Hi there,
Im wondering about changing our car whilst still in a HP agreement.
We had to restructure our Finance Agreement when my husband lost his job a couple of years ago & this reduced the repayment, but extended our loan out until jan 2017. Our credit rating is now really bad due to late payments & also having some mortgage arrears.
We need to change cars but im not sure how we would go about this when the car is still under a Finance Agreement? Our lender is G* Money who are no longer doing this type of finance.
I do not wish to increase the loan or upgrade the car in fact we'd have to drop down the years to get the car we need (a Galaxy we've a large family 2 babyseats, biggest child now squashed in the middle very uncomfortable, but other booster seats are too big fit aswell so cannot bring a smaller child from the rear iykwim also handbook says stage 2 car seat is just not safe in the 6&7th seat so cant swap those around either) so it be a direct swap really in an ideal world, for a car of equal value & we carry on the repayments. G* Money have said no would have to re-finance the new car & pay them back in full, that we cannot simply change car details, even though the new car will be of equal value.
I hope this makes sense.
Would anyone know what if we have any options? I know before i even look that a new finance company wont touch us, with our history.
TIA
Im wondering about changing our car whilst still in a HP agreement.
We had to restructure our Finance Agreement when my husband lost his job a couple of years ago & this reduced the repayment, but extended our loan out until jan 2017. Our credit rating is now really bad due to late payments & also having some mortgage arrears.
We need to change cars but im not sure how we would go about this when the car is still under a Finance Agreement? Our lender is G* Money who are no longer doing this type of finance.
I do not wish to increase the loan or upgrade the car in fact we'd have to drop down the years to get the car we need (a Galaxy we've a large family 2 babyseats, biggest child now squashed in the middle very uncomfortable, but other booster seats are too big fit aswell so cannot bring a smaller child from the rear iykwim also handbook says stage 2 car seat is just not safe in the 6&7th seat so cant swap those around either) so it be a direct swap really in an ideal world, for a car of equal value & we carry on the repayments. G* Money have said no would have to re-finance the new car & pay them back in full, that we cannot simply change car details, even though the new car will be of equal value.
I hope this makes sense.
Would anyone know what if we have any options? I know before i even look that a new finance company wont touch us, with our history.
TIA
