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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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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?

Posted by Paul Graham on

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, Edwin

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Answer.

Hi Reevo, if i'm honest we'd need to see your credit file before we we're able to give you a decision on whether we'd be able to get you approved. We do have lenders that accept customers in debt management plans but each case is different. If you applied with us we'd have to search your credit which would leave a footprint on your credit profile. If you were approved we'd be able to get you into a good quality cheap runaround no problem at all. Kind Regards, Edwin

Posted by on

Question.

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

Posted by Peter Lindsay on

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, Edwin

Posted by on

Question.

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?

Posted by Darren W on

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.

Posted by on

Question.

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?

Posted by Marnie Pender on

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, Edwin

Posted by on

Question.

We entered into a 44 month debt management plan 15 months ago and as a consequence now have a bad credit rating. We currently have a finance agreement with Black Horse (taken out in July 2009 for £26,500) on a car that was stolen on Monday. Fortunately we took out GAP insurance and have been informed that we will receive £28,000 in a week or so. We have not made our minds up as to what we want to buy or for how much but last year we were refused finance. If we were to buy a car for say £30,000 and put £15,000 as a deposit, are we likely to get finance given our bad credit?

Posted by Michalea on

Answer.

Hi Michaela, given your circumstances we have one lender that may be able to help and that is because of your substantial deposit. Is the deposit readily available? If we do get you approved the rate of interest will obviously be higher than those on the high street and you will need to provide proof of income by way of payslips or bank statements. If this is all ok please make an application and we'll try our best to get you accepted. Regards, Edwin

Posted by on

Question.

Hi Edwin, 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?

Posted by Helen on

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, Edwin

Posted by on

Question.

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?

Posted by Jacqui on

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, Edwin

Posted by on

Question.

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

Posted by Grant on

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, Edwin

Posted by on

Question.

Hi Edwin, 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?

Posted by Claire on

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 :-)

Posted by on

Question.

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

Posted by Chris on

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, Edwin

Posted by on

Question.

Hi Edwin. 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.

Posted by Dee on

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, Edwin

Posted by on

Question.

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?

Posted by Neil on

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, Edwin

Posted by on

Question.

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.

Posted by Daniel on

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 :-)

Posted by on

Question.

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?

Posted by Anilkumar Menon on

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, Edwin

Posted by on

Question.

Hi, I am in full time permanent employment, but have a poor credit history. I am also currently on 2 payment plans with 2 different high street banks. I have an X reg (2001) Audi A6 1.8T Quattro with 106000 miles on it to trade in, but could probably only afford to borrow a maximum of £1000 on top of the trade in value. Could you also tell me the approx APR on this finance should it be successful? Thank you, Garry.

Posted by Garry Mcbriarty on

Answer.

Hi Gary, thank you for your question. The good news is that we can take your current car off you in part ex as full deposit and hopefully secure you the extra funds you need. If approved you'd be looking at 14% to 18% APR. Regards, Edwin

Posted by on

Question.

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

Posted by Craig Jarvis on

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. Edwin

Posted by on

Question.

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

Posted by Vicky on

Question.

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?

Posted by Tina Booth on

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, Edwin

Posted by on

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, Edwin :-)

Posted by on

Question.

Thanks for the reply. I was accepted through Advantage at £220 a month, which is really high. I'd already found a nice car too, so was a bit of a waste of time, as I wasn't given the rate at the time of the acceptance. Thanks again

Posted by Vicky on

Question.

Thank you for the reply. I tried last year to get finance at a few places with no joy. I could raise £500 deposit.

Posted by Tina on

Answer.

No problem Vicky, so do you still need finance? We have another lender that accepts similar people to Advantage but their rates are better.

Posted by on

Answer.

Thanks for the response Tina. The £500 is great news. As you applied last year and not within the last few months we have a better chance of getting you approved. Please apply and we'll try our best to get you accepted :-)

Posted by on

Question.

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

Posted by Robert on

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, Edwin

Posted by on

Question.

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.

Posted by Robert on

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, Edwin

Posted by on

Question.

Hi, I'm currently on a debt management plan. I have outstanding debts of approx £20k. I make the payments to my debt management plan on time every month, but obviously my credit accounts say defaulted due to the payment arrangements. I do still pay 2 mobile phone contracts, that I have had for a good number of years. I have a £1500 deposit and with our second child on the way we need a bigger car. I'm on the electoral role, and have been on the same job for 15 years. I earn minimum 28k a year. What are the chances of financing a new car? Thanks, Steve

Posted by Stephen Charlton on

Answer.

Hi Steve, thank you for your question. In the £20k debt that you owe are there any car finance companies involved? If so, we wouldn't be able to help. However, if the debt is all credit card related for example then we might be able to help as you have a large deposit, a good income and you're on the electoral roll. Please apply if this is the case as we have lender who help people that are in DMP's. Regards, Edwin

Posted by on

Question.

Hi Edwin, 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?

Posted by Chris on

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, Edwin

Posted by on

Question.

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?

Posted by Matthew Stothard on

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, Edwin

Posted by on

Question.

Yes both myself and my wife work. Me full time and part time.

Posted by Matthew on

Answer.

Thanks Matthew - please make a joint application.

Posted by on

Question.

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 ?

Posted by Paula on

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?

Posted by on

Question.

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?

Posted by John on

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. Edwin

Posted by on

Question.

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?

Posted by Chris on

Answer.

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

Posted by on

Question.

Yes that wouldn't be a problem. Thank you for the reply

Posted by Chris on

Answer.

That's great Chris. Please apply on our site when you feel ready. Edwin

Posted by on

Question.

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?

Posted by Carol on

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, Edwin :-)

Posted by on

Question.

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

Posted by Andy on

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, Edwin

Posted by on

Question.

Hi Edwin, 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?

Posted by Antonio on

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

Posted by on

Question.

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?

Posted by Nathalie on

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, Edwin

Posted by on

Question.

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.....

Posted by Nathalie on

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. Edwin

Posted by on

Question.

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

Posted by Nathalie on

Answer.

£5000 over 48 months would be approx £150 per month.

Posted by on

Question.

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??

Posted by Nathalie on

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?

Posted by on

Question.

Hi Edwin, 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

Posted by Louise on

Answer.

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

Posted by on

Question.

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

Posted by Leanne on

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, Edwin

Posted by on

Question.

Hi I am trying to secure a loan for £5000 to purchase a new car. I have poor credit and currently on a debt management plan. I have kept in line and update to date with the payments since starting on the plan 3 years ago. I'm in fulltime work and have a car at the moment which is worth at least £700 which I wanted to trade in as a deposit. I can afford to repay approx £150-200 pm. Does securing finance sound possible. Thank you

Posted by Barbara on

Answer.

Hi Babara, thank you for using our Q&A. It definitely sounds like we will be able to secure you an approval. The most important thing in your situation is that you are trying to improve your credit. Please make an application so we can see if we can place you with one of our panel of lenders. Thanks, Edwin

Posted by on

Question.

Hi Edwin, 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

Posted by Lyndsey on

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 Edwin

Posted by on

Question.

Hi Edwin, 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

Posted by Lyndsey on

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, Edwin

Posted by on

Question.

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

Posted by Emerlou on

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, Edwin

Posted by on

Answer.

Hi again Emerlou, Applying for credit will not breach your iva. However you may require permission from them to take out any more credit and they will usually set you a maximum. I hope this helps. Edwin

Posted by on

Question.

Hi Edwin. 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.

Posted by Di on

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, Edwin

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Question.

We have been going through a debt management plan for the past 2 years and would like to know if we would be able to get finance to purchase a car?

Posted by Joanna on

Answer.

Hi Joanne, We may be able to help. However you would need some form of deposit. Is this possible? It will help your chances of an approval if you are registered on the electoral roll and have a net monthly income of over £800. Thanks, Edwin

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Question.

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?

Posted by Ruth Masterson on

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?

Posted by on

Question.

Hiya Edwin. 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?

Posted by Joetex on

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. Edwin

Posted by on

Question.

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

Posted by Laszlo Tok on

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, Edwin

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Question.

Hi Edwin, 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

Posted by Leanne on

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, Edwin

Posted by on

Question.

Hi Edwin, I have been on a DMP for 2 two years and i currently owe £3800. I am looking to change my car for an estate for my family.

I have 10 months left on this car and looking to part ex it for a newer model for about £4 to £5000 over 4 to 5 years. I tried with a garage but they said it was coming back with no credit rating. Can you help?

Posted by david green on

Answer.

Hi David, thank you for your question.

We'd love to help you get car finance for a newer family car and i'm confident we can help. The good news is that you may well have equity in your part exchange (that you can use as a deposit) as there's only 10 months left on the finance agreement. Once accepted £4000 - £5000 shouldn't be an issue to obtain as long as you can prove you can repay the loan with payslips or bank stats. The fact that you've been paying your debt down is good news too.

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

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