Balloon payment on PCP car

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Post by emily682 » Mon Nov 30, 2020 8:17 am
Hello, I currently have a car on finance on a pcp which is due to end in April. I have to pay £3000 to keep the car at the end which I can’t afford. I need to save for a cheaper run around.
Will IVA give me a payment break to save? Anyone had any experience with this??
Also anyone been accepted for new car finance whilst on an IVA? If so which company? Thankyou xx


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Post by Foggy » Mon Nov 30, 2020 8:58 am
To get new finance you will require the permission of your IP, first off. There have been a few, rare, instances where a PCP has been re-financed, but I am unable to recall which companies --- worth an ask of yours.
Yes, if you have an understanding IP, it is common practice to agree a break to save for an 'EBay Special'.
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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