Anyone with Welcome Car Finance?

james32_uk

TTMCMschine wrote: »

No wonder he's on an IVA.

Why don't you look at leasing a cheap car, all repairs covered, etc, etc, etc.

Read my post more carefully. I either use the £200 per month or lose it completely. I would be unable to keep any of it for repairs etc.

james32_uk

newmum1 wrote: »

I wouldnt advise going with any finance car company unless its 0%for the term. I had a peugeot 106 on finance cash price £3,999 i gave a deposit for £1000 and it was over 3 years i thought no problem after 2 years i was fed up and got a loan to pay the finance company off so i could sell the car, my settlement figure was £2,500.01 which i paid and the most i could get for the car was £1500 and im still paying off the excess, so please think very carefully would it not be more practical to pay the £200 into the IVA once debt free buy a car ???

It would be totally impractical to pay the £200 into my IVA. An IVA is a variable repayment for a FIXED term. Any extra money I am forced into including into it does not free me from my debt any quicker.

james32_uk

Not meaning to sound too rude here (unlike CHR15 and TTMCMschine above), but this is supposed to be a site for help and advice. I urge all posters to make sure they understand the facts before making stupid off-the-cuff remarks that could result in less-clued-up people making some seriously bad decisions.

CHR15

Not trying to be rude at all James,

This forum is indeed about asking for advice. The problem is that you will get advice!!

Perhaps you should have only asked for support in your headlong quest into serious debt.

You laughed about this seriously bad idea in post #4.

You have had £30,000 worth of debt wiped away in under 9 Months.
If you continue in this quest you can easily fill that gap again in the next 9!!

chevalier

Sorry I am a bit confused. So let me just make sure I understand
Your company gives you £200 a month for a car. Is that because you do a lot of business miles?

If you don't use the £200 a month it gets swollen up into your IVA. Ok, but
a) how are they going to know you have this money and
b) will you still get this money off your company? Ie it is not about to be withdrawn because you aren't using it?

So you want to use the money to finance a car. Ok, I know this may sound dense, but what about saying to your employer, rather than you giving me £200 a month for a car, how about they lease one for you through the company? That way the £200 is replaced with a car from the firm, and they can get the lease at a much better rate of interest than you would as a private individual.

Like I said I am confused
chev

liz105

you could still get a very nice lease hire car for £200p/m, why buy new and risk the depreciation/losing your job/accident/write off etc??

james32_uk

Hi everyone, I promise I'm not stupid. With all I've been through I am very clued up on debt and the various pitfalls that can be fallen into.

albertross wrote: »

et al

What happens with a car loan when you lose or change your job..guess what, you are stuck with the debt, a clapped out old car worth peanuts, and your ex-employer is laughing. You might think your job is secure, but if it is performance related (Sales etc.) and you miss your targets, or your employer re-organises, then you could be out the door. Then what happens to the car when you miss a payment or two.

I've thought about this - If I lose my job then I wont be able to afford to keep up with my IVA at all and thus would have no choice but to declare myself bankrupt.

What happens if you write the car off in an accident, and the insurance company pays you peanuts.

Why would an Insurance company pay me peanuts?

As for the Recommend a Friend scheme, guess were that money is coming from..your pocket. It's marketing, aimed at gullible people.

I'm not going to be swayed into going with them because of that poster. If I choose to go with them for other reasons, then are you seriously suggesting I should turn my nose up at the free £200 just because it comes from 'my pocket' and is aimed at 'gullible people'?

If the 10% is a flat rate, try doubling it for the APR, then add a few grand on top for an overpriced car. I doubt you'll get that APR with your history. So 7k loan, over 4 years, equals £700 interest pa X 4, total 2800 in interest + original 7k = 9800, or £204 per month. Next question to ask is what can you get for 7k in the open market, and what do you get for 7k at welcome.. the answer to the last question is surprisingly hard to find out. 2 year old Ford Ka, Clio, Micra maybe?

I'm NOT stupid. Any decision I make will absolutley be based on total to be repaid as well as what I can afford. I'm also very clued up on car prices and will not pay over the odds.

Cars are never a good investment, whether you get an allowance or not.

In normal circumstances I would agree but when you're effectively in a position where getting a car would have ZERO difference on your disposable income then I would disagree completely.

If you don't use the £200 a month it gets swollen up into your IVA. Ok, but
a) how are they going to know you have this money and
b) will you still get this money off your company? Ie it is not about to be withdrawn because you aren't using it?

a) It appears on my pay slip as part of normal pay.
b) Money not withdrawn by the company if I dont use it, but it will be taken into my IVA if I dont.

So you want to use the money to finance a car. Ok, I know this may sound dense, but what about saying to your employer, rather than you giving me £200 a month for a car, how about they lease one for you through the company? That way the £200 is replaced with a car from the firm, and they can get the lease at a much better rate of interest than you would as a private individual.

Fantastic idea but I've already tried that, and the company aren't able to oblige

you could still get a very nice lease hire car for £200p/m, why buy new and risk the depreciation/losing your job/accident/write off etc??

Tried but as I'm in an IVA and I cant find anyone who will take me on. If youve got any ideas of any companies then please let me know

Thanks for your comments everyone. Keep them coming! Someone may just hit on the answer I cant find.

mikeyboy

liz105 wrote: »

you could still get a very nice lease hire car for £200p/m, why buy new and risk the depreciation/losing your job/accident/write off etc??

I think that if you are in an IVA or have bad credit history you will struggle to get a lease car. They do credit checks i thought?

If you know a company who will lease reasonable cars to someone let me know as I would be interested.

Mikeyboy

Burlesque_Babe

I have just googled and found this

http://www.yourcarchoice.com/

I haven't a clue if it is good, bad, helpful or not, but it might be worth a look, the blurb onthe home page says

'especially when you are trying to lease a car with poor credit or no credit history'.

james32_uk

Thanks. I've tried places like this before and they're either not interested or too expensive. I might give this one a go though. You never know!

Thanks