Car Loan

barley19

Is it possible to get a car loan if I in a debt management plan?

opinions4u

Do you really think it is appropriate to take on a new loan commitment when you are (most likely) paying less than the contracted payments on your other commitments?

Even if there was a lender prepared to advance you the funds, don't you think it is pretty poor form to be thinking of borrowing more money while you still have other unsettled debts?

barley19

I didn't ask your opinion I asked if it was possible

opinions4u

barley19 wrote: »

I didn't ask your opinion I asked if it was possible

With the permission of your DMP manager, and the help of a willing lender, yes. I'm delighted to say you're unlikely to obtain either.

Now, I've answered your question. Your turn to answer mine.

EDIT: OP visited the site 4 hours after this post was made and does not appear to wish to answer the questions put. What a surprise!

Consumerist

barley19 wrote: »

I didn't ask your opinion I asked if it was possible

With an attitude like that, I hope you make it to 20.

Apples2

would you have any intention to repay this car loan or just throw it in the pile of existing debt you are barley repaying?

Have a little think about it

Hax

Taking out extra credit would invalidate any agreement you have with your existing creditors - and would annoy them somewhat. They, in turn will cease to abide by your DMP (seeing as you are the one to have broken the terms of it) and pile on both interest and charges and then (most likely) push to take you to court to reclaim their money.

You are supposed to update your SOA as and when significant changes happen that affect your income and/or outgoings. If you now have enough money for a car loan repayment, you should have updated your SOA and increased payments to your existing creditors - you would be quick enough to update it to pay less if your income has decreased!

Oh yeah - seeing as you probably have a credit history full of defaults/arrangement to pay/late payment markers then it's highly unlikely anyone would touch you with a bargepole.

Consumerist

Hax wrote: »

. . . then it's highly unlikely anyone would touch you with a bargepole.

Careful, that's an opininion.

Personally, I've only just stopped laughing at the OP's question.

PNPSUKNET

you can get a cheap one at toys r us, run on 6volt battery lol

eschaton

Consumerist wrote: »

Careful, that's an opininion.

Personally, I've only just stopped laughing at the OP's question.

Lucky you, I can't stop

mokhzaid

Secured debts usually are tied to an asset, like your car for a car loan,