Car finance with IVA

Rachelm91

Hi,
I’m currently in my second year of my IVA, I have my car on finance which is due to end in December and my IVA payment is to go up the amount I pay for my car however, yesterday I was in a crash and have sustained extensive damage to the front of the car, my excess on my insurance is £600 altogether and I obviously don’t have that money to get it fixed and I’m looking to price it up myself.
What I was wondering is what is the likelihood I would be able to get another car on finance for the same price as the one I have Since that extra money was supposed to go into my IVA. I know I will struggle to get a car on finance but I need a car for work.
Thanks in advance

[Deleted User]

Zero I would think.

Buy something for a few hundred quid.  A new finance agreement is a terrible idea for a multitude of reasons.

mwarby

From what I can recall in past threads on this topic it boils down to this - your IP may allow you to get vehicle finance(you definitely need prior permission) but in practice finding someone who will lend is very difficult

Perhaps a different approach is to ask for a payment holiday, which would extend your IVA by the duration of payment holiday. This would allow you to make up the 600 and possibly a small amount extra to buy another car. Essentially that would be interest free credit

Rachelm91

Thanks everyone
Ive just been in touch with my insurance company and the car is a write off, they might be able to waive the excess with me being a key worker so the only thing they will take out of my payout is the remaining finance so I’m just going to use what’s left to buy a little car to see me through the rest of the IVA. Obviously I’ll have to get in touch with my IP to tell them I’ll no longer have my finance payments, only trouble is I’ve emailed Aperture and they’ve said I can’t contact my IP directly and have to go through customer services but I’m sure I’ll figure it out!

mwarby

Rachelm91 said:

only trouble is I’ve emailed Aperture and they’ve said I can’t contact my IP directly and have to go through customer services but I’m sure I’ll figure it out!

That's not unusual your IP is IP for perhaps a few hundred cases, they rely upon customer services and other staff to gather the required information and to filter queries

filfib

I'm in an iva and got car finance from Moneybarn, bit pricey but helpful.