Getting a car whilst in IVA/Trust Deed

Bexter

I just wanted to post this as I searched for information on this subject, couldn't find much and nearly took out an incredibly expensive loan.

I am currently in a Protected Trust Deed and needed a new car as the PCP was ending on my current one and clearly I couldn't afford the balloon payment. I looked around and found a lender willing to lend - but it would be c.£7k interest on a £10k loan.

I kept trawling the web and came across a company who said they dealt with bad debt (though in my experience this normally doesn't work if you're in a trust deed etc). The company were actually a middle man who I had to pay a fee to but they then put me in touch with the car company who work direct to run the scheme. I'm posting this as others could avoid paying the fee and go straight to this company.

Long and short is they are a family firm who don't use the credit agencies and work on the basis that they take back the car if you miss 2 payments - it's a lease to buy scheme. They're only really interested in confirming your identity, stability (address etc) and that you're working and can afford the repayments. They genuinely will lend to people in a trust deed. We got a choice of a few cars and have been able to get Volvo estate that's 3 years old, quite high mileage but in great condition. The payments are within our budget, the interest rate is under 10% and we'll pay off the car in 30 months. Deposit is needed but can be negotiated I think.

There's a refer a friend scheme so if anyone in Scotland reads this and wants to contact the company, PM me and I'll give you the details (they have a website that explains how it all works and shows available cars etc). If you're in England and in an IVA, the middle man would probably be able to help and I can provide those details too, just drop me a line. He was very professional. There's a basic application form to fill in and they go from there. Apologies if this sounds like an advert but I have been so pleased to get a car at a decent price as I had no other way to do it, and the company involved doesn't really seem to do any marketing but are totally legit.

cheesedoffwithdebt

I was in a similar situation last year and did exactly the same, although with a company in England. They were more concerned that the car actually existed ( they have obviously had some dubious experiences as lenders!) and I am now on a lease to buy scheme.

My IP verified it was ok as I am not spending more than I did before, and I do need a car for work.

You have to do alot more research and trawling around but there are deals out there that work when you are in an IVA, it was also intriguing that I read internet reviews about this company, some of which were not that complimentary, and yet my experience was absolutely fine. They were very straightforward, I am sure if you didn't pay they would be quick to come and recover the car but that's fair enough. The interest wasn't overly high either, and in 2 years the car is mine as well, although by that time the IVA will be almost done and I shall need a new one!!.

FiatFan_2

I had wondered if such schemes were available, but haven't found such a thing on google searches.

I'm currently searching for the best deal to see me through the next 4yrs of my iva, convincing my awkward ip to new-ish or continue with bangernomics. So far new-ish wins on economical value due to further travelling distance to work now