IVA and PCP final payment . my car pcp payment is due April 21st 2019 £3740 been paying £196 a month for 4 years just read through my IVA agreement and i although its not worded like this i i have been allocated 19 months at around £200 a month to pay the balloon before my IVA goes up by the £196 a month .....thats fine I get all that . The Problem with this process is there is not a chance alphera will let me continue to pay the 3740 off interest free or a new deal and my IVA company mcduffy have presumed this will be a quick phone call on sorted ....now there is an additional issue as the air condition repair which is broken £700 quote + its 6000 mile over is agreement .So Basically i will lose the car in April and have a Bill off Alphera of £1500 and any other wear tear they can find no car for work or the kids to Nursery n school . I feel the detail on this was not covered on my IVA ok ... my fault for not asking.... The car is 2012 cmax book value £4100 run of the mill family car ..will they have to call a creditors meeting to pay the outstanding bill i cant afford it ? Mistake 1 should never have took out a PCP deal . 2 should have got what happens in more detail off mcduffy in the proposal .any ideas experts please ?
The problems with PCP deals are that every finance company deals with them and IVA's differently ( and often change how they deal with them ) so it would be impossible for your IP / prospective IP to know what the situation would be and it falls to you to investigate with the PCP provider. Nor could they be held responsible for you exceeding the agreed mileage and having to deal with any penalties cause thereby --- not that that little speech is of any help now.
Speak with McCD and ask if the £200 ex-PCP payment can be used to fund a cheap runabout ... maybe combined with a few months payment break on the IVA ( which will be added on at the end) before the car goes to get some money together, so that there isn't too much of a gap in having a vehicle.
More luck than judgement but I got through my IVA with a couple of "EBay bargains". Is there anyone who could help out by loaning you a lump sum up front which ( with prior agreement from McCD) you could repay with those £200's per month ex PCP payment ?
Speak to your case handler --- McCD are usually very helpful and, if there is a way, they will assist.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Im not blaming anyone but myself end of day spent the money on cards suffer the consequences i get that .
I still think the message should be you have absolutely slim to no chance of getting the original creditor to refinance in an IVA rather than give them a bell they let you carry on paying car finance
