Hi everyone, My car is old & bashed & I am needing a new one. I got discharged from my TD on October 11. Does anyone know any companies that won't rip me off or should I just wait a bit longer? Thanks
I've looked into this as well and there isn't anyone who won't charge you a high APR. The companies I looked at were both about 35% APR plus the cars themselves were overpriced. Could you put away the money you don't have to pay to your trust deed and get something from ebay?
Nothing left to discharge - everything's done and dusted!
Hi there, thanks for the reply, when did you get discharged ?
I got discharged in February of this year so you're a bit ahead of me in the time stakes. From what I've read about bad credit finance companies, they can alter APR to reflect not taking things like GAP insurance and PPI. One of the firms i looked at estimated £6900 total payable on £5000. They also had cars that had high mileage in relation to how much they cost. An example I can think of is a 2006 Alfa 147 1.6 for £4600. I found one on gumtree for £2000.
Nothing left to discharge - everything's done and dusted!
Hi pboykk, I finished my TD in sept 2009 and had the same problem as yourself. I needed a new car and waited a year, I was unable to get a loan for a used car, turned out my only option was a new car (no one would lend me 5000 but were happy to lend me 14500, makes nonsense). I got mine from a ford garage via black horse finance, reasonably good deal and didn't take PPI or gap and had no affect on apr etc. I had to wait 24 hours for decision as the application was referred to underwriters.
Hi Blacklily, thanks for the info, Blackhorse is a name thats come up a few times. I'll wait a year & then give it a try. You would think that the finance company you used in the past would be ok as long as you kept paying your old car through the TD. You think after the 36 months paying your TD it's all over but companies & people still try & pull you down a bit. Sorry rant over, thanks for the info.
blackhorse is linked to lloyds is it not? Think we better avoid them for a while as they were our biggest creditors.
moneybarn is worth a google at,you get to choose cars from wherever you want(mileage and age criteria apply),and I know several people from down south who have used then shortly after completing an IVA. Clearly higher than normal rates but with a colourful credit history beggars cannot always be choosers.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Here is a tale for you...
My girlfriend has never had any credit cards or HP or anything on credit ever other than her mortgage....after finally deciding she wanted a NEW new car she went looking for a bank loan, as traditionally they are usually a better deal re APR etc. From a quoted typical APR of 6.9% her actual personal quote ended up at 22% APR !!! Turns out because she had NO credit history she was classed as RISKY and charged accordingly !! You couldn't make it up..... She ended up going to Arnold Clark and got a brand new special Edition Corsa with about £3k off and an APR of 10%.....Its a crazy world is it not ??!!!
I'm in the same position as you then Paul. Lloyds TSB were my biggest creditor so I can't see me having a hope in hell of getting anything with Black Horse. I'm hoping to get another couple of years out of my little rust bucket before getting something else. I figure that once my bank are happy to give me a current account, I might try for another car.
Nothing left to discharge - everything's done and dusted!
I will be holding on to my trusty golf for another 12 months at least!!
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Also tried to change my car (couple of months post TD) and none of the mainstream garage lenders would consider me on HP Plan (even the one I currently have been with for 3+ years). My credit score score turned out to be better then previously thought, however the registry of the TD made them decline! You can get deals but you will pay well over the odds(which is a madness).
I have resigned myself to the fact its going to take a few years before anyone will look at me for a car on HP (not a loan but HP, where they own the car until the end of the term).
I'm really confused about this! I have a 59 plate car which I got about 6 months before entering my TD - I have been looking over my paperwork and come the magical three years - my car has been valued at £1??? Is this correct or has my IP done me a massive favour???
Paul, I wish I'd bought a golf. It'd probably do me longer than my clio. I suppose I can't argue with 11 years use and it was worthless when I went into my trust deed so couldn't be considered an asset.
Nothing left to discharge - everything's done and dusted!
Hi Neverendingstory, sounds like they may have done you a favour. If you have a HP agreement which runs to the end of the TD and beyond, then generally they will have no interest in your car, but they need to mark it as an asset (I was in a similar situation).