Car loan when in IVA bad debt

onthecase

Does anyone know the situation on getting a car loan with an IVA/bad credit rating?
My son went through a mental breakdown, bad relationship break up, then made redundant through covid, left with thousand of pounds of debt he can’t currently pay off. He was in a debt management plan but due to the redundancy he wasn’t able to continue. He intends looking at IVA once he starts his new job.  He has just secured a new permanent job starting next month which has a car allowance. The car is imperative for the job, and the conditions state must be under 6 years old. There is no company car option or lease from company option. He currently has a car under PCP which was due back last month but he extended due to covid until October. He was in arrears but currently up to date. He has only paid back 45% so can’t hand back and walk away and owes £11k on it to buy according to the finance company. 

I’ve been looking and it looks unlikely he’ll get another PCP loan, in fact any loan. I can’t take out a loan for him as I’m not earning either now due to redundancy. Although IVA don’t allow loans I believe if imperative for your job they would allow, but how would you get a loan with such bad credit? He did have a fabulous job, excellent credit, but with mental breakdown, relationship breakdown and covid redundancy (was only 3 months into new job having prior been made redundant for 8 months) he’s lost everything. I’m hoping the new job will be a fresh start but worried about the car!
Any help gratefully received, thank you. 

DrEskimo

How much is his current car worth, if the outstanding balance is £11k?
I take it his current car is not under 6-yrs old?

If the car doesn't meet the criteria/can't afford to buy it for £11k now he's reached the end of the PCP, I would suggest you either trade/sell and settle the finance on his current car, or pay to get to the VT point if that is cheaper, and then just look to buy the cheapest possible car he can that does fit the criteria. There is no need to use the full allowance of buy a particularly expensive car.

sourcrates

I have moved this to the IVA board.

Unfortunatly its extreamly unlikley he will be able to get any form of credit as he is currently insolvent.

The terms and conditions of his IVA also forbid any credit over £500 anyway.

The only real options are to try and save a few hundred quid and buy a banger (he would need to speak to his IP about this), or someone else could buy it for him.