Moneybarn Car Finance

htapdersnodnol

I bought a car with moneybarn paying £388 a month. To be honest I didnt realise how much the APR was. The car was massivley overpriced. I have since sent the car back as I fell behind with payments and couldn't afford the monthly amount. This was after bout 2 years. They have since sold the car at auction at about £3-4000 under priced. They have sent me a letter saying that I still owe £12500 but can pay £8500 now if paid in full. I can't afford wither amount. Does anyone have any advice of what I can do? I believe that most of what is left was the massive amounts of interest they loaded on. Many thanks in advance

fatbelly

It's just a nonpriority debt.

You might have others.

Head over to debt free wannabe and give us the full picture.

A loan isn't going to be the answer.

Nasqueron

An instalment plan is likely to be the way you will have to go, with a budget to show what you can afford

The APR was on the agreement you signed, as was the total payment so they won't have any reason to cancel it

secla

moneybarn is a subprime lender so there interest rates are always going to be higher.

Do you still have the contract ? If so make sure all the details etc. are in there and correct.
Id imagine there will be a surrender policy in there somewhere but if they sold at auction to recoup the debt still owed you still owe the outstanding amount. The debt wouldn't just get wiped out because you decided to hand car back

macman

If you surrender the car to go to auction then it is always going to fetch way less than you would get as a trade in or private sale.
This is not mis-selling: the high APR was transparent.

ManyWays

If you think the monthly repayments were too high to be manageable from the start, then you could look at an affordability complaint as if you win one you may get the remaining balance written off,

CouldntResist

Then avoid borrowing money in future as you might find that using free cash only makes you question more critically whether the items you are buying are overpriced or not (not sure why you mention that though, the fact you paid over the odds for something is neither here nor there when discussing a loan you can't afford)