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Ending PCP early
Hi
I really need advice I took out a Kia car on PCP in July last year.
My circumstances have now changed, I am separating from my husband and my income has now changed. i am now on low income - 700 a month and the PCP is over 300 a month
I cannot afford to pay the monthly cost or pay back the 50% they will want if I hand it back.
Can anyone advise me what to do please ?
Thank you
I really need advice I took out a Kia car on PCP in July last year.
My circumstances have now changed, I am separating from my husband and my income has now changed. i am now on low income - 700 a month and the PCP is over 300 a month
I cannot afford to pay the monthly cost or pay back the 50% they will want if I hand it back.
Can anyone advise me what to do please ?
Thank you
0
Comments
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Hi
I really need advice I took out a Kia car on PCP in July last year.
My circumstances have now changed, I am separating from my husband and my income has now changed. i am now on low income - 700 a month and the PCP is over 300 a month
I cannot afford to pay the monthly cost or pay back the 50% they will want if I hand it back.
Can anyone advise me what to do please ?
Thank you
Whilst the debt may be in your name it - i would have thought - be considered a shared debt in terms of separation / divorce.
I'd be speaking to a solicitor about that.
Otherwise you're fairly stuffed. Either keep paying, or hand the car back and suffer the consequences (they'll flog it off at auction and pursue you for the difference)0 -
If you can't afford the payments then you could try and sell the car (with the finance co. permission) either back to the dealer, or possibly privately, and take out a loan to cover the negative equity that you'll no doubt owe.0
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Whilst the debt may be in your name it - i would have thought - be considered a shared debt in terms of separation / divorce.
Nope. She bought the car herself, she still has the car. Shared debts are things like joint loans, the mortgage.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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