Car on finance

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Zebra555

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Joined: Thu Sep 27, 2018 7:19 pm
Post by Zebra555 » Wed Oct 10, 2018 8:13 pm
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I have my car on finance and I have since January 2017 and the finance ends in September 2020.

I recently started an IVA and it is in my proposal that the hope is to refinance when the current finance runs out as I need a car.

My IP said there shouldn’t be a problem in getting finance for another car as long as I do it with the finance company I am with now.

However I know I’m going to be worrying now for 2 years incase I cannot refinance.

Has anyone been successful in a refinance?
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Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Thu Oct 11, 2018 6:55 am
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I would say that your IP was being overly optimistic ! To be fair, I have seen one or two get refinanced, but most are refused.
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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MerlinL14

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Post by MerlinL14 » Thu Oct 11, 2018 5:16 pm
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I seriously doubt you would get extended finance for your car. My IP also said "yea, no problems, once the finance is up you can refinance for another car as long as your payments don't change" that didn't happen. The finance company rep I spoke with almost burst out laughing at me once a new credit check was carried out!
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
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