Hi - Im suppossed to refinance my balloon payment

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Post by Paul.oz » Wed Aug 04, 2010 11:19 pm
Hi - Im suppossed to refinance my balloon payment on my car HP but after reading a letter I received from the car fianance people i dont know if I will be able to as its effectively just like getting credit, there is no way they will touch me which means I could end up failing the IVA and owing £11k. I must admit I didnt think about this when I saw my IVA modifications as rightly or wrongly I thought that I should be able to do it otherwise they wouldnt have documented the modification in the report. I dont know where I go from here so any help would be much appreciated.



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Post by MelanieGiles » Thu Aug 05, 2010 12:39 am
It is always a good idea to get a lender's agreement in principle, before an IVA is in place - but it would be sensible to now speak to the finance company to see if they are prepared to allow the balloon payment to be paid in instalmentsx. A lot of companies will agree to this, so good luck and let us know how you get on.
Regards, Melanie Giles, Insolvency Practitioner
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