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Manoona

I know there are a few posts on here about welsome finance. I was after any advice going really. I got a car from them in December last year only because I needed a more reliable car as I travel around a lot with work. Its only a ford KA so no chance of a down grade! I have only ever missed one payment with them and I only took the short fall insurnace - I didnt bother with PPI etc.

Now my circumstances have changed and I dont travel as much as I used to im finding the repayments of 211.60 really hard to make and am pretty sure this months will be missed.

I know the company has closed its car finance department so I was wondering if this would have any affect on my agreement.

I wonderted if there was any way of getting out of my agreement, I've only paid apx 1500 off of the amount owing although randomly had a letter this weekd giving me an early settlement figure - I did not ask for this as stated in the letter so I really dont know what prompted it.

I know I cant hand the car back as I have not paid enough off of it - although if the company is having difficulties they might be more willing to come to an agreement. If not am I able to sell the vehicle and just remain liable for the shortfall, its not an ideal situation but I just need to lower the monthly outgoings.

Any advice would be greatly received I dont really know where I stand with HP agreements etc.

Thanks
Maria

[Deleted User]

to get a comprehensive answer you may need to post more details,eg how much was the loan over what period,how much have you repaid,what was the offer for settlement they made etc etc

Manoona

Ok, thanks, here goes!

Th car was £6954 so the total amount repayable was £10358.97 over 48 months; Ive only had the car since December and I missed one payment so the total ive paid is £1904.40; So not enought to be able to hand the vehicle back.

Early settlement figure if paid before 5 November 09 is £6481.86.

I could call them and get my payments lowered but ive seen posts from other peolpe that have done this and things have gone wrong etc etc so just wanted to get as much info before I give them a call really!