Car Finance

samuraisausage

Hi...I took out finance on a car in december 2019 but wrote it off this week. It's not covered by the insurance but the finance company have told me I can either keep paying for it or just stop...in which case they write it off as a bad debt and it's done with. Obviously it would be a 6 year default on my credit rating but I asked if my wife would end up getting bailiffs at her door which obviously I dont want (we are now separated and I dont live there). Its Blackhorse the finance company. Any advice please?

samuraisausage

Forgot to say...the finance company said bailiffs wouldn't happen.

[Deleted User]

They may be correct - or they may try to enforce it at a later date.

You would certainly want to get it in writing.

DrEskimo

Was anyone else involved in the accident?

samuraisausage

Nobody else involved

John_

I think that you may have misunderstood, no finance company is just going to shrug and write the debt off, it will at the very least probably appear on your credit file as a default for six years, and they may well decide to pursue you through the courts.

Are you sure that they said this, or was it a response to you saying that you have no means to pay, and no assets for them to take? 

Herzlos

The loan company will want paying. If you just stop they'll pursue you l, drive your debt up and destroy your credit rating.

How much of a shortfall do you have?

DCFC79

Maybe work for a finance company and you might see similar situations and the debts wont get written off.

macman

Why is it not covered by the insurance? Or do you just mean that there is a shortfall? If so, how much?
Your ex cannot be pursued for debts in your sole name, just make sure that your creditors are informed of your current address.