what do i do??

unhappy_chappy_84

hi, i bought a car from welcome finance some years ago, i really struggled to keep up with payments at first and got behind. i was hounded and hounded and basicly was given the option of giving the car back but id still have to pay the full amount or the second option was to sign this ciece of paper put in front of me which would lower my monthly payments by £50. as a young nieve so n so i was i went with that. any way i am now some years on, i am still paying it i a even paying more than i should to try n eat away at it but i have just phoned them for a balance and apparently i still owe 7000 or 5000 if i pay it now! ive had this car since 2008, admitedly i havnt been the best with my money over my 'stupid' years but i have now finally grown up and got rid of most of my debts except this one. i feel that the whole thing has been a ridiculous never ending drain on my finances and i still dont see an end to it. it turns out in total under the agreement i would have paid 18000 at the end of it. all this for a peugeot 206 which is barely worth 2000 if im lucky. is there anything i can do? this seams extorsionate yet i cant see any way out of it but to keep paying. i scoured the fine print of the paper work and found a clause that if you have paid over half the money you can give the car back and the contract will be satisfied. i quoted this to welcome finance but they said because i have a default from this agrrement i basicly lose all my rights??? can some one please help as i really dont know what to do. thank you so much

jonesMUFCforever

First of all you bought the car from a garage - Welcome finance provided the finance.
I agree with Welcome that by defaulting before making half the repayments you lose the right to hand back the car.

I would suggest making an appointment with CAB or any of the other debt charities to see what they will accept as a final settlement.

DCFC79

Wowzers 18k for a car thats only now worth 2k, thats alot to be paying. I feel your pain, a note to everyone read read and read the agreement you sign, if unsure about about ask or ask a friend, family member or ask on here.