can make car finance repayments

jay555

hi i was wondering if any of you folk could help me out
heres me story
on jan 2008 i bought a car and financed it with ford credit and took the mtly repayments out over 5 years at 267 a mth since then ive lost me job and ive become self employed and only earn round 130 a wk and i cant afford to meet repayments on the car as ive also got other debt to payoff when i rang ford credit they said theres not much they can do as ive took the loan over the max period they just said to cancel my direct debit for 2mths so i can get back on my feet wit a new job and then set it bk up again is ther any other ways round this i dnt want to loose the car and ive just missed 1 payment + ive no ppi on the agrement if they could cut the repayments to 200 a mth id b happy:mad:

Rafter

Unfortunately if you cannot get your income level up, it is very unlikely Ford would accept reduced payments rather than repossessing the car. Presumably you paid a large deposit, so ford would be better off doing this.

Also be aware that by not making payments for 2 months you will be in 'default' which will make your ability to get loans and credit very difficult for the next 6 years.

If you are not realistically going to be able to increase your income and repay your existing debts you should take advice from cccs or debtline or citizens advice about your options.

Good luck

R.