JoeP Posted November 7, 2006 Share Posted November 7, 2006 They can re-possess the car and also chase you for the outstanding balance. If you don't pay up, they can take a CCJ against you. Whatever happens there's a definite chance of messing up your credit rating. Get it sorted quickly - contact the finance company and start talking - find out exactly what's outstanding and explain the situation. If you're insured, great. If not, you ned to start talking to them about what options are available. Link to comment Share on other sites More sharing options...
Cyclone Posted November 7, 2006 Share Posted November 7, 2006 If the car was bought with an unsecured personal loan then you can sell the car and use the proceeds to settle the loan. Most finance companies want you to take out insurance against unemployment, but they can't force you to take it. Link to comment Share on other sites More sharing options...
Sophieone Posted November 7, 2006 Share Posted November 7, 2006 I was in a similar situation but couldn't return the car, or sell it, as technically it wasn't mine. I ended up getting a low interest loan and using it to pay off the car finance company. I then sold the car and put the proceeds of the sale onto the loan. I did have a bit of the loan left but I was in the process of selling my house so used some of my profit to pay it off. Hope this helps. Link to comment Share on other sites More sharing options...
Shiesh Posted November 7, 2006 Share Posted November 7, 2006 You could always contact National Debtline as the CAB is often over-stretched with requests of help from the public. Good Luck! Link to comment Share on other sites More sharing options...
alchresearch Posted November 7, 2006 Share Posted November 7, 2006 They can re-possess the car and also chase you for the outstanding balance. If you don't pay up, they can take a CCJ against you. Whatever happens there's a definite chance of messing up your credit rating. Get it sorted quickly - contact the finance company and start talking - find out exactly what's outstanding and explain the situation. If you're insured, great. If not, you ned to start talking to them about what options are available. Can't really add anything to this other than don't let the finance company take it from you. It will go to auction and sell for FAR BELOW BOOK PRICE leaving you with the balance. Pop down to the auctions and see how little cars sell for - mainly because you buy as seen and take a chance the car could be knackered. If you can, try and raise some cash to buy the car from the finance company and then sell it privately. If you try and sell it now while the company owns it you may be breaking the law and no buyers will touch it. Link to comment Share on other sites More sharing options...
fox20thc Posted November 7, 2006 Share Posted November 7, 2006 If anyone is interested you can get a book price here Link to comment Share on other sites More sharing options...
buck Posted November 7, 2006 Share Posted November 7, 2006 I don't know how it goes over there, but if you buy from a personal loan instead of being financed by the car company, you own the car. That gives you a lot more flexibility in what you can do about it. Like someone else said, if it goes to auction and is fairly new,you're going to be in a real mess, no car and no money to pay off the difference. Banks will often be fairly flexible about being able to repay by extending the loan period. They don't much like foreclosures or repossessions and will avoid them until all else is lost. Link to comment Share on other sites More sharing options...
beamer Posted November 7, 2006 Share Posted November 7, 2006 You could try selling the car and reducing most of the debt that way. I would imagine you would still owe them some money as cars depreciate in value. You cannot sell a car thats on finance,it's illegal,by rights the car that's on finance isn't acctually your car until the finance is paid in full,it is property of the finance company. Link to comment Share on other sites More sharing options...
9xyg32 Posted November 12, 2006 Share Posted November 12, 2006 Indeed. As for selling the car, you can't because you don't own it. The finance comany owns it until you've paid it off. Only thing you can do it tell them what's happened and see what they suggest, like Acrow mentions, you may have cover? Possibly a good idea to get independant advice aswell, finance houses ain't noted for their honesty. This dependes entirely upon the terms of your credit agreement which you should have ketp. If it is an HP agreement then that would be true but there's an increasing tendency to use Credit agreements which give you full legal title and ownershiop from contract commencement. Go back and read this ocument very carefully. Link to comment Share on other sites More sharing options...
9xyg32 Posted November 12, 2006 Share Posted November 12, 2006 Payment protection insurance (PPI) usually only lasts for 12 months and depending upon who you are it may or may not be easy to get. Somefinance companys like to string people along and fgenerally mess them about to avoid paying out. Link to comment Share on other sites More sharing options...
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