09 Mar 2015

A question about : On a DMP and desperately need a car

Dear All

I am currently on a DMP, which I hope will end in December 2014 (as according to Payplan).

At the current time, I have a lease car with work, and the contract is due to end in February 2013.

At work, I am facing the prospect of being down graded, due to public sector pay cuts.

The problem I have is that I am reluctant to sign up to a new lease car agreement, taking into account that my pay is likely to be reduced.

Therefore, it would be more sensible if I got my own car, which I could then sell, if needed, should I encounter significant money problems, or at least have more control over (eg even get a new job if needed!).

As my credit rating is very poor, I wanted to ask if there was any way I might be able to acquire a car, which I need to get to work, and for work, as my job does involve driving.

Car Finance Interest rates for people with poor credit seem excessively high according to comparison websites. Would this really be my only option?

Any advice or recommendations would be hugely appreciated as I simply dont know what to do.

Thank you.

Best answers:

  • It is against the terms of a DMP to take out further credit agreements, such as loans, credit cards etc...
    If you do, you risk Payplan, terminating your DMP.
    Hopefully some others, will come up with some other ideas, as buying a car isn't something I have ever done, as I don't drive.
  • If you have a mate to give you some advice then Autotrader has a wide choice of very serviceable cars in the Ј750 range.
    I am not taking the mickey - my current car is a Ј750 Golf GTi that is remarkably rewarding to drive, simple to maintain and should be reliable for a few years yet.
  • Reducing your DMP payments for a few months to give yourself the cash to buy a cheap used car may be an option.
  • My car died while on my DMP and I was allowed to look for another car, the problem in my case was my credit is pretty dire, so I decided to take a lease car through work as there was no credit check and it seemed the only way to get a reliable vehicle to get to work, the alternative would have been to give up where I work and try to find something on a public transport route, I live in a very rural area and this would prove to be unsustainable, Step Change were very reasonable about this once I explained why I needed my car.
    I would give your DMP company a call and see what they say.
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