Car Loan Default are they coming?

Robisere

I am 75. Most of my generation learned the lesson that what we could not pay for, we could not have until we had saved for it, with the exception of house buying. I am not blaming the last 2 generations for the current credit situation, where so many live on credit: they have been gradually seduced into believing that credit is unending, by the various financial lenders and the adverts which have made them believe that. I think that is going to have to change and the banks have to realise that people no longer trust them. There is a real financial crisis heading for this country after the current situation levels out and returns to something approaching normal. It will make the 2008 financial crisis look like no problem.

Now I am probably going to be told that I have a 'safe' pension and that we old 'uns have it easy. No we don't. We struggled all our lives to look out for ourselves and our families. Just before the 2008 slump, we invested in 3 supposedly "safe" plans. They all went TU and we lost most of the savings that we had worked hard for. We started again, scrimped and saved every penny we could. We are still saving those pennies, but now we invest in safer methods. The big interest and bonuses are gone of course, but we carry on saving what we can where we can. There is no substitute for saving even a small amount every month.

macman

Brock_and_Roll said:

John_ said:

grantmondo2010 said:

Deleted_User said:

Sounds like they have been living way beyond their means for a long time. 

Why do people put them selves under so much financial pressure that the loss of income for a few months can ruin them?
nowt wrong with state school or Aldi. 

Just like the government living beyond its means

The difference is that the UK government has never defaulted on its debt, which is why it was able to borrow several billion pounds at a negative interest rate last week, while you seem to have made a habit of defaulting on agreements, so if Oyou can borrow at all it will be at punitive rates.

Of course the UK did go bust all but technically back in 76 when we were forced to go to the IMF for the largest ever bailout - and as a result of this we were saddled with high interest rates. Luckily for the UK, North Sea oil came along just at the right time. I presume however that Grantmondo is not sitting on millions of barrels of Brent crude!

It wouldn't help much even if he was. Last time I checked, they were paying you to take the stuff away...

sleepyjones

How long have you had the finance for and what % have you paid off?
I, personally, wouldn't worry too much about repossession, it's a long process (if it has to go through court) and any judge will look favourably on you if you have a genuine reason to not pay the full amount and have shown to continue making payments (not to mention, I would assume, there'll be some Covid sympathy too).

There's a wee bit in here about Car Finance : https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/