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Relocation with PCP

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will951101will951101 Forumite
1 posts
First Post
MoneySaving Newbie
My girlfriend and I both have cars on PCP agreements. I’ve been offered a job in Dubai and we are moving in August. We’re both in negative equity on our agreements and haven’t paid off 50%. There is also no way we would be able to pay off the difference on both cars whilst also paying for our relocation costs. Any advice would be welcome!

Replies

  • edited 2 June at 7:51AM
    JonesyaJonesya Forumite
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    edited 2 June at 7:51AM
    Only thing I can think of is to speak to your PCP provider and see if they would agree to an arrangement to take back the cars and allow you to pay off the debt over a period of time.

    You may also want to check out the debt laws in Dubai before you go, they're quite different from the UK, non-payment of debt is treated as criminal offence there.
  • edited 2 June at 10:12AM
    DrEskimoDrEskimo Forumite
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    edited 2 June at 10:12AM
    Minimise the negative equity by getting as many valuations from as many dealers/garages as you can. 
    Use savings to clear the shortfall and then look at other ways to fund the relocation costs, preferably without relying on credit again....

    Your commitment to buying cars on finance was committing your future earnings towards paying for these cars. You can't also expect to be able to afford to do everything else you want to do in life on top....
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