Car Loan

jenkie_2

hello
my husband bought a car 2 years ago, he thought it was on finance but he phoned them the other day and asked to end the agreement as he had paid off a quarter of the value and they said no its a loan.
he has been in and out of work for the last 8 months and we are really struggling to meet the payments.
i have a car so we can make do with one.
they have served him with a default notice and are threatening court, we have an appointment with the CAB in 2 weeks but was wondering if anyone could help as he is very stressed over the whole thing.
if he sells the car and he wont get the value of what we owe do banks sometimes take a lower amount rather than go to court and risk only getting 20/30 a month or whatever they let you pay.
say of the loan is for 7.500 and he offered 4.5 is there a chance that they would take that?

thanks

immoral_angeluk

COuld you not sell the car and pay the money off the loan and then arrange a repayment plan with them for the rest?

CLAPTON

did the loan have PPI?

jenkie_2

hi, we have asked the bank can we do this but they werent willing to negotiate so thats why we are going to the CAB.
yes we do have PPI but it doesnt cover my husband for depression/stress and thats why we have fallen behind with the payments.