I need to renew my contract because my mileage is at its limit but I will fail the credit check. That means I will have to hand the car back and pay for the balance of the value of the car which I cannot afford. What to do?
There is a possibility that the car finance provider will assess by referring to underwriters, who will take into account your history of making the requiored payments, along with the fact that the amount is ring fenced in your IVA budget. Of course, this is by no means guaranteed --- try to have a word with your IP ... he or she might have dealt with similar situations before.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi, I'm currently in an IVA and in a Peugeot car contract. I need to renew my contract with Peugeot as my mileage is at its limit on the Just Add Fuel deal. Will I get turned down for a new contract with them? I've kept up my payments and never been in breach. If I can't renew my contract and take out a new car, I'll have to pay them for the balance of the value of the car which I can't afford to do. What can I do?
I was in this situation with Ford 3 years ago. I hadn't missed any payments & the payment was included in my Iva outgoings. However when the time came they would not re-finance the car for me so I had to hand it back. Luckily there is a garage near me that would finance me a car.... an older one but at least I had a car!!! Payment was same as the Ford one.... I had heard that Ford were well know for refusing to re-finance. Hope you can get yours sorted as it's such a worry.
