any advice at all greatly appreciated

[puddlesplash]

hi everyone,
please be patient with me with this thread as i am posting on behalf of a family memeber!!
right here goes...
my cousin got a car from carcraft on finance for his partner(not married) in january 2006. at the time he was running a successful business. the repayments on the vehicle come in at £360 per month over 5 years.
unfortunately his business took a serious downturn this summer and they have had to go down the iva route. they have been advised to return the car which is just not an option as it is the only vehicle they have and they live in the country with school runs and jobs to get to.
they are really desperate to hang on to and have worked out taht they can afford to pay £200 per month.
my question is can the partner transfer the credit agreement to her name and is there any way that these finance companies will extend the finance to lower the monthly repayments.
i know to the more experienced forum users this might sound like a naive question but i am desperate to help them find a way through this because without the vehicle they really will be in trouble, and they are really going through it at the moment.
if anyone can think of a solution or give me some advice on what i have suggested i would be really grateful.
many thanks
kind regards
puddlesplash
p.s.
they havent defaulted on any of the payments and the iva is in his name not hers if this helps??

[nathal]

It might be possible to start a new finance deal on the car in another name(credit rating providing)

Most companies only finance a vehicle from a garage though, with cc licence and forecourt. It would be great if you knew a garage well enough that would buy the car and sell it on for same price in a different agreement

[nellie75]

We were in a similar position with carcraft and they were really good about it. We did not have finance but exchanged car for a lower priced one and they gave us cash back for the difference. If they have any lower spec cars or cheaper ones i am sure they would do the same. They can then start new agreement with new car in the new name, if they tell them they can afford £200 i am sure they can work something out

Hope this helps - good luck

[puddlesplash]

that sounds like a brilliant solution, i will let her know today nad fingers crossed they will be able to sort something out. i suppose carcraft will be happier to keep some kind of finance going rather than nothing at all??
many thanks for taking time to reply, i will let you know how they get on.
puddlesplash

[nellie75]

Yes exactly, they will then have other car as trade in. They should tell them firstly they need finance for £200 a month. They also have finance deals on at the moment with buy now pay 12 months, if they qualify this could give them time to get things sorted - good luck x