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DMPs and car leasing?
Dolly_x
Posts: 28 Forumite
Hi everyone
Just after some advice..
I have a car currently on lease. I took the lease out in April 2017. The following year (April 2018) I started a DMP due to quite a large amount of credit card and loan debt.
I’ve now had my DMP for around 19 months. All accounts in question defaulted a while ago and I have always kept up to date with my payments to my DMMP and seem to be coping much better than I ever was before at managing my money!
My car lease will end in 16 months I’m told - they’ve just called me about going in to see them about renewing my vehicle for a similar monthly amount to what u pay now. When u started up my DMP I left my car out of it as I needed the car to get to work etc. I have never missed a payment or been late to pay on my car finance.
I am keen to renew my vehicle as my currently job means I do a lot of mileage - so I need something that ya reliable. I have arranged to go and see my car dealer this week but I am worried about being credit checked and then not letting me renew my vehicle due to my DMP?!
Has anyone had a similar experience of this? I am guessing a newer car would mean a new finance agreement and that’s where my worry comes in - I am wondering if the fact I have always paid my current car agreement on time would be enough for them? - despite the now defaults on my credit history!
Any advice hugely appreciated as I’m a bit worried about going in there!
Thank you!:o
Just after some advice..
I have a car currently on lease. I took the lease out in April 2017. The following year (April 2018) I started a DMP due to quite a large amount of credit card and loan debt.
I’ve now had my DMP for around 19 months. All accounts in question defaulted a while ago and I have always kept up to date with my payments to my DMMP and seem to be coping much better than I ever was before at managing my money!
My car lease will end in 16 months I’m told - they’ve just called me about going in to see them about renewing my vehicle for a similar monthly amount to what u pay now. When u started up my DMP I left my car out of it as I needed the car to get to work etc. I have never missed a payment or been late to pay on my car finance.
I am keen to renew my vehicle as my currently job means I do a lot of mileage - so I need something that ya reliable. I have arranged to go and see my car dealer this week but I am worried about being credit checked and then not letting me renew my vehicle due to my DMP?!
Has anyone had a similar experience of this? I am guessing a newer car would mean a new finance agreement and that’s where my worry comes in - I am wondering if the fact I have always paid my current car agreement on time would be enough for them? - despite the now defaults on my credit history!
Any advice hugely appreciated as I’m a bit worried about going in there!
Thank you!:o
0
Comments
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they’ve just called me about going in to see them
They have either not done any checks - which would be worrying - or they have done checks and they are happy to give you a loan.
Have you checked your own profile with Equifax or similar?
Is there a deposit required?Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
The law is like an ocean - have a swim but don't drown.0
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