Yes, Premium Plan offers Hire Purchase (HP) car finance to those in an IVA (Individual Voluntary Agreement) from 19.9% APR representative. If you are in an IVA or Trust Deed, your Insolvency Practitioner must have provided consent for you to take finance for a car.
What debts can not be included in an IVA?
Debts you can’t include in an IVA are:
- maintenance arrears that have been ordered by a court.
- child support arrears.
- student loans.
- magistrates’ court fines.
- Social Fund loans.
- TV licence arrears.
What does an IVA stop you doing?
An IVA will stop your creditors taking action against you for your debts.
Can you pass a credit check with an IVA?
Yes. Although an IVA will stay on your credit file for 6 years, you may have to declare your IVA to creditors who request it of those who have had credit issues. Can you pass a credit check with an IVA? Yes but it may be quite difficult and some landlords may not want to admit you if you have had an IVA in the past.
Does an IVA include car finance? – Related Questions
Do I have to include all debts in an IVA?
Most of your debts will be included in an IVA, but there are some exceptions. When the arrangement ends, any remaining balances should be written off. An individual voluntary arrangement (IVA) is a legally binding agreement between you and your creditors to help you pay off your debts.
Can HMRC debt be included in an IVA?
All debts owed to the HM Revenue and Customs (HMRC) can be included in an IVA.
Can you get an IVA with a CCJ?
Yes, a County Court Judgement debt can be included in an IVA. Insolvency law states that when someone applies for an IVA, all their unsecured creditors must be treated equally, with no advantage being afforded to one over another. This is even the case when a County Court Judgement, or CCJ, has been awarded.
Can benefit overpayments be included in an IVA?
The simple answer is yes. If you have received an overpayment to your benefit entitlement in error, it can be included in your IVA and will be repaid through your IVA contributions.
What happens if I pay my IVA off early?
What happens after I’ve paid off my IVA? If you pay off your IVA early, you can get a head start on rebuilding your credit rating. However, the IVA will still stay on your credit report for six years from the date that it was approved. It may still affect your ability to get credit, too.
Do I have to declare an IVA after 6 years?
It’s important to note that even though your credit file may be clear after six years, lenders usually ask borrowers to declare if they’ve had credit issues. This can include whether or not you’ve ever entered into an IVA.
Will my IVA affect my husbands credit rating?
No. Your IVA will not affect your husbands credit rating as your creditors cannot mark the credit file of your partners as a result of your financial activities.
Do IVA check your bank account?
Can an IVA check my bank account? No, it is unlikely that an IVA provider will ever be able to check your bank account. However, they will find out if you are hiding assets or earnings from your IVA payments.
Can I move in with my partner if I have an IVA?
Your IVA is a personal agreement that only affects you. No-one else is directly impacted. This is the case even if you are already married and living with them. Because of this, if you move in with your partner (or they move in with you) during your IVA, they will not be directly impacted.
What are the restrictions of an IVA?
That being said, being in an IVA implies that you will contribute all of your spare income towards your IVA payments. This means that you are only allowed to spend your income on essential living expenses. You cannot use any of it for luxury or unnecessary purchases.
How long after an IVA can I get car finance?
An IVA will be listed on the Individual Insolvency Register, and the default registered at the start will remain on your credit report for six years. During the time you are in your IVA, you will not be allowed to obtain any further credit without the permission of your IVA Supervisor.