Balloon

stanley25

Hello,

I have already posted elsewhere but have been advised to bring my question over here.

I have paid all of my HP installments each month on time for the last three years and now have my balloon left to pay on September 28th.
I dont have 2300 lying around, so had intended to take a personal loan over two/three years to pay off the balance monthly. No problem. Unfortunately one of my current accounts ran overdrawn this and last month + in to the reserve and a bill or two has bounced - I assume this is why it now seems impossible to get a loan?
One thing to another and i ended up at debt-line with an agreement that i have been advised to cancel asap.
If i did go down the route of a dmp, where do i stand with regards negotiating with ford finance on the balloon? I have been told that it should be ok to keep the car provided you have paid more than 2/3(?) of your hp agreement. Technically is the balloon even part of the original hp agreement on ford options?

As you can see i am slightly confused about my options. So some advice would be really helpful, particularly as i am running out of time! Many thanks.

motorguy

stanley25 wrote: »

Hello,

I have already posted elsewhere but have been advised to bring my question over here.

I have paid all of my HP installments each month on time for the last three years and now have my balloon left to pay on September 28th.
I dont have 2300 lying around, so had intended to take a personal loan over two/three years to pay off the balance monthly. No problem. Unfortunately one of my current accounts ran overdrawn this and last month + in to the reserve and a bill or two has bounced - I assume this is why it now seems impossible to get a loan?
One thing to another and i ended up at debt-line with an agreement that i have been advised to cancel asap.
If i did go down the route of a dmp, where do i stand with regards negotiating with ford finance on the balloon? I have been told that it should be ok to keep the car provided you have paid more than 2/3(?) of your hp agreement. Technically is the balloon even part of the original hp agreement on ford options?

As you can see i am slightly confused about my options. So some advice would be really helpful, particularly as i am running out of time! Many thanks.

I think someone may be confused with the '2 thirds and you can keep the car' rule, otherwise why would anyone bother paying the last third off?

The ruling that i know of is, that after 1/3 of the total amount due has been repaid then they cant take the car off you without a court order and after 2/3 has been paid, you can hand the car back with no further penalties from them.

Sounds like your finances are in a bit of a mess. It might be easier to let the car go back rather than take out yet another debt and buy something very cheap instead.