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Buying a car on a DMP
MeestaDimples
Posts: 44 Forumite
Hello,
My partner is on a DMP through the CCCS and has been for the last 3 years, with 4 years remaining. He wants to buy a car and would probably need to take out a loan to top up what he's saved. I guess this isn't possible at all is it? For how long after a DMP is your credit in a bad state?
My partner is on a DMP through the CCCS and has been for the last 3 years, with 4 years remaining. He wants to buy a car and would probably need to take out a loan to top up what he's saved. I guess this isn't possible at all is it? For how long after a DMP is your credit in a bad state?
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Comments
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All things are possible, but at a price!!
There are several financial vultures (do I mean institutions?) out there who love people in your partner's position, and will jump in to offer him loans. What they will not emphasise is the exaggerated interest rates and charges. Neither will they inform him, prior to lending, just how badly will they treat him if he is unfortunate enough to encounter any problems during the term of the loan. Be carefull!I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
MeestaDimples wrote:Hello,
My partner is on a DMP through the CCCS and has been for the last 3 years, with 4 years remaining. He wants to buy a car and would probably need to take out a loan to top up what he's saved. I guess this isn't possible at all is it? For how long after a DMP is your credit in a bad state?
not advisable because if the creditors found out he got a loan for a car and not getting a loan to help clear off debts they might get angry and *do things* but its probably impossible for your OH to get a loan now. I am not sure how long he is blacklisted for, probably until all the debts are paid for.0 -
I think his best choice is to downgrade the kind of car he wants. Generally DMP = old banger; otherwsie any spare cash should go to his creditors.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Is this to replace an existing car or to buy a new one from scratch?
Do you NEED a car?
If the answer is to replace a car that is NEEDED (not wanted) then yes you can, you will need to call us (CCCS) so we can advise you on your options.
If either answer is no then NO, all spare cash should be going to your creditors. How much money have you saved up so far?
WG xxAll comments and advice given is my own opinion and does not represent the views or advice of any debt advice organisation.
DFW Nerd #1320
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