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Edwin Miles. Underwriting Manager

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I've defaulted on all my finance agreements & i cant get car credit anywhere. Can you help?

I've defaulted on all my finance agreements & i cant get car credit anywhere. Can you help?

Posted by Phil on

Answer.

Hi Phil, if you're after car credit you have come to the right place. Here at car finance 247 we specialise in helping people with poor credit records. I need a little more information about these defaults though. Some finance companies that we work with do accept customers that have defaults however, if they are over a certain amount they can decline the application. Kind Regards, Edwin

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Question.

i have a judgement of £8500.00 that i want to pay ,can i still apply for vehicle finance

Posted by Amogelang on

Question.

Hi, I had a car of finance and about 2 years ago I had to give the car back because i come out of work. (i had it for 5 years and did not miss one payment). When I give the car back I got a default and there is now a shortfall payment which I am paying back each month. Will I struggle getting credit with yourselves because of this default ? Thank you

Posted by Jayne L on

Answer.

Hi Jayne, from what you've said we should be able to help as the amount of the default should only be small if you had the car for 5 years before giving it back. Can you confirm the default amount? We do help people who have had small defaults in the past but if they are over £5000 we do struggle to get people approved. We shall try our best so please make an application. Kind Regards, Edwin

Posted by on

Question.

I have got bad credit history, and current default but I need a new car of total value 5000GBP. I am also a driver of a car Saab 9-3 52reg with 115000mils on it to further use as a part exchange. Can you still help me?

Posted by Tomasz on

Answer.

Hi Tomasz, yes we can still help even though you have bad credit and a default. We can also take your Saab part exchange as full deposit. Is there any finance outstanding on the Saab? If so, we can clear it but it would mean you have less deposit. We can't guarantee an acceptance but we have lenders who help people with defaults so please apply and we'll try our best to help. Kind Regards, Edwin

Posted by on

Question.

Hello, i have 2 agreements in default. Can i still get finance? One default is with welcome finance for 1500 pounds and one with black horse for £5500. I have no guarantor & need to do this myself.

Posted by Kevin on

Answer.

Hi Kevin, the main issue is the Black Horse default as it is over £5000. Have you sorted payment arrangements on the 2 defaults or not? Lastly, were the 2 agreements with Welcome & Black Horse for Hire Purchase? If so, we'd struggle to get you approved if i'm honest. Kind Regards, Edwin

Posted by on

Question.

Black horse was a personal loan of £4000 of which i paid faithfully whilst at work. I was off for 5 months & tried to claim ppi to no avail and went into default. The Welcome loan was a hire purchase agreement. Again was paid faithfully until unemployment & again ppi was useless. I handed the car back to finance company and still got default after being told everything was ok. Paying for the past. Just need a chance to rebuild credit somewhere.

Posted by Kevin on

Answer.

Hi Kevin, with the detail you just gave me i think we may be able to help. I'd love to guarantee an acceptance but i can't. Please make an application and we'll do our best to help. Regards, Edwin

Posted by on

Question.

Hi, I have 2 defaults from 2007 that have recently appeared on my credit file. My credit score is now showing as poor. I am in a long term rental and would like to get into my own car. I am on a substantial wage, and if needs be could pull a deposit together. Can you advise whether you could help? Without sounding like an idiot I do want to get the car of my dreams and I know they are not cheap!! If you can give any information as to whether I would be capped on a loan due to defaults? Thanks in advance, Kate

Posted by Kate Simpson on

Answer.

Hi Kate, were any of your defaults over £5000? If so, we won't be able to help. If they were under £5000 we should be able to help depending upon how your current credit agreements are being run. How much are you looking for and do you have a deposit? Edwin

Posted by on

Question.

Hi Edwin, Thanks for the reply. The defaults are for £200 each and are satisfied. They are due to drop off in 2013. My current accounts are all green and my credit score is 650 at the moment. The cars I am looking at would be about £15k and I have 1.5k now or could get more if needed. I am on a high tax salary and recieve 6k in car allowance. I guess Im just looking for your advice at the moment.

Posted by Kate on

Answer.

Hi Kate, from what you're telling me we would be able to get you approved but all our lenders criteria and rates differ so it all depends upon which lender we can get you accepted with. I'll leave it with you but please apply when you feel you're ready. Regards, Edwin

Posted by on

Question.

Hi Edwin, I've had problems with my credit file being mixed with my fathers whilst living at home. Becasue of this there are 2 defaults on my file for £300 and £450 respectively which are nothing to do with me. I am disputing these at moment to get them removed but the process is taking forever. I'm looking to finance around £7k for a new car as i had to scrap my last one. The rest of my credit file is fine apart form the 2 defaults which are killing my score. Can you help as i'd hate to get declined and bring the score down even further. Thanks, Jim

Posted by Jim on

Answer.

Hi Jim, as the defaults are for relatively small amounts we would be able to help as long as everything else was up to date. Do you have the same name as your father? How come the defaults are in your name and not his? Have they now been paid off? If approved, the rate on the finance agreement will be higher than you see advertised on the high street because of the 2 defaults. If you want to wait to have them removed and then apply you may well get a better deal. Kind Regards, Edwin

Posted by on

Question.

Thanks Edwin. Yes i have exactly the same name as my father and whilst i was living at home, he entered into a trust deed. I have contacted the company dealing with the defaults and they confirm they are linked with a trust deed and as such i'm unsure if they have been settled. I've been car-less for a few months and at this stage i'd be willing to take a hit on the rates just to get back on the road. I have moved address a few times recently, but have been on the electoral role and haven't missed any payments, do you reckon i'd have a good chance if i applied? Thanks again, Jim.

Posted by Jim on

Answer.

Hi Jim, what other clean credit do you have in your name? You can apply and i'll tell my manager to deal with your application so that he can speak to the finance companies and explain your current situation. Do you have proof or can you obtain proof that the defaults should be in your fathers name and not yours? KInd regards, Edwin

Posted by on

Question.

Hi Edwin, I've got a loan for my previous car and 3 credit cards all in my name with no missed payments and about 5k across them all, which i'm gradually paying down. I'm afraid I have very little info on the defaults and i am assuming, since they are linked with a trust deed, that they should be connected with my father, but the debt company are incredibly slow in dealing with this. Thanks for your help. Cheers Jim

Posted by Jim on

Question.

Hi, i was wondering if you can help. I have a poor credit history as i have about 3 defaults on my credit file and a couple of late payments aswell but this was all in 2008 which i have been making payments now to clear them. Also i got a guarantor loan at the end of last year for £5000 which gets paid on time with no payments missed. I have been declined for poor credit car finance before. Do you think you could help? I earn about £4200 a month after tax. Thank you

Posted by David Mcmanus on

Answer.

Hi David, as you have a current financial commitment that you pay on time and all your old debt was from 2008 i think there is a better than average chance of getting you approved for car finance. Also the fact that you earn over £4000 is a massive help. Could you stump up a deposit? Lastly, when did you last apply for car finance and with what company? Edwin

Posted by on

Question.

Hi Edwin, I was wondering if you could give me some advice regarding car finance and having a poor credit history which has improved over the past year. I have had 2 defaults on my credit file. Vodaphone of £700 which was cleared in full in June 2011 and also O2 of £1200 which was cleared in full in Feb 2012. I have had 2 late payments on my Orange mobile phone contract this year. I have a Lloyds tsb with an overdraft currently of £1100 which is showing as satisfactory. My credit score the last time i checked was around 421. Do you think if i put a deposit of £5000 i would get accepted on finance of a car with the value of £15000 over a 3 or 4 year period? I am 21 and i work in the automobile industry. However, i have only been employed for 3 months. I earn £1200 a month after tax. My only expenditure at the moment is my Orange mobile phone contract which is £50 a month. Thanks in advance.

Posted by Anand on

Answer.

Hi Anand, if i'm honest getting you £10,000 is going to be a big ask. Have you no other forms of credit other than your Orange mobile phone contract? The fact that you have a large deposit is great news but we're going to really struggle to get you approved for the amount you want due to your age and bad credit history. It'll be too bigger risk for the lenders. We could potentially get you £5000 to £6000 though. Kind Regards, Edwin

Posted by on

Question.

Hello, I was looking for £5k to buy a car to get to work. Unfortunately in 2009 i defaulted on a loan and also defaulted with the bank account associated with it. The amount has risen to £5k now though charges have stopped and i recently contacted the creditor to offer £1500 straight off which they refused. They want £4k but if i pay that i cannot afford to run my car. My credit rating is obviously very low even though I have had near perfect status with 2 credit cards and payday loans over the last few years. Would i be silly even trying to get a car loan?

Posted by Rebecca on

Answer.

Hi Rebecca, it wouldn't be silly at all as we have lenders that help people like yourself who have struggled in the past. The great news is that you have 2 "A" paid credit cards which shows you van be trusted. Would you have a deposit at all as that would help your cause and how much do you earn per annum? Regards, Edwin

Posted by on

Question.

Hi Edwin, I have an outstanding default from a credit card (£2,000) and need car finance of around £5,000. I am in employment - do you think I'll get finance?

Posted by Neil on

Answer.

Hi Neil, we should be able to secure you car finance as your default is under £5000. If approved the £5000 you require shouldn't be a problem at all. The good news is that you're in full time employment and i take it you can prove your income? Are you on the electoral roll? If so, please apply and we'll be in touch within a few working hours. Kind Regards, Edwin

Posted by on

Question.

Hi, I have a really poor credit score of 434. I am registered to the electoral roll, have a full time job and earn around £1300 a month. I have 5 defaults, 3 satisfied, 2 outstanding at £345 and £200. I'm guessing I don't stand a chance of getting a new car? I would be looking for around £6k-7k with maybe a £1k deposit/part ex. Thanks.

Posted by Craig on

Answer.

Hi Craig, as your defaults are for small amounts there is a chance we can get you approved and if you were approved the £6000 shouldn't be an issue as you have a decent income and a £1000 deposit. Please apply when you're ready. Edwin

Posted by on

Question.

I need help with vehicle finance.

Posted by Greta-Lee on

Answer.

Hi Greta-Lee, please apply on our website when you get chance and we'll try our best to get you approved. Regards, Edwin

Posted by on

Question.

Hi, My credit is awful at the moment with a ccj and previous defaults. Now I have a good job and a steady flow of income but I can't get credit for a car. What is the best option? Is it best to get a guarantor to support my application?

Posted by Ben Flynn on

Answer.

Hi Ben, thanks for your question. The good news is that you're now employed and i take it you can prove your income with payslips? Where have you applied and been declined online as this will help me advise you on your chances of being approved? If you could get a guarantor it would certainly improve your chances of getting accepted. Do you have a deposit at all and are you on the electoral roll?

Posted by on

Question.

Hi Edwin, I ran into financial troubles in early 2010 when I moved for work and as a result I have three defaults on my file, one for £1600, one for £150 and one for £600. I haven't settled these yet as I am trying to get the charges knocked down beforehand. I have a £2000 deposit and i'm hoping to borrow £5000 to buy a car. I don't have any other credit agreements and I earn £1350 after tax, do you think I could be eligible for credit?

Posted by Gareth on

Answer.

Hi Gareth, we'll certainly try and the positive thing is you have a large deposit. As the defaults aren't settled this really doesn't look good but they are not for huge amounts so hopefully the lenders will take this into account. Please apply when you get 5 minutes. Regards, Edwin

Posted by on

Question.

Hi, i've been at my employer for 18 months, same address 3 years, earn £1100 a month after tax. But recently got declined for finance on a car valued £6500. He said i didn't really have anything bad on my credit, more like there wasn't much there! As i'm only 20, only things i really have on credit is my car insurance and my mobile phone. Do you think i'm eligible for credit? or should i wait until i'm older?

Posted by Thomas Oliver on

Answer.

Hi Thomas, we should be able to help as we have a few lenders on our panel that help younger people who don't have a great deal of credit get car finance. Please make an application and let me know the reference number. We'll then take it from there. Thank you

Posted by on

Question.

Hi, My Experian Credit score is currently 814, but I have 2 default accounts on there which are around 5/6 years old, and one missed payment which was 4 months ago. I'm interested in getting car finance for around £7/8000, and I have a car to part exchange which is worth around £800/900. Does this sound feasible? I have been employed full time at the same organisation for over 2 years, and earn £319.23 a week after tax.

Posted by Natasha Mullins on

Answer.

Hi Natasha, this sounds very feasible as you have a good income and a decent deposit amount. As the defaults are old the lenders should really look at your current credit and see that you are now a good risk due to making most of your payments on time. In a nutshell i'm very confident that we can help. Please apply and let me know your reference number - we should be able to get you approved this afternoon. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm looking for car finance. I have a poor credit rating due to defaults on my cards. I have applied about 2 years ago to a company like yours but was still refused. Is it likely to bee the same?

Posted by Sarah on

Answer.

Hi Sarah, have you had any clean active credit accounts since the last time you applied for car finance? I'm confident we could do something for you if you have a small deposit and you are on the electoral roll. Looking forward to your response and receiving your application. Kind Regards, Edwin

Posted by on

Question.

Dear Edwin, I currently have a credit score of 592 on credit expert / Experian. I am not currently on the electoral role however I will be within the next 2 weeks. I have a full UK driving licence, UK bank account, a UK Passport and been in fulltime employment for 9 months. I am looking for a £6000 loan to purchase a car. I have 4 defaults although the latest is now settled and the actual default is in dispute with the OFT, FSA

Posted by Darren S on

Answer.

Hi Darren, get yourself on the electoral roll and then apply. We should then be able to get you approved as you're not after a huge amount. You tick a lot of the boxes with what you have said so look forward to hearing from you in a few weeks. Kind Regards, Edwin

Posted by on

Question.

Hi, just a quick question. I have a default on my credit report due to a complete slip of the brain which has reduced my credit socre to 635. It was for £923 and was paid off in full within 3 months. I have a car that i'm still paying finance on however there's no more than £1500 left to pay and I now want something new. I would only want to borrow £4-5k over a period of 2 years. Would you be able to help? I gross approx £22000 pa AFTER tax. HELP!!!!!

Posted by Jay J on

Answer.

Hi Jay J, with a good income and an average credit score we should be able to get you approved for £4000 - £5000 with no issues. Please make an application when you get a few minutes :-)

Posted by on

Question.

I experienced some financial problems in 2009 and as a result have around 18 defaults on my file. I'm currently in payment arrangements with all the creditors. Plus I have a settled ccj from march 2010. Taking all of this into account I manged to get a credit card with Vanquis at beginning of 2012 and have run the account perfectly and my credit score with experian has jumped from 560 to 807 my equifax score is still very low at 185. Is there any chance of securing any car finance at a decent rate?

Posted by Carrie on

Answer.

Hi Carrie, it'll be a struggle to be completely honest as 18 defaults is a serious amount. However, as your credit score has improved and you now have some active clean credit it is not a lost cause. As long as you're employed and can prove your income and you're on the electoral roll we have a chance. Please apply when you feel ready? Also would you have a deposit? Kind Regards, Edwin

Posted by on

Question.

Yes I've been on the electoral roll at my current address for 3 years now and can prove my income. If I have a deposit of 2k, what figure do you approximate I could borrow?

Posted by Carrie on

Answer.

Hi Carrie, good news. If we get you approved i'd envisage circa a £5000 limit.

Posted by on

Question.

That's great news! I'll think about applying early next year!

Posted by Carrie on

Question.

Hello, I would like £5-6K for a new car and I have a deposit of about a £1K. My credit file is ok/bad, No CCJ's but there are some defaults for catalogues 4/5 totalling £2K and one for phone £800. The phone one i will dispute as i have a new contract not sure what this is for. I am on the electoral role at my last 3 addresses and i work part time earning £800 a month. I have a partner who works and 2 children but seem to be getting knocked back for cars. Can you help?

Posted by Sonia on

Answer.

Hi Sonia, we'd love to try and help get you approved for car finance. As you work part time and your partner works full time it'd be best to make a joint application for car finance if that is possible as it would strengthen your chances of being approved. The good news is that you are on the electoral roll and have a deposit. Please apply when you get a few minutes. Regards, Edwin

Posted by on

Question.

I have been trying to get finance to get a better car but because I have had a couple of defaults I keep getting turned down as i would like to upgrade my car to a better one. Please can you help me in this situation. Mr L Burgess

Posted by Lloyd on

Answer.

Hi Lloyd, as a company we do have relationships with lenders that approve people who have had defaults in the past. So, i can't guarantee an acceptance but i can promise we'll try our best to get you approved. Where else have you applied online and been declined? Are you employed, are you on the electoral roll and do you have any active current clean credit? Edwin

Posted by on

Question.

The only clean credit I have at the moment is a mobile phone contract. Yes I am in full time employment at Herman Miller though it is through an agency. Yes I think I am on the electoral roll as I have polling cards etc come here. Forest motors, Approved car finance and they have both turned me down. Hope to hear from you soon. Thanking you Mr Lloyd Burgess

Posted by Lloyd Burgess on

Answer.

Hi Lloyd, that's good news. There is hope but i can't guarantee an acceptance. We shall certainly try our best however to get you approved. The next step is to apply on our website and let me know the reference number - good luck :-)

Posted by on

Question.

Edwin, I was put on to 1/2 salary in December 2011 to keep my job. I had to enter into a debt management program in Feb 2011. but it was 3 months until creditors got any payments from debt management company. I came out of the program in September 2011 when my full salary was reinstated but unfortunately i have now 5 defaults against my name, I would note that i never missed payment on my mortgage and HP payments on my car, I also would note that i am totally up to date with all payments to my creditors and have not missed any payments since Sept 2011, I hope to have cleared off all the defaulted accounts by Aug 2012, I realise i have no chance in ever getting credit for the next 6 years, But I have a good salary circa £47K and I am looking for advice as current car is coming up for 5 years old and i need a car that is less than 6 yrs to qualify for car allowance from my company

Posted by Ajb on

Question.

Hi, I've been refused a 10k loan with lenders as I have a default on my account of £140 from 2009 which was the last payment of a mobile phone contract whilst at uni which I wasn't aware of. I didn't have much else recent history, so recently had to open a credit card (which i struggled with) in the last 3 months which I use and pay off fully every month. I also have an amount of £80 on a store card which I pay off weekly on time. I live with parents and have a well paid job and I am registered on the electors roll. I have no ccj's, just the default account. I have a car which I could potentially sell to use as a deposit for approx £800 but I could get more of a deposit if needed. If you could help that would be great.. Thanks

Posted by Mehmet on

Answer.

Hi Mehmet, Firstly the most important thing is that you are trying to improve your credit score, mainly through keeping up to date on any active accounts and if possible reducing your default. The fact that you are registered on the electoral roll will definitely help gain an approval. Similarly having a deposit will open up the number of lenders who will consider you for finance. So on that basis I am confident that we will be able to secure you an approval. Please complete and application so we can assess what would be the best option for you. Kind regards, Edwin

Posted by on

Answer.

Hi Ajb, It is definitely possible to gain car finance in your situation and we have been able to help previous customers in similar siutations to yourself. Some finance companies will lend to people who have been in/are still in a debt management scheme. However such companies will need to see that you are trying to improve your credit profile and from what you have told me this is the case. Mortgages and HP agreements are some of the strongest forms of credit and the fact that you have not missed any payments will definitely help you in gaining future finance. So when you are ready please put an application through so we can look to place you with one of our lenders. Edwin :)

Posted by on

Question.

Hi Edwin, I have a good credit score with experian of 810 but around 15 defaults on my file. All are under 1k apart from one which is 29k. I've been in payment arrangements for all of these for around 12 months. My credit score is good because I've had a credit card and basic bank account for a year which I've run perfectly. I also have a ccj for 4.5k which is satisfied. I'm on the electoral roll and would have a deposit of around 2k. Do you think you be able to help wth some car finance and if so, how much?

Posted by Carrie on

Answer.

Hi Carrie, We may be able to help you, However it is important that you are showing intent to improve your credit profile through reducing your defaults and keeping up to date on active credit payments. It is important that you are on the electoral roll for traceability. Any deposit will definitely help as some finance comapnies require it. It would be worth putting an application through so we can try and place you with an appropriate lender. Thanks for your question, Edwin

Posted by on

Question.

Hi I was wondering if you could help me and my husband have recently cleared our finance with 1st response and we have had excellant payment history so we are in the process of looking for a new car, while we were on the phone to 1st response to hopefully see what they would offer us they declined our application due to us having 5 defaults 3 of which we knew about the rest we had no clue they amount to just under £3000. I am on a high wage and come out with just short of 1400 pm and my husband earns 800 pm after tax. We have a peufeot 307 which we could part exchange for up to 1000 pounds. Are we still eligible for finance elsewhere as we have been with 1st response for 3 years and paid them every month on time with no hiccups and now our agreement has ended. Thanks

Posted by Sarah on

Answer.

Hi Sarah. We may possibly be able to do something for you. The fact that you have kept up vehicle payments with first response will definitely help. Your part exchange should also help as it may be possible that you will require a deposit. All I can suggest is that you put an application through so we can have a look at any other credit you may have. Thanks Edwin

Posted by on

Question.

Hi, i was wondering if you can help, i have applied for finance and discovered my ex-wife has defaulted on our joint mortgage since our split. Prior to this i had a very good credit rating and everything that i owe is up to date. I am currently employed full time and have a car to part exchange in as a deposit. Just wondering if you could help?

Posted by Leigh on

Answer.

Hi Leigh, If you only have a few missed mortgage payments but other than that a clean credit record i'm confident we can get you approved for car finance. Please make an application when you can.

Posted by on

Question.

Hi, I have a credit score of 758, with two old defaults on the account. One of £200 which is satisfied and has been for a number of years and the other for £1400 which is currently being paid off each month. The car I wish to buy is £9000, I have a cash deposit of £2000 and my car part x value is £2500. So I am looking to finance £4500 over 4 years. Do I have a chance for finance and if so what rate would I pay for £4500? Many thanks, Michael

Posted by Michael W on

Answer.

Hi Michael, we do indeed have lenders who help people with past defaults. As you have a large deposit i'm confident of our chances of gaining an approval. Once approved the £4500 shouldn't be an issue and in terms of the interest rate i'd expect it to be between 19.9% and 24.9%. Obviously if your credit record improved over time you could well settle the finance after 2 years and get a better rate. I hope this helps. Kind Regards, Edwin

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