Car HP Balloon Payments

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wakeywakey

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Post by wakeywakey » Thu Aug 15, 2019 7:40 am
My 3 year PCP car plan comes to an end next May and has I need a car, I'm already worrying about this.

Can I ask how people are dealing with this part of the process?

Has anyone had success re-financing with their current provider?
Has anyone had success finding a different car loan provider (that will lend even in an IVA)?
Do the IP allow extra funding for the probable increase in payments?

Any advice greatly appreciated

kallis3

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Post by kallis3 » Thu Aug 15, 2019 8:21 am
It's all going to depend on the company - some are accommodating, some aren't and also your IP will have to agree to any increase in payments.
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.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu Aug 15, 2019 9:00 am
Your IP will have to agree to the whole deal, regardless of any increase in payments (which he / she might well refuse) ...IF you can get one.

Times change --- I remember, when I started my IVA, it was impossible to get balloon payments financed or a new deal --- but, more recently, there have been a few instances where the finance company has been more accomodating. Hopefully, someone who has managed to do it will happen along and post for you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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bowline

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Joined: Sun Aug 11, 2019 2:31 pm

Post by bowline » Thu Aug 15, 2019 5:25 pm
Who is your car finance firm? Someone here may have dealt with them. What are your monthly payments?

kallis3

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Post by kallis3 » Thu Aug 15, 2019 5:53 pm
As Foggy says - it all depends on circumstances and the OP may already have looked this up.
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.
http://kallis3.blogs.iva.co.uk
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