Can I get finance if I have CCJ’s or in an IVA? | Car Finance 4 Bad Credit
Can I get finance if I have CCJ’s or in an IVA?
CCJ’s need not hold you back for car finance
OK- so you have an IVA or perhaps even a few CCJ’s - the question is: Can you still get finance?
Yes, is the answer. Car Finance 4 Bad Credit is set up to do what its name says - get you car finance even if you have less than great credit.
While CCJ’s mean that you are unlikely to qualify for the best APR on finance for a car, we have many understanding lenders who are more than happy to accommodate some CCJs.
Lenders look at all sorts of things when they grant credit and for CCJ’s they will be looking at what the CCJ was for, how many in a given period and also if CCJ’s have been satisfied ie paid off.
Top tip: CCJ’s stay on your credit file for up to 6 years so once you have them they are hard to get rid of once you have them but not impossible. You can find impartial advice here on how to do this but in essence, you have one month following the granting of a CCJ to pay the bill and have it removed. You can still remove the mark on the register after this point but you will have to apply for the Court to reopen your file, prove you have paid the outstanding amount and ask the Court to remove the CCJ.
What about if you are in an IVA?
An IVA or Individual Voluntary Arrangement is where you have agreed to have an organisation manage your financial affairs. You will be appointed an IVA practitioner whose job it is to help you stay on track with your income and expenditure and to satisfy your outstanding debts. You can have what is known as a lump sum IVA ( where you pay off your debt in one go) or with the help of your practitioner you come up with an affordable plan to pay off the debt (usually 5 to 6 years) while you still have enough income for neccessities.
The important thing to note is that you can still get finance for a car when you are in an IVA. It does require agreement from your IVA practitioner though and they will need to put in writing that they agree to you borrowing money for a car. The good news is that having a car is often a necessity, especially if you need a car to get to work to earn money to live and pay off the original debt!
Car Finance 4 Bad Credit will provide you with the lenders permission form once you have an agreement in principle and your IVA practitioner will need to agree to the loan and confirm their agreement in writing. Below / linked is an example of an IVA form that the practitioner will need to sign.
Carfinance4badcredit.com is on your side. We have a huge panel of 16 lenders and a genuine and friendly team that help you to get finance using soft search. Car Finance 4 Bad Credit do not charge you fees and you can choose a car yourself from any reputable dealer or let us help you find the car of your dreams with our free car finding service. Call us on 01723 33 53 33 or email us on [email protected]