Require a Loan

ShEp

First off, god I wish I read this site 4 years ago

Got myself into some financial troubles with at 23 years old is a massive weight around my neck.

Hello all, I hope someone may have some advice for me.

I read this site a couple of weeks back and saw a recomendation to use AllAboutLoans.co.uk from another user when trying to find a loan.

I used the company and I have had nothing but nonesense calls from indian call centres and people wanting a fee.

Now having never applied for a loan before I wasn;t sure of the process.

Loans 4 sure contacted me, and told me I was 100% accepted for a loan bla bla took £49.99 from me and I never saw papers/loan or anything again.

I conatcted the OFT and I have now been refunded and I have also sent them a letter with my thoughts attatched

ANYWAY...

I took car finance out over 2 years ago, it was £6930 over 4 years,

Now 3 months after taking the finance out I was made redundant, (which came from nowhere, as far as I knew there was no threat of it)

I got into trouble with the repayments, and they wouldn;t accept payments once I was working, They passed the account onto solicitors 'NOLANS' Who accepted £350 per month over 3years as an agreement and I kept the car.

I have now shifted jobs again, and after waking up I realised I'm being completely shafted (do the math) I was young and naieve.

I now want to apply for a loan, and make the original finance company BRITISH CREDIT TRUST an offer to buy the car outright as it work out a LOT cheaper,

But after a couple of days online looking and reading here I seem to not have much hope.

I'd like to get a loan to pay off the finance and sell the car. which would leave me a manageable debt.

My credit rating isn;t exaclty great due to the afformentioned troubles with this finance. debt mamagement isnt an option as the debt is secured on the car, I cant end early and hand the car back,

I have only 3 option

Loan, and pay the finance outright

or

Let them repossess the car to sell at auction for peanuts and leave me with debt anyway

or

Continue to pay £350 per month for a car which never seems to be on the road more than 5 minutes and is 100% finance


Can I just say thank you in advance for any help, I know it's a lot to ask for a first time poster, but I'm going to use this site to get me back on track

:beer:

PNPSUKNET

let them repo and buy it back from auction for peanuts

Rafter

If you have signed a credit agreement with Nolans then you are obliged to fulfil it, although you may be able to buy yourself out and settle it early, avoiding some of the horendous interest they have added.

If the loan is some sort of hire purchase arrangement and there is a charge against the car, then after making payments for 18 months you may simply be able to hand the keys back.

It really depends on the terms of your agreement with nolans and who owns title to the car now.

R.

ShEp

Rafter wrote: »

If you have signed a credit agreement with Nolans then you are obliged to fulfil it, although you may be able to buy yourself out and settle it early, avoiding some of the horendous interest they have added.

If the loan is some sort of hire purchase arrangement and there is a charge against the car, then after making payments for 18 months you may simply be able to hand the keys back.

It really depends on the terms of your agreement with nolans and who owns title to the car now.

R.

There was no agreement signed with nolans, They just took it on from British Credit Trust.

I Was told by british credit trust I could hand the car back 1/2 way through, but I'm now told I can't

I have NO agreement with Nolans. I only have an Agreement with BCT.