Citroen PCP

Jules98

Help, my son took out a car from Citroen 14 months ago. He s a student and can't afford the repayments. He has tried to VT but because he is not at 50% he has to pay the difference. He is unable to get a loan or credit card to cover.

Any ideas?

YorkshireBoy

Starters for 10...

Parents/family help him out? (either for the full term or just to the half way point)
Quit the studies and get a full time job?
Get a part time job?

Tazadoobii

Why didn't you bring it up with him that if he couldn't afford it, he shouldn't have it?

You're in a position that you can't just get out of easily, but nobody forced him to get into that position either...

Pixie5740

If, after paying all his essential bills your son doesn't have enough money to cover his debt repayments then he will just have to start defaulting which will probably end in the car being repossessed.

If your son is struggling with debt he should contact one of the debt charities (CAP UK, National Debtline or Step Change) for free debt advice.

foxy-stoat

A few options:

Find out how much it would cost to get him to 50% of the agreement - you take out a loan out and he can VT the car.

Find out the settlement figure to clear the finanace and a realistic value if it was sold on the open market. You could take out a bigger loan and sell the car and hopefully you can pay back the loan with only a small balance that your son could repay.

Or stop paying and let them repossess the car, his credit will be shot for a long time.

If he is studying local to you, get him to take out every student loan he can to clear the debt and he lives with you and drinks slightly less beer!

Transformers

Have his circumstances changed? Why is it now unaffordable?