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I am (a family friend) is more than happy to pay the outstanding balance but over a duration and not as a one hit payment.
This will obviously go down on my credit file as a Debt collector payment but as long as the payments are kept; will this affect my credit rating?
Motonovo have today said that this is what would happen. I give the car back, and the remaining balance would be passed on to a debt collection company whom I can arrange a payment scheme with.
I would like to know if my credit rating would be hit by going down this route?
Thank you all in advance. Any online correspondence to this would be amazing - I can't find anything that dives in that deep to the after affects.
How long are you going to be off work for? If you are going back after 10-12 months then it might be better to just keep the car. If you're going to be off work for a long time (i.e. not returning from maternity) then you shouldn't need to worry too much about poor credit with no income anyway.
How far away from the 50% VT point are you? If you're going to have to pay the difference then you may as well keep the car until that point and hand it back, even if you can get someone in the family to make the payments and use the car.
