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Help with ending a HP agreement
rustywallet
Posts: 169 Forumite
in Loans
Hi,
My son bought a car on hp. The car has broken down and is outside my house. He has had to relocate for work in the last month and now lives 100 miles away.
He contacted the bank to say that he couldn't afford the payments they offered him a defement of 3 months, but for some reason went back on this. The only option they gave him was that they would take the car to auction, and after costs they would give him the money back for the car, but he would still have the debt to pay them. As the car isn't running he wouldn't get much for it at auction.
I've not got exact figures here, but the original loan was for about £12000 He's been paying the loan since April 2008. I think he has paid back about £4-5000
Can anyone advise his best options?
Thanks in advance.
K
My son bought a car on hp. The car has broken down and is outside my house. He has had to relocate for work in the last month and now lives 100 miles away.
He contacted the bank to say that he couldn't afford the payments they offered him a defement of 3 months, but for some reason went back on this. The only option they gave him was that they would take the car to auction, and after costs they would give him the money back for the car, but he would still have the debt to pay them. As the car isn't running he wouldn't get much for it at auction.
I've not got exact figures here, but the original loan was for about £12000 He's been paying the loan since April 2008. I think he has paid back about £4-5000
Can anyone advise his best options?
Thanks in advance.
K
0
Comments
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What is wrong with the car, is there no warranty?0
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I've just asked and the warranty has expired.
The problem is something to do with the turbo - over £800 to fix.
Thanks.0 -
Is this by any chance the BMW driver from last week?"We want the finest wines available to humanity, we want them here, and we want them now!"0
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