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Money barn car finance and IVA

2 replies

Ineedhelpplease1234 · 15/06/2024 18:33

Has anyone used mienybaem to get a car finance.
I have 5 months left of IVa but my car is doing my head in and the finance finishes next month.

Moneybarn have offered me finance for £15000 for the car, that's why £5000 coming back from
Mine. I have sent a letter to my IVA as the finance companies have a draft; I explained that actually the finanave cost per minth is yes £100 more than now but it'll be coming out my sons DLA because he needs a car. Explained why; explained also how I now how fibro and ME and rely on a car that's reliable, I need to get an automatic and also a higher car. Just wondering if anyone manages to get their IVA to approve etc.

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Woodstocks · 16/06/2024 06:51

I used to work for a car dealership where this was common. People had to tell the IVA administrators and sometimes they would have conditions imposed. For example the price of the car couldn’t be too high and they also weren’t allowed to set a very high voluntary excess for the insurance policy as that money would be u affordable in case of an accident. But apart from that it seemed a formality most of the time and they all got it. Just took a while longer because of the admin. I hope you get it sorted.

Ineedhelpplease1234 · 17/06/2024 08:39

@Woodstocks thank you. They have sent it to the supervison team this morning. It's the cheapest I could find with what I need, and I have always beeen honest with them abohr sons DLA and thungs. Like to hope with only 5 months left they will just accept it. And the voluntary excess is literally the £5000 I get back for my car.

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