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Hi my wife is after a car upgrade, and at the moment a garage is trying to obtain finance for her, she has been declined with a couple of places up to now, she is on a debt management scheme with myself, is this the reason for the refusals do you think. If so is it even worth continuing trying to obtain credit and thus damaging her credit profile further. Thank you, Tony

Hi Tony, I’m sorry to hear you are having problems trying to buy a car.

It is likely that your wife is being refused car finance due to her being on a debt management scheme. How long has she been on the scheme for? Has she fallen into further arrears in the past 12 months?

Credit profiles can change and sometimes do quite quickly (in both directions). If she continues to meet payment requirements going forward, she’ll improve her position but, as you say, there is a risk of her damaging her profile further if she keeps on applying for finance and being refused.

Without all of the information, it is hard to advise but I think I would suggest keeping up with payments over the next 6 months or so and then applying for car finance.

Give us a call if you’d like more advice, or you can find some good advice – HERE

Best of luck.


About The Expert

Jon Le Roux is co-founder and company director of The Car Loan Warehouse. Being a mad engineering and motorsport enthusiast, I spend more hours than is healthy, watching, reading or talking about cars, boats, motorbikes…..basically anything with an engine.