My finance agreement is coming to an end in the next 2 weeks with a payment of £4.8k due.
I contacted the finance company but they have refused to refinance the ballon payment over a period of 20 months @ 253.04p. Currently I am paying 252.04p and never missed a payment from day one.
I can't afford to loose the car due to work and family commitments. Can you advise me on what I can do.
This is not uncommon and your options are limited. Firstly if there is a family member or friend that would lend the money they could be paid back at that monthly amount. Alternatively you will need to approach someone like MoneyBarn who will lend to those in IVAs but the rates are high.
I feel your pain, I was in the same situation but had the benefit of an annual bonus.
In my case my IP had assumed that my PCP outgoing was for the full term of the IVA so I negotiated not to pay the full 50/50 amount for my annual bonus one year in order to pay the balloon, and thereafter I paid the monthly fee that was going into my PCP to the IVA. I was lucky and the IP was prepared to think creatively.
It's difficult if you have to look to finance for the balloon, but I share this in the hope that it might suggest other options?
