|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
Pam.lw
Starting Member
1 Posts |
 Posted - 05 April 2012 : 12:26:05
|
| Pam advised that she took the finance out on a car for her partner,and has since split up. She advised that there is still £6,300, still owing on the vehicle,and she thinks that she would get about 2,500 for the car. She advised that she is on incapacity benefit so unable to afford the payments. |
|
|
Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 05 April 2012 : 13:26:57
|
Hello Pam and a warm welcome to the forum, with regard to your concerns, I would get in touch with the finance company and state your position - if you no longer wish to keep the vehicle, advise the company that you wish to hand it back. With finance agremeents there can often be a set period that if for example you have paid 'half' the agreed payments a vehicle can be returned with no financial penalty - however every company has a different period or process, so you would have to liaise direct with your individual company.
In the worst case scenario, if the vehcile was returned as you were no longer able to afford the payments - the vehicle would be sold (at auction) and the balance owing on the agreement you would be personally liable fro a you took out th eorigin al agreement. Hopefully it may not come to that, but only the finance company can advise
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
|
 |
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
I am unable to continue to pay for car on finance
