How do I get rid of car loan quickly?

Paddyshouse

Advice needed! My parents are elderly 78 & 82. Feb 06 my mum took out car loan with Blackhorse for an essential car. Since then my step father has had a stroke and my mother health has gone down hill, and financially they are now completely strapped for cash and not in need of the car. The loan has still 2yr 7 months to go and the balance is £5400, but the car only worth £4k and they pay £174 p month which they desparately need.
If we stopped paying would Blackhorse re-possess the car and right off the loan? or would they hold the debt for future? Should I just call them and try and talk it through?
Any advice would be great!

missile

Ask them for a sttlement figure for the loan. Not a good idea to default on payments. You will be hit with penalty charges and expenses for reposseion and ultimately they will take you to court for the money. If your parents have no assets, they can plead poverty and this will be taken into account.

xpf

Once half of the amount borrowed has been repaid, you can hand the car back without sny penalties. Check the paperwork to see if this point has been passed.

butch_dingle_2

xpf wrote: »

Once half of the amount borrowed has been repaid, you can hand the car back without sny penalties. Check the paperwork to see if this point has been passed.

Can anyone confirm that the 50% figure includes the deposit as well ? so if a car cos 4K, and you put down £1K, then as long as you had paid £2.5K in total you could hand the car back ?

If someone has a credit agreement handy it will tell them.

missile

butch_dingle wrote: »

If someone has a credit agreement handy it will tell them.

You could go check your own :rotfl:

Andy_L

xpf wrote: »

Once half of the amount borrowed has been repaid, you can hand the car back without sny penalties. Check the paperwork to see if this point has been passed.

Providing it was a car finance deal rather than a personal loan that happened to be used to buy a car. Blackhorse do both