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Car Lease hire due to expire
FlipsLDC
Posts: 13 Forumite
Hi all, Im currently in a DMP and Ive just realised that the car lease runs out in December, The 2 options given are to Give the car back (which Ideally I dont want to do as we need it for work without a car we lose 1 wage) or pay a balloon payment of £3400. Which unrealistically means borrowing more money.
This means as far as I can see i have 3 options
1) Give the car back and if possible enter a new lease agreement
2) Get a loan to cover the balloon payment
3) Give the car back, defer 3 months dmp payment in order to buy a small runaround.
In other peoples experiences are any of the above viable options, Is there anyone out there who's been in the same situation that can advise. If we cant get another car it would mean that we would lose a wage effectively making us not able to make any payments towards our debt. which wouldnt be good.
Any advice would be appreciated.
This means as far as I can see i have 3 options
1) Give the car back and if possible enter a new lease agreement
2) Get a loan to cover the balloon payment
3) Give the car back, defer 3 months dmp payment in order to buy a small runaround.
In other peoples experiences are any of the above viable options, Is there anyone out there who's been in the same situation that can advise. If we cant get another car it would mean that we would lose a wage effectively making us not able to make any payments towards our debt. which wouldnt be good.
Any advice would be appreciated.
0
Comments
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You are damned if you do ,damnded if you dont, buy a cheap car , without it you are in big trouble.GRADUATED FIRST CLASS WITH HONORS FROM THE SCHOOL OF HARD KNOCKS RECOMENDED READ IF BY RUDYARD KIPLING0
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1) Will that involve a credit check though? Your credit might well be less healthy than when you last got a lease.
2) Can't see it happening while on a DMP
3) Frankly this is probably your only real hope.I refuse to be afraid of the big bad wolf, spiders, or debt collection agencies; one of them's not real and the other two are powerless without my fear.
(Ok, one of them is powerless, spiders can be nasty.)
As of the last count I have cleared [STRIKE]23.16%[/STRIKE] 22.49% of my debt.
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Problems do crop up, this is one of them.
Get in touch with your DMP provider (CCCS/NDL/CAB/Payplan/CAP), tell them what is happeneing and present them the 3 options.
I believe your only option is to buy a cheap run around.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Many thanks for your replies,Think the runaround option is the way forward, Just hope my creditors will be understanding so early into my DMP. I will contact my DMP Provider to see how viable this option will be.0
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