DMP + more credit

Broken_hearted

misspoppy wrote: »

I think you'll find you are not permited to take on more debt if you are in a DMP you would be better trying to find a cheap run around until things are better.

i've taken on more debt while in a DMP and not had any problems.

rayday2

I would put aside a generous amount each month in a fund to keep it on the road its what we did with our Astra. I was naughty on my DMP figures I made out the girls took buses, we had school dinners, canteen etc which gave me more money to save incase we needed it for the car. You usually find once you get an expensive period of car repairs behind you, you are OK for a while. I hope this is the case for you especially if you like the car!

happyhappygal

Knowing you are going into a DMP and accepting a loan just before you go in seems wrong...if not illegal? Does anyone else know if it is??

immoral_angeluk

I know how you feel. Pre-LBM I had a '95 corsa which was quite literally about to die from catastophic cambelt/camshaft failure. Unfortunately we hadn't had our LBM at that point so ended up getting a new car on 'bad credit' finance @ 24.1% apr. :eek:
The car itself has been a dream even though it has broken down once (But that was a fuel injector and nothing major). However we pay £160.50 a month and will end up paying nearly 8k for a car that was £4995 and is going to be worth even less now. Extortianate but at the time we, like you, felt we had no other option.

My advice to you would be, epescially as you are already in a DMP and having trouble financially is to not go near any form of car finance. It was nearly the end of us and was the straw that broke the camels back and triggered our LBM.

Please look at every other option before doing anything drastic like that.

chevalier

Sometimes there are cars offered on freecycle. Admittedly not often, and sometimes they do need some work, but the car itself is free. Worth a look at your local groups?
chev

Kaz2904

Could you not have a look on ebay for automatics to get an idea for prices- with this in mind you can use your cashbacks and quidco earnings to save up for a more reliable used car and build enough into your budget for maintenance of this car.
My Uncle is a mechanic and he always instilled into me to never pay more for a car than I could afford to throw away because it could get written off after an accident etc and you end up with outstanding finance and no car.

Broken_hearted

Yes look on ebay my cars on there and I need the money:D

continualdiamond

Thanks for the thoughts. Like i said earlier i don't have the funds to buy a car at the moment outright. I would have to sell mine, which wouldn't fetch much with its problems, so i think i'll stick with my 1997 car and get all the problems fixed.

Sea78

I think that's a good idea - stick with it, get probs fixed and then start to save up things like quidco earnings, ebay earnings etc etc as has been mentioned- yes it'll be slow but you should be able to make quite a bit if you stick with it and then grab a bargain! CCCS have been very clear with me that if I debt any more they will not help me anymore. However, I also know that they woul dbe sympathetic if I desperately needed something and had to find some money from the budget for it - although not on finance (if that makes any sense!!)

Sea xxx

In_Search_Of_Me

a good garage is worth its weight in gold & yours sound lovely so I would stick with them & the car. I'm fairly sure if you take out any loan etc & know you cant afford to pay it then it could be seen as fraud because you knew you couldnt afford it before you took it out. Aside from the legalities there is the worry that will come from yet more debt plus yes dont have the best reputation on the quality of cars they sell. My mum has a great gagare and has old jallopys which she's never paid for than 1000 for...not sure if that helps. Hugs for you as I realise its a tough time right now but as IA says this could just be too much from all angles for you...