Where can I go?

Tonto72

Hi folks, I was just wondering if anybody could help me please? I am trying to find a lender that is willing to lend me £5000 over 2 years,without me getting sucked into a massive scam?

I have been discharged from an IVA for 2 years now and have asked for an extension on my mortgage,only to be told that I would have to be discharged for 6 years before I could borrow any more off them?

I wouldn't want to borrow the money over a longer period of time,as I know that I could afford the repayments and would rather pay it off as soon as possible?

A change in my shift patterns means that I am going to need another car to get to work,as my wife and I have been managing to share our 1 car up until now, but this won't be possible when my shift pattern changes in a fortnight.

Thanks very much for any advice that you can give me.

Apples2

2 years after an iva will be pretty much impossible.
Your credit file has a large flag as a warning to lenders you have a history of unsustainable borrowing.

If your own bank say no, I would forget the idea. Save your extra money and buy a decent cheap car for 1k.

poppasmurf_bewdley

It is very doubtful if any mainstream loan company will give you a loan, if you are only two years out of an IVA. The IVA will take six years to leave your credit file.

Would you lend £5k to someone who defaulted on other credit so recently?

geoffky

Cheap runabout or moped....simple...Or wont the neighbours like it?

somethingcorporate

You won't get £500 for a banger let alone £5k for a decent car.

Save up and get yourself something small and cheap for now.

kittybangbang

You could buy my Mondeo for £1000! It looks the part, is economical and has done me proud!

Seriously though, don't get yourself back into debt just for a car. There are so many decent cars out there for under 1K. Reliable ones too, just cos they don't cost £5000 doesn't mean they're not reliable.

It's just not a clever financial decision at the minute...

andy.m_2

you would think that coming out of an IVA meant that you had a lightbulb moment and would stear clear of non essential debt.

Yet you cannot wait to jump in again..

Tonto72

Ok folks,thanks for your help! I think I need to get my bike out of the shed and get saving?:T

andymc29

I've got a workmate who cycles 9 miles each way to work. He saves a fortune. It all comes down to how much you want to sort your debt out.