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TrueBlueAngel
TrueBlueAngel Posts: 63 Forumite
in Loans
We have a car from Welcome, but we want to get a mortgage so want to give the car back. But Welcome say we either stick with it for another 3 years or we pay back half of what is still owed! We can't do that but having this loan is killing our chances of a reasonable mortgage. Anyone know how to get through this without defaulting on the car payments?

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    How much do you owe?
    What is the reasonable cash in hand value of the car?
  • TrueBlueAngel
    TrueBlueAngel Posts: 63 Forumite
    We probably still owe about £11000! The car is an 02 Vauxhall Zafira - maybe worth about £4-6,000. God, we were conned!
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you still owe £11K how much have you paid back so far, and what is the APR on your loan? Are you paying Payment Protection Insurance? You may want to look into cancelling this, to save yourselves some money.

    AMD
    Debt Free!!!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Knowing Wellcome the premium would have been front loaded and the outstanding balance would seem to confirm this, so cancelling the cover would not save anything.
  • gastfo
    gastfo Posts: 33 Forumite
    there may be another way

    check out my posting in this forum and/or PM me for full details
    ++++++++++++++++++++++++++++++++
    The Bank’s [Bank of England] Charter included the following immortal words: “The bank hath benefit on the interest on all monies which it creates out of nothing”. Sir Josiah Stamp - Governor of the Bank of England at the time said “It is the biggest sleight of hand trick ever witnessed”.
    :mad:
    “Allow me to issue and control the money of a nation, and I care not who writes the laws”
    Amschel Bauer- Rothschild
    ++++++++++++++++++++++++++++++++
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