be under the thread of redundancy or looking to change jobs and wants to know the options.

Either way, I am sure other people searching and reading the thread will benefit.

The answers are hopefully helpful to a wider audience than the actual original poster.