Need some sort of car finance

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nathan.ly

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Post by nathan.ly » Fri Sep 24, 2010 3:26 pm
Basically, in an IVA, since June 2009. IP has agreed to some sort of car finance but cannot help direct me to companies that might be able to help. Does anyone know where I might be able to get a car on HP, PCP, or contract lease WITHOUT a deposit over £200?? Most companies want over £1000 and I haven't got that!

Could I get finance through a main dealer with a family member standing guarantor?

Any advice would be great. Thank you!
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 24, 2010 3:37 pm
If a family member is prepared to help the best idea may be to get the finance in their name and you repay the debt. The family member can protect themselves by not transferring ownership until the debt is fully repaid and I doubt if your IP would object.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

nathan.ly

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Post by nathan.ly » Fri Sep 24, 2010 3:42 pm
Family member in question isn't prepared to get the finance in their name. So that isn't an option unfortunately. :/
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 24, 2010 3:48 pm
Pity because it would be the easiest option. You could try Dunctons who would want a deposit and the rates are not cheap. Your IP might sanction a payment holiday to pay for the deposit.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

nathan.ly

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Post by nathan.ly » Fri Sep 24, 2010 3:52 pm
It would be I know, as they most certainly would get the going rate at the garage.

I've looked at Dunctons, they seem to be making the most out of people in my kind of situation. I would need to take about 6months out of IVA to save up a deposit for them.

Not sure if you know, but IF I somehow managed to change my family member's mind, would the finance company take the money straight from my bank account? Or would they have to pay it first? I seem to be a risk even to my own family!!
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 24, 2010 4:01 pm
Not sure how the finance company would work. You could offer to pay the family member in advance each month and if you defaulted they could sell or return the vehicle before it impacted too badly on them.

Tricky one when dealing with family but worth another try.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

nathan.ly

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Post by nathan.ly » Fri Sep 24, 2010 4:04 pm
Maybe so. Might be worth trying. I have spoken to a few main dealers and they have said just go for it, we might take you on. So maybe try my fave and then do some grovelling if it doesn't pan out. Thanks!!
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 4:54 pm
I've seen one or two car companies local to me who do car finance for people with less than perfect credit records.

The loan is secured on the car so if you don't pay they just snatch it back.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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