Welcome to the forum Mrsmo.

Yes - the entry on the register of insolvencies makes the discharge official. Congratulations!

Regarding car finance, that's going to come down to the acceptance policies of any particular lender that you apply to.

There might be some forum members here who can share what's worked for them in this respect...

Hi and thanks for ur response.

I have been reading other stories about car finance etc so now looking into it.

My husband spoke to Arnold Clark this morning and was honest about our situation and they said we would need to pay £300 deposit prior to a credit search which would be refunded if we were not accepted, does this sound right?

I have this fear of being able to get a new car and our trust deed being able to take it from us.

Thanks

Hi Mrsmo

Car finance is seen as a relatively low risk form of lending as the car is simply taken back if payments are not kept up, so I would shop around as widely as possible - Black Horse Finance is widely used by many car dealers (Peter Vardy for one). I'm sure you will find something as I know a couple who managed to secure finance only months after discharge using same.

Well done too.

Hi Mrsmo,

Well done on reaching this point and successfully completing your Trust Deed.

I would assume that they are asking you to pay a deposit to ensure you are serious about buying a car and not a time waster.

It's best to shop around and be up front with the car garage about your situation. There have been a number of positive stories on the forum regarding people being successful.

Good luck and enjoy being debt free.

I was officially discharged in Nov 15 and because I was no longer fixed with keeping my car as an asset I badly needed one that hasn't sat for months not working, my friend went as guarantor with amigo loans in January 4K loan enabling me to buy a new car
It's meant to be 158 for 60nonths making it a stupid amount of interest but unfortunately this was the only option available other than my friend getting a loan which I didn't want because although I know if I missed payments it would fall to her I didn't want her taking out a loan when she's applying for a mortgage, I've paid extra payments when I can and 5months in the balance is 2.1k so it should be clear by next year and saving a huge whack of interest but still quite a substantial amount

Thank you for your responses.

We went to Arnold Clark and they said they tried 5 different finance options, all bar one rejected our application, the last one could grant it with payments of more than £450 a month for 60 months!

That's more than we pay for rent!

We kindly declined their offer which takes us back to square one!

Have you tried motonovo finance ?

Hi Mrsmo.

Are you in a position to give this a little bit of time?

It's likely to get easier (and cheaper).

Hi graham,

No I've never tried that one. I'll look into it.

Thanks

Hi tda,

Our current car is ready to give up the ghost so looking to replace it before it costs us a fortune to fix it unfortunately.

Thanks

I can understand in that case Mrsmo.

The thing is that right now your husband's trust deed may still show as being active (not discharged) on his credit file?

Once that has changed other options may become available.

There's not many finance providers willing to provide options to people who aren't yet apparently discharged. Where they are - the price premium can be very large.

Hi

I was discharged from sequestration May 2012 and finally away from IP in Oct 2015. Needed a new car and approached Arnold Clark, they managed to get me 1 yr old car £7,200 and finance is with March Finance Ltd, paying £182pm for 5 years (hopefully after 3 years my credit file is cleaned and can look at other finance deals then. Hopefully this helps