Just a warning for anyone hoping that Ford Credit will let them extend their PCP.
They do let you keep your car when they find out you are in an IVA, but only until the contract as ended, then they take back the car.
Luckily for me, Premium plan have paid off the balloon payment for me and now I have an HP agreement with them rather than Ford Credit. They own the car and I pay them for 3 years and one final payment at the ned means I then own the car.
Very frustrating that Ford Credit didn't see the benefit for themselves as a business decision, they could have made some money out of me. but even worse was their attitude. No explanations as to why they wouldn't extend, just company policy. I argued that I have been paying them without fail for years so why the attitude, but it got me absolutely nowhere. Very strange!
Anyway, all sorted now thanks to Premium plan and I must say, they were very helpful and the interest rate wasn't as bad as I would have thought considering they had me over a barrel really (19%).
Just thought I would warn people about Ford credit and let them know about Premium Plan as I note some older posts on the subject but not much information on quite a serious problem with IVA's & PCP's.
Very useful to know about Premium Plan as, as you know, this is a recurring problem.
I share your confusion as to why the likes of Ford Finance have this attitude when the payments have been carefully budgetted and ringfenced within the IVA I&E --- the same applies to property rentals --- in reality, someone in an IVA is possibly a safer bet than someone who might be about to go under, but doesn't yet realise it.
Thank you for sharing.
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
Glad you got it sorted eventually.
Foggy i find it strange as well since people in an IVA are often better at managing finances, budgetting, having certain items provided within allowances....safer bet than people bumping money from credit card to credit card with debts building up.
I think there is a huge misunderstanding about IVAs. Thankfully there are companies out there who do help and dont judge or tarnish people doing what they can to regain financial control.