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Just Joined

1 Posts

Posted - 16 November 2021 :  19:20:06  Show Profile  Reply with Quote
Hey guys new to the forum has loads of brilliant info on wish I knew about it earlier.

Ok looking for a bit of advice Iíve had my car on pcp finance and itís coming to an end in 6 months so went to the dealer and they wouldnít lease me a new car due to my credit rating , I got my car before hitting some money troubles problem I have is thereís a balloon payment at the end which I cannot afford hence why I was trying to renew my car for another four years and I really need it for so cannot hand it back Iím really not sure what to do? Has anyone had a similar situation or advise on what to do?

Thank you

TDA (Debt Adviser)
Trust Deed Expert

13851 Posts

Posted - 17 November 2021 :  10:33:08  Show Profile  Reply with Quote
Welcome to the trust deed forum Chrissy.

I'm assuming from the title of your post that you're currently in a trust deed. Please let us know if that isn't the case.

One potential solution would be to find another finance provider that is prepared to offer vehicle finance while you're in a trust deed. They do exist but, as we understand it, some may require written consent from your trustee first. The costs are also comparably high unfortunately.

I doubt that your trustee would have a problem with this if you have a genuine need for a vehicle and if the new finance arrangement isn't going to affect your ability to afford your trust deed payment.

It might be a good idea to contact your trustee to see what they have to say about this potential solution.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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