HP Agreement..Help needed please

nizzer999

Hello im in a bit of difficulty and not sure what to do! I took out HP for a car 12months ago on a 4 year term paying 299 a month... im curently £800+ in arrears and im in danger of losing this car. My current situation means i can afford the £299 monthly payment but i cant afford anything else to the arrears and they will not allow me into a payment plan until i cut the arrears down.

Now ive read somewhere that if i cancel it i only have to pay 50% of total amount owing, but if they take back the car i will have to pay it all off? is this true? and can i cancel it whilst in arrears? Some advice on what i can do will be greatly appreciated

Thanks Neil

nizzer999

I should also point out that i dont want to lose the car, and my finances will become managable in 3 months. But the company dont seem to want to help.

ILW

nizzer999 wrote: »

Now ive read somewhere that if i cancel it i only have to pay 50% of total amount owing, but if they take back the car i will have to pay it all off? is this true? and can i cancel it whilst in arrears? Some advice on what i can do will be greatly appreciated

Thanks Neil

Not quite, the deal is if you have payed 50% of the total amount due (inc interest) then you can hand the car back and you do not have to pay the rest.

barclaysguy

You would need to pay the arrears on the account though.