IVA completed but won't allow me to get car finance.

lucie19

I completed my 60 month IVA in September 2022. I was perfect never missed a month. However, I really need to get a car on finance (I know but I can afford it!) So I found a car got finance approved etc The finance company have come back to me to say my IVA is not showing as complete. I contacted the IVA company and they say I have to ask their permission and provide 3 months bank statements, 3 months of payslips and the credit agreement. I was of the impression that 3 months after the final payment the IVA was over.
I'm going to lose the deposit I've put on the car and probably my income as I'm a supply teacher. Can anyone advise please?

Thanks for reading 

sourcrates

With IVA`s, you are not released from your arrangement until you receive your completion certificate saying so unfortunately.

Until then, you are still bound by its terms and conditions.

This is made very clear in your IVA proposal, and in most searchable material online.

fatbelly

Once you've finished your payments on an IVA you ned to nag your IP to make it complete. Most are in no rush to do so.

You also need to monitor your entry on the insolvency register to make sure it is accurate

Massymoo

I paid my IVA off almost a year ago and its still showing as live!  How can i have this closed down?

DE_612183

Massymoo said:

I paid my IVA off almost a year ago and its still showing as live!  How can i have this closed down?

see advice above

MalMonroe

lucie19 said:

I completed my 60 month IVA in September 2022. I was perfect never missed a month. However, I really need to get a car on finance (I know but I can afford it!) So I found a car got finance approved etc The finance company have come back to me to say my IVA is not showing as complete. I contacted the IVA company and they say I have to ask their permission and provide 3 months bank statements, 3 months of payslips and the credit agreement. I was of the impression that 3 months after the final payment the IVA was over.
I'm going to lose the deposit I've put on the car and probably my income as I'm a supply teacher. Can anyone advise please?

Thanks for reading 

Hi, sorry to hear about your situation. It's a hard lesson to learn. I had a DRO a few years ago and that did just end, without any fanfare or permissions or anything - I feel your pain.

However, all may not be lost because on the Motoring Ombudsman site it says that if you're denied the finance you applied for to buy a car, then you could get your deposit back. Although finance was originally approved, now it's not and you can't take ownership of the car.

See info in the following link -

https://www.themotorombudsman.org/useful-information/automotive-views/deposits-to-refund-or-not-to-refund

Scroll down to 'refund, sometimes deposits should be returned'.  It's the third reason.

It's not that you want to cancel the sale, it's  totally out of your hands.

Contact the Motoring Ombudsman for more info and help if they won't give you your deposit back.

Hope that helps in some way and that you can start to get your life back on track once the IVA is finally ended and out of the way. 

fatbelly

Yes, DROs are not done through insolvency practitioners so it's much more straightforward.

Really the insolvency options that have evolved in England do not hang together and I'd like to see them replaced with one route.

It probably won't happen in my lifetime