Stupid debt I have caused when I was younger

Jeezy85

Hi people

Please don't flame me. I have caused a stupid debt when I was young and am now struggling to pay this. I totally understand its my fault I'm in this situation but at the same time I feel as though it is unfair I'm paying this.

I took out a loan to buy a car back in 2007 for around 19k

Few months later I lost my job and struggled to pay for the car.

THey (black horse finance) repossessed the car and sold the car for around 12k.

Leaves me a balance for around 7k.

I have paid of about 3 I still got 4500k left owed.

I just feel as though why would they take the car knowing I couldn't pay and still expect me to pay for the remaining deficiency..

Totally put my hands up completely my fault. Is there no way or solution around this to wave it off?

Well appreciate the advice


Thnx

DCFC79

Why do you think its unfair ?

Its normal for things like to work the way it has, you agreed to the terms when you took the loan out so were aware that you would have to repay a balance if for whatever reason you couldn't repay it back ?

Would have expected the bank to have maybe helped you a bit more.

InsideInsurance

They'd take the car as it covered over 50% of the balance and their interest is in ensuring they get as much of their money back as possible rather than ensuring you get to keep a nice new car.

Lenders typically wont enter into discussions unless your already defaulting on payments etc - though of cause there are exceptions. If you are having financial difficulties then have a conversation about a repayment plan with them, freezing interest etc but be aware that this will mess up your credit history for the next 6 years and so depending on your life plans may not be worth it.

The debt free wanna be board here or the CCCS debt charity are both good places to talk through your options and what is best for you. At the more serious end is things like IVAs but these not only impact your credit rating but can have impacts on your employment/ employability given the increasing number of industries wanting credit checks on their employees etc

somethingcorporate

You admit it's your fault but you feel it is unfair you are paying for it? Who do you think should pay for it?

I suggest you follow the above advice and seek help on the DFW board and CCCS (who are great!).

DCFC79

Definitely recommend the DFW board if your wanting to be rid of it.

Jeezy85

Thanks for the replies.

Sorry for the noon questions but could someone explain what Dfw board is please?

Thanks

InsideInsurance

It is another part of this forum - DFW = Debt Free Wannabies - its like a support group for those wanting to get out of debt and in particular are helpful with showing how you can cut your outgoings to enable you to accelerate your paying off debts (or not accruing new debts for those with credit card/ overdraft issues)

Jeezy85

Thanks for the replies people

dothebartman

Im sorry that you are struggling, but i have to put in my two-pence. I am about the same age as you, and i would of loved such flash things when i was younger but i didnt get them as i knew that i could not afford them. so why should you of had the benifit of having had such vanity toys and now expect to hit the reset button? That would seem grossly unfair to me. I do have sympathy, but actions have consequences and i think you can only truly say you have learnt your lesson once you have finished dealing with the consequences ie the incurred debt. Sorry :-(