DMP and PCP

Dizzig

Hi!
My husband and I are on a DMP and have been for a year now.
We have a family car on PCP which only has 12 months left on it. We will then be given the option to paying the lump sum (which we obviously can't do), handing it back or taking out a contract for another car.
We need a car and with all of our outgoings we can't save any money to buy one outright.
Will we even get another PCP contract on a DMP? We have a old banger car as our second but due to shift work and children we HAVE to have 2. Also due to our jobs I'm scared about putting the kids in a £200 car up and down the motorway... new cars are safer and sadly both my husband and I see the difference it can make.
If we were to get another car on PCP it will be half the size and cost.
I know this probably sounds crazy as we are clearly trying to sort out our debt but we've never missed a car payment.. pay over £600 a month on our DMP and the car finance cost reducing would mean more money in to the DMP.
Starting to worry about what we would do. Finance with a company for people with bad credit isn't an option.. the interest rates are just too much.
If anyone has any experience or advice it would be appreciated!

sourcrates

Hi,

You should cease your DMP payments until you have enough saved to buy a reasonable used car.

Or, dependant on how much final payment is, pay that off.

Inform your creditors of your intentions, you need to look out for yourselves here, a few months off your DMP won't hurt.