Hi, I have been looking through everything and I am trying to work out what would happen to a car if I am still making HP payments on it - would this just be returned to the loan company. Also as I need a car to get to work what would happen then - I have read somewhere that they may allow you to get another car but how would you pay for this?
firstly welcome to the forum most HP companies will have a clause that sates if you go BR then they can take the car. Is there any equity in the car or is it only worth the outstanding finance or less? If equity you can arrange to sell the car and use the equity,(upto £2000) to replace the car but thats only if you have an acceptable need to have a car. If there is noequity or negative then the shortfall will be covered in BR as you will list a potential shortfall on your SOA. as for how you replace the car, thats is the millon dollar question, how do you afford most things without credit?? You save for it or use someone elses car or get a pushbike
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
Hi, I have been looking through everything
Posted - 23 April 2009 : 10:11:17
