Bought car on finance and can't afford payments

[9xyg32]

You could always contact National Debtline as the CAB is often over-stretched with requests of help from the public.

 

 

Good Luck!

 

Agree with shiesh about this one. They're usually pretty good about advising what to do. Make sure you have your p[aperwork, especially the contract to hand when uyou call them

 

re JoeP's advice iot does take a while to get there and best to get sorted quickluy.

[1078BM]

I'm worried about ending up in your situation, I'm about to get a car on finance and am worried about what would happen if I lose my Job and can't keep up on the payments. Does anyone know if there is some form of finance payment protection cover?

Thanks.

[Andy1976]

I'm worried about ending up in your situation, I'm about to get a car on finance and am worried about what would happen if I lose my Job and can't keep up on the payments. Does anyone know if there is some form of finance payment protection cover?

Thanks.

 

Yep, there's quite a few.

 

You can get income protection policies, which pay you a monthly sum for a set number of months (12/24 etc) at a set percentage of your salary, if you're made unemployed for most reasons. They exclude things like you punching someone and you getting fired though. I have a policy like that, and it's a nice bit of comfort for not that much cost. I found mine through confused.com or moneysupermarket - I forget which.

[MAC33]

I have a friend here in Australia.

 

He bought a new Holden Ute valued at around 35K on hire payments.

 

After paying it off for around a year or so,he moved address.

 

He then stopped paying off the Ute.

 

Around a year plus has passed and no one has contacted him! He still drives the thing!

 

He's said to me a few times he's thinking of leaving it parked in the street,then contacting the Insurance Company to tell them where it is.

 

Very surprised they have not sought a Court document of some kind,a repossession perhaps.

 

With cost etc,it might not be worth their while.

Edited August 1, 2017 by MAC33

[Andy1976]

I have a friend here in Australia.

 

He bought a new Holden Ute valued at around 35K on hire payments.

 

After paying it off for around a year or so,he moved address.

 

He then stopped paying off the Ute.

 

Around a year plus has passed and no one has contacted him! He still drives the thing!

 

He's said to me a few times he's thinking of leaving it parked in the street,then contacting the Insurance Company to tell them where it is.

 

Very surprised they have not sought a Court document of some kind,a repossession perhaps.

 

With cost etc,it might not be worth their while.

 

Obviously can't comment on the Australian system, but in the UK, I can 100% assure you that wouldn't happen. Debt companies here will pursue people for £30, so something as valuable as a car will certainly be pursued.

[1078BM]

Thank you Andy1976 I'll try and find an income protection insurance company.

[Cyclone]

Edit - I see that this is actually a thread over 11 years old!

Edited August 1, 2017 by Cyclone