Breathing space on car HP 5 July 2022 at 2:30PM in Debt-free wannabe 6 replies 625 views

ontophp

hi,
Please does anyone have experience getting breathing space on car HP payments? How did it work for you/ how long were you given?
Thank you

[Deleted User]

You would speak to your lender. However, it you are allowed to reduce paynents, it will be marked as late or an arrangement and unlikely to do you any good in the long run.

Better to do a SoA and address the wider problem.

molerat

And could also restrict your right to VT.

ontophp

Thank you both for these answers.

DrEskimo

molerat said:

And could also restrict your right to VT.

Given the current market and that a HP agreement doesnt have a large final payment, the OP should first look at what the car is currently valued at and what the settlement figure is. 

VT is a last resort.

Andyjflet

I am a car finance professional,  I agree with the VT shouts here, have a look at the trade value and then how much you owe, get these two figures and consider your position. I deal with 30% of my clients everyday using VT. 

ontophp

Thanks for the replies DrEskimo and Andyjflet.