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Help With Hire Purchase!!!!!
paris2927
Posts: 6 Forumite
WE NEED HELP, PLEASE HELP US!
ME AND MY HUSBAND GOT A CAR ABOUT 3 YRS AGO ON HIRE PURCHASE. WE EXPERIENCED SOME PROBLEMS WITH OUR FINANCES SO WE ARE NOW DEALING WITH IT WITH PAYPLAN--WE ARE VERY THANKFUL FOR THEM:j. NOW WE WANTED TO SAVE SOME MORE MONEY. SO MY QUESTION IS: HOW CAN WE GET RID OF THIS CAR ON HIRE PURCHASE AND GET ANOTHER CAR AND PAY A LESSER AMOUNT EACH MONTH., OR IS THIS POSSIBLE? THANK YOU FOR YOUR HELP!
P.S. HONESTLY, WE REALLY DON'T KNOW HOE HIRE PURCHASE WORKS
ME AND MY HUSBAND GOT A CAR ABOUT 3 YRS AGO ON HIRE PURCHASE. WE EXPERIENCED SOME PROBLEMS WITH OUR FINANCES SO WE ARE NOW DEALING WITH IT WITH PAYPLAN--WE ARE VERY THANKFUL FOR THEM:j. NOW WE WANTED TO SAVE SOME MORE MONEY. SO MY QUESTION IS: HOW CAN WE GET RID OF THIS CAR ON HIRE PURCHASE AND GET ANOTHER CAR AND PAY A LESSER AMOUNT EACH MONTH., OR IS THIS POSSIBLE? THANK YOU FOR YOUR HELP!
P.S. HONESTLY, WE REALLY DON'T KNOW HOE HIRE PURCHASE WORKS
0
Comments
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Yes, it is theoretically possible. It is a little more difficult than selling a car without finance; the finance has to be discharged when the car is sold. Lots of garages will do this for you - someone wlse may be able to advise about doing it privately. The problem always is if the finance is higher than the trade in value for the car. What I do not know (and again hopefully someone else will) is if you can enter into a new HP agreement for a new car whilst on a DMP.
HTH0
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