Help Needed!

jamespounder1

Hi,

I have car finance with Bank of Scotland and have 14 monthly payments to make.

The car in question is off the road and has been for the last 5 months.I want to get rid of the car because I cant afford the repayments anymore, but the car isnt worth as much as the finance settlement. I have had quotes to fix the car and they are around £400 which i cant afford either.

What are the consequences of handing the car back to finance company in its current (un-roadworthy) state.

I already have defaults recently registered against my credit file because I am self negotiating with other creditors.

I just want to know what options I have, I am of the understanding that its illegal to sell the car while finance is still owing on it...

Thanks in advance for any help.

James

Geebee

Hi James.
The only thing i can tell you is that you are correct, it is against the law to sell a car that is still under finance, it isnt actually yours to sell while there is still money owing on it.
Sorry I cant be of any help other than that.

Geebee.

Ps.. check here. http://www.bankofscotland.co.uk/corporate/funding-solutions/vehicles/vehicle-finance-options/index.html