New credit with dmp!!!!

TheTrooper_2

Hi everybody,first time on here and just after a bit of advice .
My wife and i have been on a dmp for about 2 years now and things are going pretty well.
The problem is we run two cars both of which are 10 years old and are costing a lot of money to run( Repairs,servicing fuel etc). There is always something going wrong with them and we thought that maybe we should get rid of both and buy a newer one which will be more reliable and cheaper to run.Obviously the money saved would pay for the car but we do not have any money to buy a newer one so wondered if we could get credit with the dmp.
We have recently upped the payments on this so cant see a problem.

Does anybody know anything about this please?
Many thanks.

mrcow

Perhaps you should concentrate on paying your exisitng out of control debts first before looking into digging yourselves even further into debt?

It's a terrible idea to be looking for credit.

A newer car would still need repairs, servicing and fuel. Although if you can get by with just one car, why not sell one and just pay out for the one that you do need?

TheTrooper_2

Many thanks for quick reply and i totaly agree with what you say,but we just seem to be throwing good money away after bad.
I guess that if we do what you say and run the one we would probably actualy save some money so keeping the best of the two is actually the way forward i think!!
Many thanks for that!!

mrcow

Are your two cars worth anything between them? Because you could always look to selling them both and seeing if you can get something better.

The problem is that buying a newer car is never a guarantee that you're going to save money on repairs etc. I've bought cars for a few thousand that have needed new brakes etc within a few months and one where the head gasket went twice. My sister bought a second hand car for £8000 which last 6 months due to an engine blow-out.

Having a 10 year old car can often be a more reliable option. I know it's frustrating, but borrowing more money for something that may not actually save you what you estimate could leave you in more trouble than it's worth.

Plus - any lender that will lend you money whilst you're on a DMP will be charging you through the absolute nose.

TheTrooper_2

I think between them thay are probably worth about a grand if that so not much realy. As you say though,if we did that then we could get something better and even saving money on road tax and fuel which is on its way up again. Its just over a pound a litre up here in the north east!
Cheers .

russt2000

hi ,check aswell ,when we entered our dmp ,we had to sign to say we would not take out any credit while still in the dmp, just a thought ,might be worth checking on.

TheTrooper_2

Yes,i think your correct on that score,i seem to remember something about that but if i were to get credit would they find out about it!
I won,t be going down that road though as obviously it puts the dmp in jeopardy.
Thanks for input though!!:T