Ending IVA Early..show soon to get credit

mightyjack

Afternoon all, I'm in discussions with my I.P regarding a full and final settlement. Has anyone got any experience with how soon you were able to get credit for a vehicle after ending your IVA either early or on time as planned?

fatbelly

The IVA stays on your credit file for 6 years from when it started.

However it will be marked completed and car hire purchase (or similar) is secured on the car, so I would expect you to get some offers.

mightyjack

fatbelly said:

The IVA stays on your credit file for 6 years from when it started.

However it will be marked completed and car hire purchase (or similar) is secured on the car, so I would expect you to get some offers.

thank you that's what I need to know, it's because an offer of employment depends on my ability to get a vehicle 

CliveOfIndia

mightyjack said:

it's because an offer of employment depends on my ability to get a vehicle 

Do you have any savings that would allow you to buy a relatively cheap vehicle for cash?  I do appreciate this is perhaps unlikely if you've just come out of an IVA, but thought I'd ask.  Unless there's a stipulation in the job offer that says the vehicle must be less than 5 years old or whatever, this may be worth considering - it should be possible to get an older, but still reliable, vehicle for much less than a relatively new one.

But as Fatbelly rightly points out, you stand more chance of being accepted for HP or some other form of specialist vehicle finance, purely because the loan is secured against the vehicle.  Much less risk for the lender than an unsecured personal loan.