Help Needed

abijah_2

What is the best way for me to pay off the balance on a car loan we got that has now come to an end with a balance of £7000. We were under the impression that ING would take the car back at the end of the term, and that would be it. If only it was that simple, unfortunately we were mislled this was not the case and now we are in default.
I was wondering if I could transfer this debt on to a 0% credit card and pay it off ASAP, maybe tarting a couple of times. I do not have a credit card at the moment and the debt is in my wifes name. Would this be the bset way forward or is there some other way?

GeorgeUK

If it was on HP, then you could have done a voluntary termination (where you can hand the goods back at any time and pay for 50% of the original balance).

It doesn't sound like you would be able to sell the car for the outstanding balance so a creditcard that allowed super balance transfers may be an option. If you put it on an ordinary creditcard, you would probably be charged for a money transfer and it wouldn't be 0%.

When you say

the balance on a car loan we got that has now come to an end

Was this an interest free period or something?

I know Virgin allow SBT's so you could transfer the money from your card to your current account and use the cash to pay off the loan. It may also be worthwhile checking what the settlement balance would be as there are sometimes charges for early settlement.