need some advice

sharpygreen

hi
not sure if this is the correct section, feel free to move it if its not


i bought a car in feb 2008 on a 5 year car loan with ge money.
who have now been taken over by santander.

at the time I was getting a nice car allowance from work which paid the loan amount, have just been informed by work due to cutbacks bla bla bla that they will be ceasing the car allowance which leaves me in a bit of a pickle I can no longer afford the car.

I rung Santander to see if they could reduce the payments or offer any help and basically got told there is nothing they can do.

I have read on here somewhere that after half the term you can just hand the car back,im not sure if this applies to a car loan I just read the terms conditions and doesn’t mention it anywhere.

I’m really struggling and would like some ideas what my options are please

Thanks

DarkConvict

I think the hand it back after 50% paid applies to a hire purchase agreement, not a loan taken out against the car. Its slightly different.

But if you can do it, it will be in the terms and conditions of the credit agreement, probably under termination, voluntary surrender or something.

Is there anything at work which relates to your car allowance can be taken away with little notice? Was the allowance paid for use of your car or actually buying one? You shouldn't take out an agreement if you don't know if you can pay the full term. (of course you know this bit now)

sharpygreen

work have given us 3 months notice change of contract regarding the car allowance (basically shafting us )what they have done is moved my scale so i no longer qualify for the allowance will affect quite a few of us nice money saving by work

saxysarah

nice of work to do that - although i guess if it means they stay in business then at least you still have a job! how about doing a full SOA and posting it on here to see if u can make up the loan difference somewhere else and keep the car - you'd be amazed at the suggestions people come up with - gotta be worth a try. good luck