Help needed :-)

caz2007

Looking for a little advice and guidence

My friend has been in an IVA FOR A year now and when she took it out they allowed her to keep her car finance via ford and when the agreement ended her payments would increase and she would have to speak to ford about continuing payments as she is on one of the option finance agreements

So this is due in October and she has only been given 3 options
1 sell car and clear balance of £5200
2 give car back n walk away
3 clear balance and keep car


They said no option to continue payments only if she takes a new agreement which she can't get credit for

She needs her car for work as she works around the NE for her job and she does get mileage etc which is taken into consideration on her IVA

I can't think of an option she is single with no partner she lives at her aunts as does not have a relationship with her mum

I would live to help her but I'm bankrupt since 2013 and still in a IPA .. The IVA company suggested that the payment will be fine to contine on IVA but how to get a deal on a car

I lease a car monthly at £120 but it's in my dads name as I can't get credit

mwarby

Do you know what the car is worth ? if more than £5200 shes could sell car and put balance towards used one(with approval from IP)

Has she written to ford finance, it maybe a request in writing would reach someone with more discretion.

If IVA payment was decreased could she afford the increase car repayments. If so worth talking to IP, as they'll want to ensure she can work(better for creditors to get a bit less than risk unemployment and bankruptcy)

caz2007

Thank you for reply

The problem is the car is a lease car so at the end of October she has to either give the car back and clear the outstanding finance or take a new car she has spoken to ford today and they said there is no other alternative other than giving the car back and paying the outstanding balance of £5000 and going for a new agreement with a new credit check

Her IV has £178 per month allowance for her car until March 2018 when her payment go up by that amount for the final year of it.

The IV is people assumed that ford would allow her to continue the monthly payments for a further 3 years till that point but they refused

She has the option of giving car back well the only option and getting a lease car monthly from her aunt which will be less than is in her IVA agreement of £178 till 2019 but the finance is not on her name and I assume this would not be allowed

Just not sure how u go about getting a car when in this situation as she needs it for work :-(

mwarby

I doubt the IVA company would object to any arrangement that means she gets a car for work, without increasing costs

I wouldn't give up with ford finance though, try finding the CEO of finance company and putting your case in writing(a bit of sucking up may help), they might just say ok(where someone in a call centre couldn't)