Welcome Finance car loan - advice?

DexterSaintJock

Hi, just registered here,

I have a Car loan from Welcome Finance from 2008, and being self employed I have really struggled with payments and did the ultimate sin by burying my head in the sand, and the £250 pm payments are just killing me along with the many other debts I pay monthly

So wondered if giving them the car back will help in any way? I simply cannot afford these payments and they are phoning me every day and I'm starting to worry about debt collectors/bailifs and such?

Any advice will be greatly received thank you

iolanthe07

If you surrender the car they will most likely auction it off for what they can get, and then chase you for any difference between that and what you owe, plus fees. I would seek advice from someone like CAB before taking the rather drastic step of surrendering. You may be able to negotiate lower repayments.

Apples2

DexterSaintJock wrote: »

I simply cannot afford these payments and they are phoning me every day

I take it you are missing payments (why else would they be ringing you?)

VT (voluntary Termination) is no longer an option once the contract has been broken (by not paying on time, every time, the amount in the contract).
Some people have managed to negotiate returning the car even in default though so may be worth a punt.

If you are in default they may be receptive to an offer from you to clear the debt and be free (anything from 30%). Of course you would need to obain enough money from other sources to do this.