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    • 321654987
    • By 321654987 9th Mar 17, 9:25 AM
    • 5Posts
    • 4Thanks
    In a DMP but needing a new car...
    • #1
    • 9th Mar 17, 9:25 AM
    In a DMP but needing a new car... 9th Mar 17 at 9:25 AM
    We are very near to completing our DMP - we will be debt free in three months, after paying off nearly £30K in 2.5 years. Once we are debt-free the plan is to save for a year before attempting to move house. The problem we now have is that one of our cars needs replacing (there’s no question of sharing one) so we would ideally need a new one and replace the older with the existing family car. Once our DMP payments are paid in May we will have £1000 extra a month and I wondered if there’s any way of a PCP (or alternative) being agreed so soon after we have finished the DMP? Obviously our credit history will still be bad but we will have the propensity to afford the payments whilst saving at the same time and will be completely debt-free. Can anyone suggest a solution?
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    • Keezing
    • By Keezing 11th Mar 17, 2:21 PM
    • 204 Posts
    • 152 Thanks
    I recently voluntary terminated a car on PCP after starting my DMP.

    I used some months of non-payment to creditors to save a lump sum to buy a good condition 12 year old car from a trusted trader. I found a number of issues during the 30 day warranty afforded by the consumer rights act which the trader fixed no questions asked. I'm really happy with my car (which even has ISOFIX) and would never enter into a PCP again.

    Your defaults from 2015 and 2014 will make getting a mortgage very difficult. It doesn't really matter that they were settled. You may need to reconsider this plan or at least get advice from an independent mortgage broker who specialises in adverse credit mortgages.
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