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Can you get credit if under an IVA?

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Just to satisfy my own curiousity.

 

If someone is paying debts via an IVA would they be able to obtain further credit say for a car?

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A quote from the IVA helpline.

 

One of the fundamental conditions that a debtor must agree to when entering into an Individual Voluntary Arrangement (IVA) is that they MUST NOT APPLY for a loan or seek any further credit whilst the Individual Voluntary Arrangement (IVA) is ongoing.

 

This condition is always required and is designed to protect the creditors from a debtor that is already in an Individual Voluntary Arrangement (IVA) from becoming further in debt and burdened with loan repayments.

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Yes you can get credit for a car but you have to have the agreement of your IVA supervisor. As you would imagine getting car credit in an IVA is extremely difficult and expensive (you need a big deposit) but its not impossible.

 

If you need the name of some companies pm me.

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A quote from the IVA helpline.

 

One of the fundamental conditions that a debtor must agree to when entering into an Individual Voluntary Arrangement (IVA) is that they MUST NOT APPLY for a loan or seek any further credit whilst the Individual Voluntary Arrangement (IVA) is ongoing.

 

This condition is always required and is designed to protect the creditors from a debtor that is already in an Individual Voluntary Arrangement (IVA) from becoming further in debt and burdened with loan repayments.

 

Yes you can get credit for a car but you have to have the agreement of your IVA supervisor. As you would imagine getting car credit in an IVA is extremely difficult and expensive (you need a big deposit) but its not impossible.

 

If you need the name of some companies pm me.

 

Cheers folks your input has been very enlightening.

 

The question doesn't relate to me so I won't need the names of any companies but thanks for the offer.

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