Car loan

JOL69

My partner lost her job recently & at the moment i'm paying out all the bills of which 1 is my car.I only have 2 payments left but have defaulted.I phoned the loan company to see if there was anything i could do but they were not interested "not our problem you took out the loan repay it".I rang the insurance i took out but because i'm still at work they said i could'nt claim.They are sending my details to a collection agency within the next 2 weeks.

Could anybody help with advice on what happen's next as i am worried as normally £620.00 would'nt be a problem but i don't want to lose my car.

Tigger82_2

Is your partner looking for another job? perhaps an overdraft at your bank will help for a short term 'fix'??

petermb_2

Who provided the loan? dealer or broker?
who is it with, lender?
when did you take it out, year?
did you include ppi

this info should give an idea of what you are up against

regards

Peter

utterbar

JOL69 wrote: »

My partner lost her job recently & at the moment i'm paying out all the bills of which 1 is my car.I only have 2 payments left but have defaulted.I phoned the loan company to see if there was anything i could do but they were not interested "not our problem you took out the loan repay it".I rang the insurance i took out but because i'm still at work they said i could'nt claim.They are sending my details to a collection agency within the next 2 weeks.

Could anybody help with advice on what happen's next as i am worried as normally £620.00 would'nt be a problem but i don't want to lose my car.

Is this an HP agreement or a personal loan that's been used to pay for the car?

If the latter then there's no question of the car being taken as the loan won't be tied to the car.

If the former then with only 2 payments left the finance company will need a court order to have the car returned. If they go down that road there's scope to negotiate and effectively have a court-ordered compromise if your finances show they can bear it.

G-G_4

Get your OH to sign up with a temping agency..

I would also pay for your own bills first and if you have any money left over to help pay for hers then so be it. Her car loan is her responisibility and as much as it is nice of you to try and help, you obviosly cannot afford it.

She needs to get a job to tide her over for a bit and keep the money coming in x

clio

G-G
It's his car and car loan not hers.....:)

JOL69

The loan was organised by myself through Forthright finance now called Finax to buy the car from a private dealer. I arranged it but they sorted it out between themselfs.It was 2004 when i took it out but was already with them from a prior loan.I took out insurance but they have said because i'm not out of work it cannot be used i have never used this insurance because i tryed once they just made more excuse's for not being valid.I contacted cit advise they were great told me to phone all the companys i pay 10 in all everyone except finax have really helped 2 knocking nearly 75% off the outstanding amounts.

Partner has not long had a baby forgot to mention that.

I know this sounds nothing compared to some of the poor souls on ere but loan companys really make you feel so small it can be scary.

Tigger82_2

Being a newbie, I don't have enough knowledge to be helping that way. But be assured that it doesn't matter how much debt or problems you have, it will still cause stress - thats why we're all on here to vent and get support! It sounds like you have enough going on with a new baby!

As long as you have realised that there is a problem and are speaking to the right people etc. you are doing the right thing. Keep us updated on what Finax say
xx

petermb_2

The good news is that the insurance that you will never use may well be your saving grace.
The fact that the insurance is present means that you have a potential to challenge the loan itself.
Therefore the fact that you cannot pay just now may not be the callamity that you first imagined. I cannot think that the lender can remove the car if you only owe a couple of payments.

JOL69

Thanks for your help peter but not really up on this kind of situation challenge in what way.Sorry if i sound abit dumb but but a little bit lost.

petermb_2

You can seek to claim a refund on the ppi from the lender, if you believe that the cover was mis-sold. This may well cover the amount outstanding. However there may be other issues that you can challenge other than just mis-selling where you could get more back than just the premium. To do this you would require a solicitor as the lender would never offer redress freely. You would have to be in a position to force their hand.