Some advice please, car finance

JimDuff

I'm 21 years old and for the past 6 months I was earning a pretty healthy salary running a high street pub, although this Monday just gone to my surprise I was made redundant, as the pub is in pretty dire financial means. However during my employment I purchased a used car on finance from a dealership, and the payments, while quite steep, were not a problem for me at the time. I was 95% sure my job was stable enough, at least to see me through the majority of payments, but obviously not.

Now I find myself in a situation where I am currently unemployed, and I have a car that I have only paid about £700 off, of which I still owe a good £7200 on, and is probably worth (due to horrendous depreciation) at maximum, £5500. Now at the time (stupidly, I know) I didn't take out PPI due to the the fact I had received reassurance my job was well and truly permament, so I find myself in a bit of a pickle.

I just want to know if there's any possible way out of this, that will not damage my credit in the long term. I am more than happy to replace the car or get rid of it, but as I have not paid a third or even a half yet, I am not sure where I stand, and if there's (if any) a way out somehow.


Thanks in advance. :money:

[Deleted User]

speak to the lender see if they can offer some temp help?hopefully you will get a job soon(wetherspoons are worth applying to as always looking for staff)