Help needed re finance for car and giving car back

billicus

We are seriously struggling and I have decided an option for us would be to sell/give up the caravan and car which we have on finance.
We are with the CCCS and dont have a payment plan yet as we dont earn enough. (I am looking for work)

Anyway... My question is will the caravan/car finance companies take them back and pay off the remaining finace or will we fall short? What happens in these circumstances? We are up to date with payments, but are in serious trouble with money.

we have only made 1 payment on the caravan as we stupidly took the finance out without thinking about our money issues and have now hit home about it all.

The car we have had 6 months and are up to date with.

Any ideas on what we can do? I am desperate to do this as it woul free up nearly £500 a month which are totally desperate for

Thanks

immoral_angeluk

This is only an option with a hire purchase agreement and you are past half of the term.

billicus

immoral_angeluk wrote: »

This is only an option with a hire purchase agreement and you are past half of the term.

Sorry I feel really stupid but I dont understand. So its only an option if we are past half the term? So it isnt an option for us?

immoral_angeluk

billicus wrote: »

Sorry I feel really stupid but I dont understand. So its only an option if we are past half the term? So it isnt an option for us?

Is your finance a loan or is it hire purchase?

billicus

immoral_angeluk wrote: »

Is your finance a loan or is it hire purchase?

Its hire purchase

standupguy

Take a look at both agreements and find the figure that is "one half the Hire Purchase price - It will be in a box on the front of your contract.

Then add up your deposit on each and the payments you have made.

The difference between the half HP price and what you have paid on each is the liability you would have if you returned both to the Finance companies.

Unless you paid a large deposit in each case you most probably are a long way from paying the half HP price?

Do the sums and find out how short you are from paying the half HP price figure on both the car and caravan?

billicus

standupguy wrote: »

Take a look at both agreements and find the figure that is "one half the Hire Purchase price - It will be in a box on the front of your contract.

Then add up your deposit on each and the payments you have made.

The difference between the half HP price and what you have paid on each is the liability you would have if you returned both to the Finance companies.

Unless you paid a large deposit in each case you most probably are a long way from paying the half HP price?

Do the sums and find out how short you are from paying the half HP price figure on both the car and caravan?

Thanks. Think we are in for a very tough time, as it doesnt seem to be an option :-(