FAQ – Car Finance IVA
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It is likely I will need an IVA, is it possible for me to keep the finance on my car?
If you already have car finance on entering your IVA it is very likely you will be able to keep your car. Although the terms of an IVA vary greatly depending on your circumstances. In all instances, you will need to gain the approval of your IP (insolvency practitioner).
The good news however is if your car is essential for travelling to work, then it’s within the IP’s interest to allow you to keep the car and finance agreement.
Justin Cottrell
Founder
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Before entering my IVA, my credit rating was very poor. How will an IVA impact my application for car finance?
Your credit report will reflect the fact you have entered into an IVA. This will result in you having difficulty obtaining car finance, mortgages and other credit agreements.
At Motorly we have a panel of lenders, some of whom take a different approach with customers who are in an IVA, as although an IVA shows you have had problems with credit in the past, it does demonstrate a commitment to correcting your past credit issues.
Justin Cottrell
Founder