Good News re-Baloon Payment

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mikepapa

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Post by mikepapa » Sun Apr 25, 2010 6:57 pm
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Hi everyone,, havnt been on for a while but thought I would share some relativly good news & it might help others in a similar situation. We purchased a new car from VW 3 years ago we have been paying £177 a mth & it left us with a baloon payment of £8300 to find this month,now we love the car & it will last us,so realy didnt want to lose it,,I approached VW about re financing the baloon payment about a month ago(this is ok to do in our IVA) ,of course it had to be agreed subject to status & I thought we have no chance getting it while in our IVA.
Anyway got the paperwork back yesterday ,,all done & dusted & still only £179 mth for the next 48 mths at 9% APR.(small deposit payed by a family member) The reason we got it I think is because they have just modified our existing agreement & not started a new one.
Hope this helps others in a similar situation.[:)]
Kind Regards, MP

IVA accepted 1st October 2009
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kallis3

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Post by kallis3 » Sun Apr 25, 2010 7:36 pm
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Hi MP, nice to see you again.

Excellent news about the car. Just goes to show that it can be done.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Sun Apr 25, 2010 8:24 pm
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That's great news - and well done to VW for taking a sensible approach in this case.
Regards, Melanie Giles, Insolvency Practitioner
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Shining

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Post by Shining » Mon Apr 26, 2010 2:23 pm
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That is good news and encouraging for other posters in a similar situation x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Cmb2312

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Post by Cmb2312 » Thu Mar 04, 2021 12:43 pm
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Did you have to tell VW of your Iva ?
My brother is account at the place I got my car from and will have a pcp in 3 years time. I will try to refinance this but don't want my brother to find out about my iva!
Any ideas on how this works ? Can the credit lenders discuss this with the car dealership directly or is it confidential? My iva have already said they will allowed car finance as part of my iva.
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Foggy

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Post by Foggy » Thu Mar 04, 2021 3:40 pm
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Thu Mar 04, 2021 12:43 pmCmb2312 wrote:
Did you have to tell VW of your Iva ?
My brother is account at the place I got my car from and will have a pcp in 3 years time. I will try to refinance this but don't want my brother to find out about my iva!
Any ideas on how this works ? Can the credit lenders discuss this with the car dealership directly or is it confidential? My iva have already said they will allowed car finance as part of my iva.
The lenders should not discuss anything other than it was accepted or it was rejected with the dealership.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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