getting no where fast!

penniestogether

I was wondering if I could get some advice as what is the best thing to go in my situation. (its a bizarre one so bare with me!)


With my now ex partner I got a car on pcp which ended up with negative equity but the car dealership didn't tell us that until we had gotten a new car. (meaning I had around £4000 added to the pcp). Im paying through the nose for this car and really want to get something more affordable seeing as I am on my own now however the pcp company wont let me hand the car back in and no car dealership can help with the negative equity. It is a 4 year deal and I am 1 and a half years in.


One of the options I was told is I could get a loan to pay off the negative equity (and also a credit card) but I went to my bank and they said because I have quite a few outgoings they cant help (even though the loan is to pay off my two biggest outgoings).


Can anyone suggest a way around this?

anna_1977

is it a main dealer or a second hand garage and who is the PCP with?

penniestogether

Hi Anna,


It is a Kia dealership and it is a private company called FCA auto services

anna_1977

I am in the process of returning my kids Seat (2 yrs old) to the finance company (VW finance). I've been told I owe them £400 as I've paid less than half the finance (4 year PCP). I'm allowed to pay in instalments, I know yours is a lot more money but are they not up for any negotiation?

thriftylass

penniestogether wrote: »

One of the options I was told is I could get a loan to pay off the negative equity (and also a credit card) but I went to my bank and they said because I have quite a few outgoings they cant help (even though the loan is to pay off my two biggest outgoings).

Banks don't see it that way, they see it as additional borrowing as you could spend that too without paying the other ones off. They are just cautious.

I hope you find a solution.

National_Debtline

Hi

You have the right to voluntarily terminate the agreement in writing and limit your liability to 50% as long as you haven’t defaulted. It sounds like Anna used that process. You’re likely to owe a large lump sum if you do that at this point though.

You can complain to Trading Standards if you feel the dealer was deceptive. At the end of your original PCP contract you should have had the option to just give the car back and not owe any more if you didn’t want to buy the car.

James
@natdebtline

Dewdrop.ja

If you were to opt for paying it off. Could someone lend you the money to clear the negative equity and credit card. Then once they are clear get a loan to pay them back?