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Struggling :(
Comments
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I have already spoken to the finance company and asked if they finance agreement could be rejigged to reduce the payments and they said no, something like that can not be done mid term.
How would I search to find companies that would refinance the current agreement? I have no idea where to start or what to search for
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I just searched car finance refinancing. Be careful as there are some dodgy lenders out there. But the big banks also do this and the advertised aprs sound reasonable.
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the question is, will these reasonable rates be available to someone in an IVA?
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The op would definitely have to do this pre-insolvency and preferably before defaults started appearing on their credit file
My thinking is that, whatever strategy they eventually choose, an arrangement with fixed monthly payment, and an end point , leaving the person with a car to use and own, is better than one with a balloon payment that is unaffordable and the car has to go back.
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