Just thinking ahead to when my HP agreement ends with VW finance, if they will not agree to re-finance the balloon payment we would have look for a new car.
I have seen a lot of posts on the forum recommending a firm called duncton so I had a little look at the website.
Has anyone used them before? If so, how and where did you find a deposit? It states the minimum deposit on any car would be £1000 [:0]
and I have no idea where we would find that kind of money.
Thanks
Hi - we use Duncton and yes you do have to pay an upfront fee, usually equivalent to 3 or 4 months payments. You could ask your IP for a payment break to cover this fee, but remember to include admin fee and delivery charges if applicable.
Thanks swansgirl, unfortunately we'd need at least 3 payment breaks to get anywhere near £1000 saved. I suppose we'll cross that bridge when we come to it.
Depending on how long is left on your IVA when the balloon payment falls due there are a couple of other options. You could get a loan or HP in a family or friend's name if your IP gave consent and just repay that. It would be easier and cheaper although you would need to explain to the person your situation. Alternatively, you could get a payment break to buy a runaround and get a better vehicle when your credit file has cleared up or you could lease a vehicle which may not require a deposit. Again, you could then buy a good car when six years have passed from the date of your IVA and there is nothing adverse remaining on your credit file.
Hi Michelle, I am looking into getting a new car on Lease, my IP has agreed to this...I do have surplus income to cover the expense but like you don't have all the deposit...they have agreed a payment break next month...lukily my payment is over £700 which is most of the deposit..the rest I can just about pull together.
