Hi, just looking for some advice! I took out a car on PCP for 3 years in january 2016, i made repayments up until august this year when i lost my job. I tried to keep up with payments but couldn’t so around a month ago it was passed on to a collection agency. I spoke to them explained my situation and asked if i could set a payment plan up to clear the £5880. The amount includes the settlement amount and isn’t all arrears. I was told that i can only have a payment plan over 12 months and if I couldn’t clear it in that time they would have to arrange collection of the vehicle and it would be sold at auction. I explained i wouldn’t be able to clear it in 12 months as i am now a full time student with a low income.I received letters asking me to sign this and if the car didn’t sell for over the debt i would be liable for charges. I also asked if i could sell the car and pay off the debt but was told no. I am now just worried if i sign the papers and the car doesn’t sell for the debt amount, although i know the car is worth at least £1000 more than the debt amount, is there anything else i can do as i really don’t want to loose my car as i am a single mum of a 2 year old and would struggle to get around and to and from college/ nursery etc . I just feel like there must be another option!
Sorry for the long post & look forward to your advice!
Sorry for the long post & look forward to your advice!
Comment