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Low credit rating for HP finance
crazystuck
Posts: 1 Newbie
in Motoring
Hi,
I have a car on finance that was taken out when I was with my ex partner. The finance is in my name and it is my car, but it is on PCP. Being a single parent and left with debts out of my control (I have gone through StepChange to sort these) there is still 2 years left on the finance contract and I simply can’t afford it, they are unable to help me with this.
So I applied for an older cheaper car on HP with the negative equity from my current car transferred too. However I was declined.
I have family that are willing to take finance out for me, but would I be able to still transfer the negative equity in my name over onto a new HP with it being in their name?
I hope this makes sense. I am really struggling and this seems the only way?
Any other suggestions welcome!
I have a car on finance that was taken out when I was with my ex partner. The finance is in my name and it is my car, but it is on PCP. Being a single parent and left with debts out of my control (I have gone through StepChange to sort these) there is still 2 years left on the finance contract and I simply can’t afford it, they are unable to help me with this.
So I applied for an older cheaper car on HP with the negative equity from my current car transferred too. However I was declined.
I have family that are willing to take finance out for me, but would I be able to still transfer the negative equity in my name over onto a new HP with it being in their name?
I hope this makes sense. I am really struggling and this seems the only way?
Any other suggestions welcome!
0
Comments
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How many payments have you made ? I think if you have paid 50% then you can VT the car Your contract will detail it.0
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Your options would be to VT the car now, find out how much you need to pay to get you to the 50% point and ask your family to pay for this - you ask your family to pay the monthly PCP payments for you until you can hand it back at the half way point - best take out GAP insurance as well though.
Dont buy another car on HP, just get a cheap one until your more stable.
If your credit history is already shot to pieces and you have more than 3 or 4 times your annual income in debt then think about VTing without paying them and take out an IVA - 6 years you will be ready to get credit again.0
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