Tweet
Hi,
I am in desperate need of some advice here so I hope someone can help me.
A small bit of background….. I was put on furlough last year and then made redundant and finally found a new job the end of last year. During this time I requested a payment holiday with my finance company. They agreed this for 6 months. However, when the payment holiday was over, instead of adding the amount outstanding to the end of my agreement it was split over 10 months which had really put my monthly payments up. I am now in a position where I cannot afford the car. I contacted my finance company and said I can’t afford the car anymore and would like to voluntarily terminate. They told me I al
not half way through my agreement yet and there would still be approximately £2300 outstanding if I terminated and asked if I would still like to do this. I asked them if I terminated then over what period of time would I be expected to pay as if it was over say 6 months then I’d struggle as i can’t afford the car payments so wouldn’t be able to afford that. They said they couldn’t tell me but would refer me to Shoosmiths who handle their VTs. I have now been sent a link and it’s asking me to agree to additional charges if any damages outside of the “normal” wear and tear are found and this has made me really nervous. I’m worried I am going to end up still having to payment high payments and not even have the car anymore?
Does anyone have any advice for me as I’ve never had to do anything like this before?
Thanks in advance!
I am in desperate need of some advice here so I hope someone can help me.
A small bit of background….. I was put on furlough last year and then made redundant and finally found a new job the end of last year. During this time I requested a payment holiday with my finance company. They agreed this for 6 months. However, when the payment holiday was over, instead of adding the amount outstanding to the end of my agreement it was split over 10 months which had really put my monthly payments up. I am now in a position where I cannot afford the car. I contacted my finance company and said I can’t afford the car anymore and would like to voluntarily terminate. They told me I al
not half way through my agreement yet and there would still be approximately £2300 outstanding if I terminated and asked if I would still like to do this. I asked them if I terminated then over what period of time would I be expected to pay as if it was over say 6 months then I’d struggle as i can’t afford the car payments so wouldn’t be able to afford that. They said they couldn’t tell me but would refer me to Shoosmiths who handle their VTs. I have now been sent a link and it’s asking me to agree to additional charges if any damages outside of the “normal” wear and tear are found and this has made me really nervous. I’m worried I am going to end up still having to payment high payments and not even have the car anymore?
Does anyone have any advice for me as I’ve never had to do anything like this before?
Thanks in advance!
Comment