Help Please!
Tayus
Posts: 313 Forumite
Hello everyone im after some advice -
It looks as though a friend of mine is going to be 'away' for a while, the problem is he has a car on finance and the address that is registered with the finance company is his mums house. Obviously he wont be able to keep up repayments on the car whilst he is 'away' so what are the options / what can his mum do to ensure that her credit rating is not affected by this?
Any advice will be muchly appreciated
It looks as though a friend of mine is going to be 'away' for a while, the problem is he has a car on finance and the address that is registered with the finance company is his mums house. Obviously he wont be able to keep up repayments on the car whilst he is 'away' so what are the options / what can his mum do to ensure that her credit rating is not affected by this?
Any advice will be muchly appreciated
Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
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....ttt....Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
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I'm not sure what his mum can do, but surely the sensible thing is for him to contact the finance company and ask for advice, rather than leaving the problem in his mum's lap?
How long is left on the deal, and how long was it for? Isn't there some system where if you're half way through paying for it you can just say "thanks, take it back I don't want it any more?"Signature removed for peace of mind0 -
He needs to spek to the finance company, he may be able to do a voluntary termination but there may still be some finance outstanding on it if the car is worth less.:j Baby boy Number 2, arrived 12th April 2009!:j0
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If he defaults on the loan or finance on the car it won't affect his mothers credit rating so long as her name is not on the agreement. Just because you live at the same address does NOT mean your credit rating is linked - you need to have joint financial products for that to happen.
Black listing addresses etc is an urban myth - it's a person who gets a bad credit rating - NOT the address.DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
If you friend is going to be 'away' for some time, depending 'where'
is it prison? if so tell him to speak to his probation officer who can offer and organise help and advice.Life is about give and take, if you can't give why should you take?0 -
Thanks for the advice everyone, I have another question although its not strictly moneysaving related - Someone visited my friend today and although the exact duration of the time he will be away for has not been confirmed yet is it correct that he will only serve half (depending on good behaviour) or is it depending on the type of crime that he has committed?Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
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I think that it is something like sentences under 6 months you can get a 1/3rd off and over 6 months it's a 1/2. That doesn't count for murder so there must be some crimes to which it doesn't apply. I'm sure someone more knowledgable will be along shortly.0
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Sometimes the judge will state a minimum term that he must serve - that can depend on the crime, if he's a serial offender, his attitude in court and so on.
I don't think there is a real "rule of thumb" but I could be wrong... I'll try to speak to my neighbour later when he's back from his night shift as he's a copperDFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
Why not just say he's going to prison in the first place?0
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Thanks for the advice everyone, I have another question although its not strictly moneysaving related - Someone visited my friend today and although the exact duration of the time he will be away for has not been confirmed yet is it correct that he will only serve half (depending on good behaviour) or is it depending on the type of crime that he has committed?
There are many factors, alot of sentences under a certain amount of time will automatically be halved, then he could get out on a tag for good behaviour even earlier but that all depends on a number of circumastances and is not guarunteed.:j Baby boy Number 2, arrived 12th April 2009!:j0
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