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Loan problem advice...
Desidude501
Posts: 1 Newbie
in Loans
Hi,
I wanted some advice re: a loan I curently have with Northern Rock, which was originally taken out for the purchase of a car. I have had a massive change in my financial circumstancs and am now finding it difficult to meet the monthly payments (though I have not missed any payments).
Does anyone think the loan company would consider taking my car back as a 'payment' as it is actually worth more than the loan itself. Also, what kind of impact would that make to ones credit file?
Thanks in advance.
I wanted some advice re: a loan I curently have with Northern Rock, which was originally taken out for the purchase of a car. I have had a massive change in my financial circumstancs and am now finding it difficult to meet the monthly payments (though I have not missed any payments).
Does anyone think the loan company would consider taking my car back as a 'payment' as it is actually worth more than the loan itself. Also, what kind of impact would that make to ones credit file?
Thanks in advance.
0
Comments
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The loan company wouldn't take the car as payment, but the car is yours to sell and do with the money as you wished. The loan was a personal loan and title in the car is yours and nothing to do with the loan company.
So sell the car privately, take the cash back to Northern Rock and pay it off. If anything, it will help your credit file as an early settlement on the loan will make it look like you have the cash to pay the loan off early.Debt at highest: September 2003 - £26,350 :eek:
Debt now: £14,100 :rolleyes:
Debt free day: October 2008 :beer:0
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