Car balloon payment

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nicola715

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Post by nicola715 » Mon Apr 04, 2022 10:50 am
We will be 3 years into our iva in july. All gone smoothly so far. We already had a car on finance when we entered iva and need pay a 3k balloon payment this december. When we entered the iva we were told this would be ae to be refinanced. No chance can we save 3k, especially as everything has sky rocketed in price.

I am very aware the world is very different now compared to 3 years ago. Would we have any chance of getting this refinanced? If not we will just have to hand the car back

Foggy

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Post by Foggy » Mon Apr 04, 2022 1:20 pm
First of all ... who told you that you would be able to refinance ? If it was your IVA provider, they were out of line as this is beyond their control. There have been instances of the lease company agreeing to refinance -- but this is by no means guaranteed. If they agree, you will also need the permission of your IP (which should be forthcoming if it was, indeed, they that made the glib promise at the start of the IVA).

In your favour with the lease company will be your perfect repayment record and the fact that the payment is ring fenced in a properly worked out budget.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

lauren923

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Post by lauren923 » Mon Apr 04, 2022 1:34 pm
My IP told me the same .

I am 2 years into my iva and I was able to refinance my 5k balloon payment , my ip gave me permission to , I did not tell the finance company I was in a iva , I selected I wanted to re finance for 2 years filled out the paper work , they did a credit check( I was panicking so much I new it would come back as failed ) much to my surprise and no questions they let me re finance my car ! If you get permission from you ip I would just risk applying to your car finance , the worst case they say no , or like me they said yes no questions asked :)

Foggy

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Post by Foggy » Mon Apr 04, 2022 2:00 pm
Good to hear, Lauren. Well done.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

nicola715

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Post by nicola715 » Mon Apr 04, 2022 5:08 pm
Yeah we were told by our IP. Never missed a payment so thats massive comfort. I guess we just need to wait and see!

luluj

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Post by luluj » Mon Apr 04, 2022 7:07 pm
Fingers crossed for you. Guess it will depend on how they pose the questions to you ...
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There is a solution for everyone .... Just need to stay positive !

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