How to buy a car while on a DMP

Mrpondlife

Hi,

I have searched this forum and I can't find enough info about the above so I'd like to ask the question....

Is it possible to buy a car while on a DMP?

I'm not talking brand new but more like a £3k car using my current car as a trade in and then paying back the remaining balance.

I am on a DMP but have enough money to make regular payments each month of approx £200.

My DMP is not up until 2017 and I doubt my current car will last that long!

Any ideas/advice gratefully received (including companies that allow you to buy a car while on a dmp)

poppasmurf_bewdley

I think you'll find the answer by putting the following two letters together - 'n' and 'o'.

Solstice_Twilight

I've been on my DMP since 2007, and my car died a death in 2009. Due to my mobility problems, I can't do without one.
I ended up selling my car for scrap (got £250 for it) and my mum lent me the remaining £250 to buy a working car from a friend, which I am to pay back once the DMP is over. Realistically, I can't think of any other way around it. I can't see any DMP company permitting you to take out any further borrowings while you're on the plan.

Hammyman

If you can afford £200 a month for payments, the DMP will ask why you're not paying them it.

wealdroam

Mrpondlife wrote: »

Hi,

I have searched this forum and I can't find enough info about the above so I'd like to ask the question....

Is it possible to buy a car while on a DMP?

I'm not talking brand new but more like a £3k car using my current car as a trade in and then paying back the remaining balance.

I am on a DMP but have enough money to make regular payments each month of approx £200.

My DMP is not up until 2017 and I doubt my current car will last that long!

Any ideas/advice gratefully received (including companies that allow you to buy a car while on a dmp)

As said above, taking out further loans at this time isn't wise.

If you have £200 spare each month, why not use it to pay off your debt quicker?

Or perhaps save that £200 and in 15 months, thats as soon as November 2012, you will have your £3000 to buy a car outright.

Flyboy152

Why are you not using the cash you have, to repay the outstanding balance, to reduce your debts now?

Mrpondlife

Thank you all for your replys.

I kinda guessed that it would be NO I can't.

To answer the "why not use the 200 a month to pay off the debt quicker...its not a 100% guaranted and would involve me working overtime to ensure I got it. Its also part of my legal allowance (So I call it) to fight against my ex wife.

Oh well best hope this car hangs on it there....

Flyboy152

Mrpondlife wrote: »

Thank you all for your replys.

I kinda guessed that it would be NO I can't.

To answer the "why not use the 200 a month to pay off the debt quicker...its not a 100% guaranted and would involve me working overtime to ensure I got it. Its also part of my legal allowance (So I call it) to fight against my ex wife.

Oh well best hope this car hangs on it there....

And you were still considering using it to get further into debt????? :eek:

spiro

Mrpondlife wrote: »

Thank you all for your replys.

I kinda guessed that it would be NO I can't.

To answer the "why not use the 200 a month to pay off the debt quicker...its not a 100% guaranted and would involve me working overtime to ensure I got it. Its also part of my legal allowance (So I call it) to fight against my ex wife.

Oh well best hope this car hangs on it there....

And if you loose that fight :eek:

wba31

Mrpondlife wrote: »

Thank you all for your replys.

I kinda guessed that it would be NO I can't.

To answer the "why not use the 200 a month to pay off the debt quicker...its not a 100% guaranted and would involve me working overtime to ensure I got it. Its also part of my legal allowance (So I call it) to fight against my ex wife.

Oh well best hope this car hangs on it there....

If that money is from overtime, most DMP companies will overlook that as an income, as it is not guarenteed. Why not simply save up what you can, and then if anything does happen to your car, you have a little bit of cash to fall back on to buy a car with. May only be £1000, but im sure you could get a car for £1000 or less that will see you through the next 6 years and more if it's looked after!

If you get close to the end of the DMP without having to have replaced your car you could clear your debts early with your savings and walk away from your debt sooner.

Saving money is a skill that has to be learnt, and by getting into the habit of putting aside what you can now, will only benefit you in the future...

Flyboy152

Why is the OP fighting with his ex-wife?