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Car finance during IVA
Hi I have been in an IVA for over a year now. When I started I wasIn a lease contract for my car. It has now finished and needs returning. My IVA managers told me I am allowed to apply for HP finance to get a replacement car. The first time I tried I was turned down. Has anyone else had success with car finance during an IVA and can anyone recommend any trustable company?
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A trustable company to lend to folk on an IVA in these Covid times....not sure there will be one. You may be stuck with high interest lenders so I would try and push for a IVA holiday for 3 months and use that money to buy a cheap runabout until things improve than buy a car with high interest rate and high monthly payments.1
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You won`t get any kind of credit with an IVA on your credit file.Advice above is the way to go.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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Hi, I'm on IVA and got finance through Blue Motor Finance - I had existing car finance when taking out IVA that I was allowed to continue with. I gave the car back when able to Voluntary Terminate and took out finance on a used car, monthly payments reduce by £100 so that went to IVA company. Yes interest rate not good but I will own the car by the end of the IVA and need reliable transport for work and disabled child.0
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Money arm and First response finance are the ones that will most likely accept but like above very high interest that effectively make you pay back double of what you borrowed. Try car finance 24/7 or a tool like clear score which can do a soft search and show you chances of being accepted.0
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