Negative Equity on car finance

Thecheese

wba31 wrote: »

Is that settlement figure you're being quoted to simply pay up the HP and own the car outright?

you can hand the car back once 50% of payment has been made - check out this factsheet...

convert it into a PDF (right side of the page) and it is easier to read...

That factsheet is very interesting indeed, thanks. Regarding your first question, yes indeed that is to pay up and own outright. Why do you ask?

wba31

Thecheese wrote: »

That factsheet is very interesting indeed, thanks. Regarding your first question, yes indeed that is to pay up and own outright. Why do you ask?

After I re-read your OP I guess you would have no problem getting rid of the car? maybe it's time to dig out the HP agreement, grab a calculator and work out what you think you can do with the help of the NDL factsheet.
I use that a lot where I work (a charity like NDL but not NDL)

Thecheese

wba31 wrote: »

After I re-read your OP I guess you would have no problem getting rid of the car? maybe it's time to dig out the HP agreement, grab a calculator and work out what you think you can do with the help of the NDL factsheet.
I use that a lot where I work (a charity like NDL but not NDL)

I cannot afford the monthyl repayments on top of the petrol and associated running costs, let alone a settlement! That is the issue. I just cannot work out why my liability would be more than a settlement figure.

Thecheese

I have just heard back from Welcome and they inform me that in having a default on this account I have surrendered my right to VT and I can only Voluntarily Surrender the vehicle, which would involve it being sold at auction and me then owing the outstanding. Firstly is this right? Secondly...Help!

fivetide

Bus! Take the bus. You live in South London !!!!!!!

The default might throw out the rest of the plans put forward here. I think what people were getting at is that you would simply hand the car back, forfeit money you've paid so far and they'd keep it. They were giving you a price to keep the car initially. The only other option I can think of is can you find the shortfall to what they want? that way you could sell it and pay off the finance. You'd need to do this at the bank with the buyer though so they knew it was done.

5t.

Thecheese

fivetide wrote: »

Bus! Take the bus. You live in South London !!!!!!!

The default might throw out the rest of the plans put forward here. I think what people were getting at is that you would simply hand the car back, forfeit money you've paid so far and they'd keep it. They were giving you a price to keep the car initially. The only other option I can think of is can you find the shortfall to what they want? that way you could sell it and pay off the finance. You'd need to do this at the bank with the buyer though so they knew it was done.

5t.

I need the car for work and driving clients around...and I don't live in South London, just work here.

fivetide

So you are using the car for business. Are you insured for that?

Are you self employed?

If you are now working for a different firm why are they not paying you petrol at 40p a mile to recover some costs?

Sorry, few things not adding up is all but possibly through not being able to see the whole picture.

5t.

spiro

fivetide wrote: »

So you are using the car for business. Are you insured for that?

Are you self employed?

If you are now working for a different firm why are they not paying you petrol at 40p a mile to recover some costs?

Sorry, few things not adding up is all but possibly through not being able to see the whole picture.

5t.

Agree. £85 per week with petrol at about £1.30 is 14.5 gallons, which at 20mph is 290 miles per week. Even if only half of this is business mileage your employer should be paying you £58 per week towards your £85 petrol bill.