Bad situation

Pressleyno1

Hi, I bought a car 3 years ago, £5500 from arnold clark. I took it on finance over 4 years, paying back £147 pm. Now I have moved out from home, and now living in the city centre of Edinburgh. I have not used my car in over a month. It is sitting back at my parents doing nothing. I have cancelled my insurance, and I was simply going to return the car to the finance company - On:line Finance. However...

On thinking this I cancelled my direct debit to them. It turns out the car needs to be in good condition. Its not really, driverr door has rust and a dent, suspension at back is making a funny noise, and a few other wee things. So I don't know if they would accept it.

So as things stand I have cancelled my direct debit to on:line finance, and have a car just sitting there doing nothing. I have about 9 months left to pay on the car. I dont want to pay it, its pointless, and I don't want to afford it.

Advice anyone ?

shona_2

Have you asked them whether they'd take it back? Surely it should be in good condition for it's age only?

Otherwise - I guess you have signed a legal agreement - you either need to pay it up or pay it off and then sell it another way.

FlameCloud

Pressleyno1 wrote: »

Advice anyone ?

Think about things before you sign a contract? Keep your car in better nick?

moonrakerz

Pressleyno1 wrote: »

Hi, I bought a car 3 years ago, £5500 from arnold clark. I took it on finance over 4 years, paying back £147 pm.
I have about 9 months left to pay on the car. I dont want to pay it, its pointless, and I don't want to afford it.

Advice anyone ?

Advice, yes - when you sign up to something, understand what you are doing. You signed an agreement to pay £147 a month for four years - NOT to pay £147 a month until you decided you didn't want pay it any more !

If you have cancelled the DD you will soon have the debt collectors at your door followed by the bailiffs.
Grow up and pay up !

maniac886

Pressleyno1 wrote: »

Hi, I bought a car 3 years ago, £5500 from arnold clark. I took it on finance over 4 years, paying back £147 pm. Now I have moved out from home, and now living in the city centre of Edinburgh. I have not used my car in over a month. It is sitting back at my parents doing nothing. I have cancelled my insurance, and I was simply going to return the car to the finance company - On:line Finance. However...

On thinking this I cancelled my direct debit to them. It turns out the car needs to be in good condition. Its not really, driverr door has rust and a dent, suspension at back is making a funny noise, and a few other wee things. So I don't know if they would accept it.

So as things stand I have cancelled my direct debit to on:line finance, and have a car just sitting there doing nothing. I have about 9 months left to pay on the car. I dont want to pay it, its pointless, and I don't want to afford it.

Advice anyone ?

1. I would get the direct debit activated again because if they come to take payment and they cant get it from you as you have cancelled then you may get a mark against your credit rating(or baillifs if you decide not to cough up). If money is due out soon then I would ring them and ask if they can take next months over the phone.

2. Read your contract and see what exactly they mean by good condition. So you can get the car repaired and then return it in good condition.

3. Ask the finance company if you can sell the car?

DCFC79

Get the direct debit set up again otherwise bailiffs will be after you which could incur more costs, why did you move into the city ?

Conor_3

Err, you may want to rethink the insurance. Currently, if your car is stolen, you've lost everything.

hewhoisnotintheknow

contact them quicky before the next payment is due!