We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Negative Equity Payments
Hey everyone,
I am in need of some assistance.
I bought a car from Stoneacre, on finance. I paid the finance monthly from Feb 2016 to just last wednesday.
They offered a free upgrade. I got the same car but Automatic instead. My previous loan was dealt with, and I was given a new, MotorLoan. I also have just over £4k in negative equity.
Now, the car is a bust. The gears are shifting all over the place. I have been told I can just take it back and get a refund, as I only signed the papers last Wednesday. 14 day cool off period.
I want to just give them the car back, turn my back on the loan and walk away. I don't even need a car now anyway.
However. My question is, do I have to pay off the negative equity right away, or can I set up a direct debit monthly payment plan?
Thank you for your time
I am in need of some assistance.
I bought a car from Stoneacre, on finance. I paid the finance monthly from Feb 2016 to just last wednesday.
They offered a free upgrade. I got the same car but Automatic instead. My previous loan was dealt with, and I was given a new, MotorLoan. I also have just over £4k in negative equity.
Now, the car is a bust. The gears are shifting all over the place. I have been told I can just take it back and get a refund, as I only signed the papers last Wednesday. 14 day cool off period.
I want to just give them the car back, turn my back on the loan and walk away. I don't even need a car now anyway.
However. My question is, do I have to pay off the negative equity right away, or can I set up a direct debit monthly payment plan?
Thank you for your time
0
Comments
-
Call the finance company and ask.
It may be possible to pay via an arrangement, but this may be marked as an AR Arrangement to Pay on your credit history. It also may not, it depends on the lender.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
Okay, thanks @StopIt. I'll call them later today and ask 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.6K Banking & Borrowing
- 252.2K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241.3K Work, Benefits & Business
- 617.8K Mortgages, Homes & Bills
- 175.8K Life & Family
- 254.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards