Iva Car Finance

Moneysaver197711

I need a car to get to work and run my family around and I am wondering if it's possible to get car finance and what is the highest I could get with being in a iva? In my expenditures i have got £80 for travel which could be used for car finance?

National_Debtline

Hi there,


You will need to check the terms and conditions of the IVA, but normally, if you take out additional credit whilst you are in an IVA you will cause it to fail. If the IVA fails there is a risk of bankruptcy which can put your assets, including your home (if you are a homeowner), at risk.


If you need a new car, and need to save for that monthly in order to buy something outright, then talk to your IVA provider and see what they can suggest/ offer to help.


I am afraid IVA's are quite restrictive. You can check if your provider follows the IVA Protocol which allows a variation in your payments up to 15% without referring the matter back to the creditors, but not all companies follow this protocol. Good luck,


Laura
@natdebtline