Ending PCP early

Justme72 · 22 January 2018 at 5:13AM

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

motorguy · 22 January 2018 at 9:27AM

Justme72 wrote: »

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)

neilmcl · 22 January 2018 at 9:30AM

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.

System · 22 January 2018 at 3:46PM

motorguy wrote: »

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.

Ending PCP early

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