Car Finance

Stuckinarut

Yes i'm definitely a she lol.

Yes i've already got a default on the HP. According to my credit report it defaulted 02/04/2014.

Stuckinarut

Can anyone help?

Stuckinarut

I'll be paying the car for another 2 years before it gets paid off, and it is already worth less than what is outstanding. The other issue I am struggling to maintain all the payments which go along side paying the car.

Herzlos

What other payments? Like insurance and maintenance and stuff?

First port of call is to phone the finance company, explain the situation and see what they suggest. It might be cheaper to sell the car, clear a chunk of the finance, and then pay the rest off over the original term at a much reduced rate.

neilmcl

The your best bet is to sell the car and settle the finance.

Do you have a settlement figure, if not I suggest you get one then put your details into webuyanycar to get a rough idea of what the minimum amount your car is worth.

Stuckinarut

I can't sell the car though can I since it's on finance so technically not mine to sell? The finance company have already been good to me by reducing my payments, i am already over the time period now of the original agreement. Yes by additional payments i meant car insurance and the upkeep. It failed it's mot in Aug and cost me nearly £500 in repairs the year before was only slightly less. I can't afford to pay that out again.

neilmcl

Stuckinarut wrote: »

I can't sell the car though can I since it's on finance so technically not mine to sell? The finance company have already been good to me by reducing my payments, i am already over the time period now of the original agreement. Yes by additional payments i meant car insurance and the upkeep. It failed it's mot in Aug and cost me nearly £500 in repairs the year before was only slightly less. I can't afford to pay that out again.

Of course you can, providing the finance co. allow it, most do.