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Vwfs payment deferral - payments increase?
startingout2016
Posts: 213 Forumite
Due to no money coming in I have just looked at applying with VWFS for a 3 month payment deferral on my car which is currently £175 a month.
When I fill the online form in it says -
‘By requesting a payment deferral your term and future payments will increase, and the guaranteed minimum future value of your vehicle may change.*’
im a bit concerned that im agreeing to something that I don’t know the results of yet.
‘By requesting a payment deferral your term and future payments will increase, and the guaranteed minimum future value of your vehicle may change.*’
im a bit concerned that im agreeing to something that I don’t know the results of yet.
How much will my future payments increase by when I’m 14 months in and 24 months to go?
I assume the term will increase by 3 months, but can the payments increase considerably?
0
Comments
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The additional interest payable as a result of not repaying these amounts for 3 months will increase your payments due (and ultimately there will be some interest-on-interest as a result of compounding). The size of such an increase will depend on your interest rate (APR) and currently outstanding balance.0
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