We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
First Response car finance
Hi all I'm new here
I wondered if anyone could advise me on a problem I have with my car.
I bought a car last year through a company called first response. They were the only company that would give me finance as my credit was poor. Since then I have gotten into severe debt and now have a DMP with CCCS.
Anyway back to my point, the car was £1850 and the loan was about £3000 (roughly) taken over 2 yrs. I'm 13 months in.
I started having seizures again in November. I had had seizures in my early twenties but that was at least 15 yrs ago and had nothing since. I lost my job as a result and was told I can not drive for a year. Because I had had seizures in the past the insurance wouldn't cover my car payments. I am really struggling to pay the £150 per month as a result.
I spoke to first response who said I could settle at £1600 (they might reduce a bit as health reasons are to blame) or they could take the car back at a £3000 cost. Needless to say if I hand the car back they didnot offer to reduce.
This is my query after one year does this mean that the payments which I have made amounted to nothing? Right now I am due to pay again at the end of the month or I can hand the car back, settling isn't an option.
CCCS have said I can add the car hand back figure into my DMP - so in the short term I won't feel it but I have a feeling I will in the long term.
Please advise as to what you think the best thing to do is.
Many thanks
I wondered if anyone could advise me on a problem I have with my car.
I bought a car last year through a company called first response. They were the only company that would give me finance as my credit was poor. Since then I have gotten into severe debt and now have a DMP with CCCS.
Anyway back to my point, the car was £1850 and the loan was about £3000 (roughly) taken over 2 yrs. I'm 13 months in.
I started having seizures again in November. I had had seizures in my early twenties but that was at least 15 yrs ago and had nothing since. I lost my job as a result and was told I can not drive for a year. Because I had had seizures in the past the insurance wouldn't cover my car payments. I am really struggling to pay the £150 per month as a result.
I spoke to first response who said I could settle at £1600 (they might reduce a bit as health reasons are to blame) or they could take the car back at a £3000 cost. Needless to say if I hand the car back they didnot offer to reduce.
This is my query after one year does this mean that the payments which I have made amounted to nothing? Right now I am due to pay again at the end of the month or I can hand the car back, settling isn't an option.
CCCS have said I can add the car hand back figure into my DMP - so in the short term I won't feel it but I have a feeling I will in the long term.
Please advise as to what you think the best thing to do is.
Many thanks
0
Comments
-
First Response you need permission to post on here as a rep.0
-
OP if you contact them as they suggested please let us know if indeed they are honest in,
"the fact that we are flexible in our lending approach"
Space available for rent0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.7K Banking & Borrowing
- 252.3K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241.3K Work, Benefits & Business
- 617.8K Mortgages, Homes & Bills
- 175.8K Life & Family
- 254.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards