Help & Advice

I'm in a debt management plan. Can i get car finance?

Hello, i'm currently with a debt managament company. Will i still be able to get car finance?

Paul Graham


Answer

Hi Paul, Thank you for your question and using our Q&A.

The good news is that we can help people that are currently in debt management plans however, it all depends upon how bad your actual credit profile is and how much debt you have outstanding. Are you on the voters roll and are you in full time employment? Are you paying your current bills on time?

If the answer is yes to these 3 questions then we may be able to help you. How much were you looking at borrowing and what's your monthly budget? Please make an application and we'll see whether we can get you a car loan even though you're in a debt management plan. Once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

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More related questions

Hi iam so depressed at the moment. I taken on finance 1 year ago through concept cars & from day one the car kept on breaking down the warranty about to end by 31 st jan it's broken down again this week the finace company won't help! no payments missed please can you help iam on debt management. From Peter

Answer

Hi Peter, If concept car credit helped you obtain finance whilst you were in a debt management plan there's a good chance we can help. The only question - how much finance is there outstanding on your car and what is it worth realistically? If you're only 1 year into the finance agreement there's a good chance you'll be in negative equity. Can you confiirm? Thanks, Rachel

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Hi, I was in a well paid job and got made redundant just over year ago. I got another job straight away but the pay was significantly less than what I was on. I missed a lot of payments on cards and a personal loan and I have now chosen to go on a debt management programme (debts around 7K). At the back end of last year I was given a big pay rise and really need a new car but was worried about obtaining finance with my history. What are my chances of getting finance with your company?

Answer

Hi Darren, thank you for your question. As you're currently in a DM plan do you have any live agreements for payments that you make on time each month or do all your active accounts say "defaulted" as you're in a payment arrangement? It's difficult to predict whether we'd get you approved without seeing your credit profile as each lender we deal with has different criteria. We have approved people in the past who have been in DM plans so there is a chance and £7000 isn't a huge amount (i've seen a great deal worse). Please make an application and we'll see what we can do. Thank you.

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I need to buy a new car as my old one is slowly giving up the ghost, i have a debt management plan and have been paying it successfully over the past 3 years. My credit rating is very poor due to the arrears with a few of my creditors. I am looking for a loan for £4000 over 2 or 3 years if possible. Can you help?

Answer

Hi Marnie, we'd love to help and if we get you approved £4000 shouldn't be an issue. What arrears do you currently have and what is the total amount of outstanding debt left to pay? Do you have a deposit or part exchange to put into the deal? Lastly, have you applied anywhere else online and if so, what has been the response? Regards, Rachel

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Hi Rachel, i am in the process of going though a debt management program and i have a poor credit rating. Would i be able to get car finance and also does this poor rating go against the house or just me as my husband has a good credit rating?

Answer

Hi Helen, thank you for your question. If you have bad credit and are in the process of entering a "DM" or debt management plan this only effects you and not your household/husband. If your husband has good credit i'd strongly advise he gets the finance for you as you'll get a better rate of interest and you can just make the monthly payments. Try and twist his arm to see if he could apply on your behalf. If not we can help people who are in debt management plans but the rate you receive will be between 12 and 18%. We also can't guarantee an acceptance. Kind Regards, Rachel

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Hi, I a currently on a DM Plan and my car is coming to the end of its leasing time. I would either like to buy it or get another one which cost £10,000. I have never missed a DM payment and i am in full time employment. Could I borrow the money to buy my car or get another one?

Answer

Hi Jacqui, thank you for your question. We wouldn't be able to provide a loan for you to buy your existing car as we only supply finance on cars we sell. Have you tried re-financing the car with your current leasing company? If that isn't an option we may be able to secure you finance for a new car and we could take your current car in part exchange. Please apply and we'll try our best to get you approved. As you can understand everyone's case is different and our lenders look at each individual case on their merits so i can't give a definitive answer on whether we can get you approved 100%. We do get people approved who are in debt management plans though so good luck. Kind Regards, Rachel

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Hi, I have 13 months left on my current debt management programme and i'm in need of a new car due to my old car costing too much to repair. I have tried getting finance but have been refused. My dad has just been made redundant and have no way of borrowing the funds required. I would like a bmw 1 series diesel due to cheap running costs. Any advice would be great. Thanks, Grant

Answer

Hi Grant, thanks for using the Car Finance 247 Q&A. Firstly, can you advise me of how much debt you have and where you have applied online but been declined? Once i know this information i'll be able to give you a little advice on the next steps. Regards, Rachel

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Hi Rachel, my husband and I are 26 months into a 60 month debt management plan. We have never missed a payment but obviously this affects our ability to get credit. My husband drives all over the country with his job and desperately needs a newer lower milage car. We would be able to use my 2003 Rover as a part exchange and wonder if we would be able to get credit?

Answer

Hi Claire, thank you for using our Q&A. You may need to speak to your debt management company to see if you need to get an agreement from your creditors for a new finance agreement. If we can get you approved (depending upon how bad your debt is) we may only be able to secure you £4000 to £5000. We can take your part ex off you as full deposit so that is good news. Please come back to us once you've spoken to your DM company :-)

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Hi, I have £5000 to pay on a DMP and my credit rating has been hit by pay day loans. My partner has no loans but doses not have a licence and no one will help. We need to get a car as ours is falling apart and we live in the middle of nowhere. Do you have any advice on who might be able to help us? We can pay £320 a month and have seen a good car, second hand, at £9000. Thanks

Answer

Hi Chris, we won't be able to help your partner as she doesn't have a driving licence. We could potentially get you approved for finance but the £9000 may well be too much as you're currently in a debt management plan. Do you have a deposit as that does help and what is your part exchange worth? Has your partner tried applying for a personal loan with her bank? Lastly, have you applied at any other internet brokers and what has seen the outcome? Kind Regards, Rachel

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Hi Rachel. I am currently in a dmp. I owe roughly about £4000 - £4500. I pay my mobile phone contract on time and have kept up to date with payments on this and also the plan. I haven't missed any payments on anything else that I have had. What are my chances of getting finance? I am only looking for a a cheap car, and I am not looking to borrow a lot.

Answer

Hi Dee, as your debt isn't a huge amount and the fact that you're paying your creditors back on time and paying your monthly mobile phone bill on time i'd say we have a good chance of getting you approved for finance. Please make an application and we'll try our best to get you accepted. Regards, Rachel

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Hello, I still owe about £19,000 on a debt management plan. I pay this monthly on time and have not missed any payments. I have CCJ's in this plan. Could I get car on finance, or would my creditors stop me?

Answer

Hi Neil, with that amount of debt i'd imagine you'd have to secure acceptance from your creditors first before applying. Please do so and if they approve your request we'll try our best to help you out. Kind Regards, Rachel

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Hi, me and my wife entered into a DMP which has been active for almost two years now. We are on the voters roll, never miss a payment and both of us are full time employees. We desperately needed to replaced our family car. I still have estimated debt of £13,976.22 which will be completed on 27/07/2014. What are our chances to get a new family car? If you can help I can part exchange my two cars as deposit are needed. Many thanks.

Answer

Hi Daniel, it's good to see that you're now keeping up with your DMP payments. However, as your debt is a large amount you may need to seek approval from your creditors before applying for car finance as they might reject your offer. If they approve your request then please apply and we'll try our best to get you approved. The 2 part exchanges could be used as full deposit :-)

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Hi, I am in a debt management plane now, but I am paying all my bills on time and haven't missed any payments. Me and my wife have a joint account and my wife is working with the NHS Hospital. We are earning every month £3000. My monthly income is £950. Can I get car finance please?

Answer

Hi Anilkumar, thank you for your question. You're certainly earning a good wage between yourself and your wife so that is a big help when it comes to obtaining a loan. How much is your debt as you may need to obtain authorisation from your creditors before taking out any more loans. If your debt is under £10,000 you shouldn't need to ask though. If this is the case please apply and we'll try our best to get you approved as we can help people who are in debt management plans to obtain car finance. Regards, Rachel

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Hi, I need a bigger car that has 7 seats. I'm in a DMP with about £15,000 owed. I've missed some payments, I know that's really bad for me. I've been refused loans and car finance. What's the chances of me getting finance. Thank you

Answer

Hi Craig, i can't promise anything but we'll certainly try and help you out. Where have you applied online? If i know which companies you have tried i'll be able to give you an informed decision. Rachel

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I need to change my car because mine is old, expensive and is a petrol engine. I need a diesel and small car because of mileage and arthritis. I've only been offered finance at 33% as I had a husband who left me with all of the debts he put on my cards. I've been in a DMP and it's clearing, but my credit score is really high. I need a £6k loan over 4 years. Is 33% what I can realistically expect? Thanks

Answer

Hi Vicky, unfortunately due to your circumstances you won't be able to obtain high street rates but 33% does seem high. Where have you been accepted and what is the finance company? I'm confident that if we can get you approved we'll be able to beat the 33% you have been offered. If approved the £6000 over 4 years won't be a problem. Kind Regards, Rachel

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Hi, I'm in a debt management programme and have been paying it for about 8 months with no missed payments. I owe about £10,000, I work 25 hers a week and am up to date with my bills including 3 mobile phone contracts. Would I be accepted for finance?

Answer

Hi Tina, it's really hard to give you an educated decision without seeing your credit profile. We do have lenders who help people with CCJ's, Defaults and those who are in debt management plans. Have you applied anywhere else online and if so what has the decision been? Also, do you have a deposit as this would help your cause? Please let me know then i'll be able to offer more advice. Kind Regards, Rachel :-)

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Hi, i've got a car on finance at the moment and the agreement ends in April 2013. I have never missed a payment. I've had this finance for 4 years nearly. 2 years ago my partner was made redundant and I had to take out a "DMP" with Gregory Pennington. My car was not included in this and my payments have always been up to date. Now with 3 kids in tow we need a bigger car! I just looked at my credit report & it's a meesly - 189!! I've had a contract phone for 2 years never missed a payment, 3 credit cards no missed payments and a catalogue again with no missed payments. I have no CCJ's. What's the odds on me getting finance for a car? Thanks Robert

Answer

Hi Robert, there is a chance we can get you approved as you have no CCJ's. We do have lenders who have missed payment in the past and the fact that you have credit cards and a catalogue account that are up to date i feel quietly confident. We can also use your current car as full deposit if you have any equity in the vehicle. How much is outstanding and what is your car worth in the trade (approx)? Regards, Rachel

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Hi, I currently have £1400 left to pay on my car and it's an Astra sports hatch 1.6 sxi with 61000 miles on the clock probably worth about £4500.

Answer

Hi Robert, that's great news as you have approx £3000 equity to use as a deposit. Please apply when you're ready and i'll do my best to get you accepted. Regards, Rachel

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Hi Rachel, I have been on a dmp for 12 months. All payments are up to date and have never been missed. My current debt is £32k. I have never had any ccjs and have an income of £45000 per annum. I am on the electoral roll and all mortgage payments are up to date and i've never been in arrears with them. I need around £4500 finance for a new car and could use my old car as a deposit. It is a 2001 Mondeo with 74000 miles worth around £750. It also has 12 months mot and 6 months tax. What do you think my chances are?

Answer

Hi Chris, we have a few lenders who help people out with bad credit so i'm quietly confident we can help you out. As you have a clean mortgage & a good income this helps massively and the fact you have a deposit too strengthens your chances of being approved. Please apply when you get chance. Thanks, Rachel

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Both mine and my wifes cars are past it and we need 2 cars. We are in a debt management plan that is paid on time every month for 3 years. Our credit report is bad though (2 defaults). I was thinking of trying to get 2 cars on finance possibly £5000 over 4/5 years. We have £500 deposit and a car to part ex?

Answer

Hi Matthew, there is a chance we can help. You seem like you're back on track financially and you have a 10% deposit. Do yourself and your wife both work as it may be worth making a joint application if so. This is so that we can use both your income's in the affordability calculations as you say you need 2 cars. Regards, Rachel

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My husband and i are on a DM plan and have a car on lease which is coming to an end. We have tried to get a secured loan to pay it off but was declined because we have defaults. We are both working and are on the electrol roll, we've never missed any payments to our creditors, please can you help ?

Answer

Hi Paula, we'll try our best to help you both out. Please make a joint application and we'll see what we can do. Would you have a deposit at all to place into the deal and how much are you looking to finance on a newer car?

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Hi, i had an IVA from 2007 to 2012 and it's paid off now. I have only a credit card which i pay off every month. I earn £25k per year and want a car for £10k with a £3k deposit. What are my chances?

Answer

Hi John, as your IVA has been completed and you have such a large deposit there is a chance we can get you the £7000 that you need. Please apply when you can. Rachel

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Hi, I have just entered a dmp this month and my overall debts are roughly £6500. I now have defaults on my credit score. I am looking to change my car next year some time. The car I want costs roughly between £14000 and £20000. What is the likelihood of me getting finance?

Answer

Hi Chris, the finance may be possible but you'd need a 20% deposit as a minimum. Would this be possible?

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I am in a debt management plan and have been for approx 6 years. I recently got a credit card etc no probs but was one for rebuilding bad credit. Although things are tight I make my payments every month. I'd like to borrow approx £3-4k and I have my car as part exchange. Would you be able to help?

Answer

Hi Carol, we'd love to be able to help but i can't promise anything until we've seen your credit history. Have you applied anywhere else online recently and been declined? If so, where? Are you employed and do you have a deposit at all? Regards, Rachel :-)

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Hi, I'm currently in a dmp which I've never defaulted owing 25k. I have a mortgage which I've never defaulted and 2 mobile phones on contract which are paid every month. Since my money problems my circumstances have improved and I have an old car worth probably £300-£500 and the money to make up to a £1000 deposit. I'm needing around £4k to buy a car. I'm now self employed can you help

Answer

Hi Andy, as you have a clean mortgage and a £1000 deposit there is a good chance that we can help even though you're in a DMP. As long as you can prove your income as you're self employed we should be rocking. Please apply if this is the case. Kind Regards, Rachel

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Hi Rachel, I am in full time permanent employment, and have an income of £17000 per annum. I am on the electoral roll but have a poor credit history. I have been on a dmp for 19 months. All payments are up to date and have never been missed. My current debt is £5k. I have never had any ccjs. I took on finance 2 year ago through credit plus and the agreement ends in September 2014. I have missed 2 payments. I currently have £3600 left to pay on my car and it's a Toyota avensis 2007 D 4D T180 with 56000 miles on the clock probably worth about £4500-5500. I'm thinking of trying to exchange it for a small car on finance possibly £4000 to £5000 over 4/5 years.What are my chances of getting finance with your company?

Answer

Hi Antonio, you tick a lot of the boxes in that you are employed witha decent income and you're on the electoral roll. You have also only missed 2 payments on your current car finance agreement so this looks ok from a lenders perspective. We do help people who have been in debt management plans so please apply on our site as we'd love to help you out. Thank you

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Hi, I currently lease my car at £279 p/m and have not missed a single payment and have to give the car up in November. Want to get a new car but have a shady credit history (currently on a debt management plan) and trying desperately to improve it. Any suggestions, don't want to apply for leasing as don't want to get turned down?

Answer

Hi Nathalie, we'll try and help you get the finance you need but as you're in a DM plan we may struggle to get you a lease deal. You may get £4000 to £5000 on hire purchase to buy a car - would the suffice? Regards, Rachel

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What do you mean by hire purchase exactly and would the £4000-£5000 be a deposit or to buy the car outright? We could use our current car a ford focus as a part exchange? Ideally would prefer to make payments to have a car of our own at the end.....

Answer

Hi Nathalie, the £4000 to £5000 is the amount of finance i think we could potentially secure for you. You would own the car at the end of the agreement and you could obviously use your current car as a deposit towards a newer car. Rachel

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How much would that likely to set me back each month and over how many months?

Answer

Hi Nathalie, possibly not out of the question completely. Please make a joint application and we can see what we can do. For £10,000 though you'd need a £1000 deposit approx. Would that be possible?

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Is it possible to get a joint loan? Ideally we need £10k and my husband is also on a Dm plan but has current credit rating on credit expert of 901.....is this just completely out of the question??

Answer

Hi Nathalie, possibly not out of the question completely. Please make a joint application and we can see what we can do. For £10,000 though you'd need a £1000 deposit approx. Would that be possible?

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Hi Rachel, I contacted you at the beginning of the week and thought you where going to get back to me Wednesday morning? Can you help? Louise

Answer

Hi Louise, what is your surname and i'll check straight away?

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My husband and I are looking to get a new car for a max of £6,000. We don't have mush deposit (maybe around £500) as my husband has just come out of a company car. We both have defaults on our credit due to my hours being reduced at work for a temp period which reulted in us signing up to a debt management plan. I've got conflicting credit reports Experian says 941 but Equifax and Noodle put me at 1/5 poor! My husbands credit score on Experian is poor and also 1/5 on the others. Could you advise what our chances would be and our best possible options?Many thanks

Answer

Hi Leanne, thanks for using our Q&A. We are able to get approvals for customers currently in a debt managment plan but the lenders who approve such customers usually require a deposit (yours seems plently).We would obviously need to see an application so we can see the rest of your credit to see if it is strong enough, but as long as you are showing intent to improve your credit profile and are registered on the electoral roll there shouldn't be too much of a problem. I hope this helps, Rachel

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Hi Rachel, me and my husband are on a dmp, we have never missed a payment to that or our mortgage or mobile phone contracts. We have a car on finance (in someone elses name) which we owe around £1000 on and we think the car is worth around £2300 trade in... Do you think there is any chance of obtaining finance.. Oh my husband stupidly applied for a loan from Natwest a few days ago, obviously declined, will this go against us? Many thanks

Answer

Hi Lyndsey, thank you for your question. Fortunately we do deal with lenders who will finance customers on a Debt management Plan. However if we are to get you approved with one of these companies you may require a deposit. You would need to put an application through so we can have a closer look at your credit profile. Having Natwest search your credit and decline your application will slightly reduce your credit score but not by anything substantial. I hope this helps Rachel

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Hi Rachel, thanks for your reply. We would have around £1000-£1200 for deposit from trading in our current car, if we could do that. My credit history is terrible 1/5 with noddle my husbands is currently 2/5 on there... Are there any fees to pay for this service on top of the finance, arrangement fees or anything like that? Many thanks

Answer

Hi Lyndsey. It really depends on which lender we can get you approved with. Some lenders require some form of fee but we will be able to tell you if this is required once we have an approval. Thanks, Rachel

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Hi, i have a credit rating of 873 on Experian but I am concerned about applying for car credit due to my history. I have been in debt management plans for the past 7 years (now had a joint IVA for 3yrs) because of bad problems with credit in the past. As a result of this I have not applied for credit since then and so cannot demonstrate any satisfactorily settled accounts and am concerned this would affect any application I make. I'm also concerned as to whether I should be applying for credit or if this would breach terms of an IVA (nothing in my agreement to say so). How successful am i likely to be in applying for credit ? I am not even sure how much I could apply for etc. so any advice appreciated. My husband and I have a combined sal of approx �50k and could probably get together a small deposit if required.Emerlou

Answer

Hi Emerlou, thank you for using our Q&A. All I can suggest is that you apply as it is hard to say whether we will get you approved without seeing your credit profile. It may help if you put an application through with your partner so we can see what the best option for you would be. we have however been able to secure previous customers in similar situations to yourself an approval. I hope this helps, Rachel

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Hi Rachel. I am currently in DMP, and owe about £4300. I pay £96 per month towards this, and have never missed a payment. I have 3 mobile phone contracts in my name, 2 are for my sons, and the other is mine. I work fulltime and clear about £1600 a month. I have a 19 year old son who is looking for car. He is also in fulltime employment, and clears about £500 per fortnight. He has no debts, is on the electoral roll, and only has a bank account. I know it is difficult with having no credit history to obtain credit, and have advised him to try and build up a credit history for the future. Would there be any possiblity with my DMP of trying to get finance on his behalf. I have a £500 deposit, and would be looking for a car round about £3000 - £4000 max.

Answer

Hi Di, Thank you for using our Q&A. I apologise for the delayed response. However you have definitely come to the right company! There is a chance that we may be able to gain your son finance in his name alone. However you are correct in advising him to try and build up his credit profile as this will help him in the future. I would advise that you put a joint application through in both yours and your sons name. Our underwriters will then assess what the best option for you would be. Many of our lenders will lend to people in debt management plans. However you will need to expect to pay higher interest rates than those you see on the highstreet. If we can secure you finance for a vehicle for your son please be aware that you will be solely responsbile for the vehicle and ensuring the payments are kept up to date. I hope this helps, Rachel

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Hi, i have a potential job as a staff nurse so need a reliable small engine car. HNS leasing do 0 per cent deposit and monthly payments of £100. I am on electoral roll, mortgage with no arrears and am earning £27-34500 per annum. My husband earns £32500 per annum. However we have been in a debt management programme for 3 years. We owe £13000. We have never missed a payment and were able to get phones with a contract. We have £1400 expendable income each month. As a car is essential to my role would I have any problems?

Answer

Hi Ruth, thank you for your question. I'm confident we can secure you car finance as you seem to be getting your credit profile back on track. You have a good income and a good amount of disposable income which will act in your favour. We do have one lender that helps people who are in DM plans however, you may need a small deposit. Would a deposit be an issue? You'd struggle to get a decent amount of credit with a budget £100 p/month though especially with a less than perfect credit history. How much were you thinking of borrowing?

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Hiya Rachel. I am currently on DMP with my wife.

We owe roughly about £2500 - £3500 and we pay our mobile phone contract on time and have kept up to date with payments on this and also the plan.

We haven't missed any payments on anything else that I have had. I have a credit card and wanted to use it to purchase a car.

Would me using the credit card affect my DMP? Or can I buy the car with my credit card and move the amount into the DMP to make it easier to repay?

Answer

Hi Joetex,

Thank you for your question. There are advantages and disadvantages of buying a car on a credit card that are all explained here. However, you wouldn't be able to transfer the debt from the credit card and into your debt management plan.

Have you had your credit card since you entered your DMP? I'd be surprised if it still worked if you had it pre entering the DMP. Anyway i'm confident we could potentially help and perhaps at a better rate than your credit card company can offer as you have some current clean credit.

We do also have lenders on our panel that help people in "DM" plans so please don't let that put you off making an application with us. If approved with us the loan will help you improve your credit score and we do provide a no obligation quote and let you buy a car from any dealer.

Please apply here (when you are ready). Have a good evening. Rachel

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Hi, I would like to buy a motorcycle (125cc) for work purposes.

I have a bad credit history and now I am in Debt Management Programme since last November. I had around £3500 debt, I pay £400 every month and i'm nearly half way to paying it all back. My annual income is £28000 and i have a full time job.

Can I get a loan for buy a motorbike before I finish with my debt management program? I need around £2000 for it. Is it possible? Thanks

Answer

Hi Laszlo, thank you for your question.

The good news is that we do have a couple of lenders that help people in debt programmes get motorbike finance. You have a good income and are paying your debts back so i'm confident we can help.

Please make an application and once approved you can choose a motorbike from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi Rachel, I am about to enter a DMP which will take me just under two years to complete. My total debt is around £5000. Would it be possible for me to get finance to fund a car?

My credit score on Noddle is currently 1/5. Would I be able to get finance or would my DMP company stop me as I am trying to pay my debts off? Would you recommend leaving it for a while and trying once I have my DMP set up and running? Thanks

Answer

Hi Leanne, thank you for your question.

It may well be best to check with your practitioner first to see what their advice is. We can certainly help people in DMP's and your debt isn't too high so i'm reasonably confident we could get you approved.

Once you have the necessary information please make an application here and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

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Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

Rates may differ as they are dependent on individual circumstances. Subject to status.

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