MY UPDATE and a question on car finance

fizzel81

sorry guys ive been neglecting you
its been so hetic here, anyway here is my sort of update a few months down the line
its getting better the only letters comeing through the door now are barclays who just wont accept anything but full amount, last letter recieved was from a soliciter saying it was going to court! ok so im trying not too worry to much as what is the worst they can do? i think im right in saying if we can prove we are trying to sort things out(which we are through payplan) they are not going to really stand much chance of us being made to pay it in one go my biggest worry is balifs and will they send them in.

what else well i feel so luck we have been given a pajero lbw!!! i know it sounds crazy it was given through freecycle all it needs is new tyres and 2 new back seatbelts as they are only lap belts tyres are 58 each(we would have needed 4 new 1s on our other car in the next 6 months so we are not speninding anything now that we would not have done 6 months down the line) and ive just bought the seatbelts from ebay for just under 40.00, we even got a full tank of diesel with it, now becuase we have been given this we dont need/want out ford mondeo (53plate) how do we go about this with the finance company

235.00 is a great saving to us if we get rid of the car somehow but what we dont know is how do we go about it?

any help on the last bit would be great as the sooner we can get rid the more we can chuck at our debts hitting our aim of being debt free by august the 21st 2010 (wow 4 years today hubby is also out of army on this date hence the need to be debt free)

hope all you dfw's are doing well and welcome to any newbies

tyllwyd

Congrats on getting a free car!

You need to get out the documents for your car finance. What does it say there about ending the agreement? How far are you through the loan period?

fizzel81

thank you i know where they are so will take a look at them this morning

rog2

Depending on your finance, you may find that, after two years you can return the car to the credit company. Check your finance agreement to make sure it is regulated.
You may, possibly, be able to sell the car, with credit company's knowledge and permission, and pay them the due balance.

shayshay

Having worked in the motor trade, depending on the model etc, you may well be worth while getting a price on it and contacting the finance company to find out what your settlement figure would be. If its through a dealership they can pay the settlement immediately, if its private you need to settle beforehand as the car is technically not yours therefore yiou are commiting fraud by selling it prior to settling up.

Not so much of a problem if the person knows you and can part with the money before taking it so you can settle. Have a look on Glassguide website as its much more definitve to trade prices as opposed to Parkers which is for your average tyre kicker punter. You will get more money from a private sale but need to sort out prior to handing over the keys.