My PCP car contract with Ford comes to an end soon and as I'm in year 3 of my 6 year IVA I haven't got the balloon payment.
I don't think they will be allowing me to either have a new car or extend the existing contract, so it looks like trying a car loan company.
I presume they lend you the balloon money as a secured loan on the car?
Primarily, you need the permission of your IP to raise any finance and this might not be forthcoming. Secondly, there have been a few instances where re-financing has been agreed (with the agreement of the IP first) to extend a current agreement, so worth an ask. I would imagine that your IVA terms, allowing you the PCP payment as an essential outgoing , might also state that this amount is to be added to the IVA payment when the PCP ceases.
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