Voluntary Termination Moneybarn

[Anjiedee45]

Good evening I hope someone can advise me. Basically had a car with Moneybarn on finance now for 17 months. The payments are starting to cripple me.
I’ve paid 18 months of 272 a month and I still over over 12 thousand pounds on a car that cost 6900. I know it’s a terrible deal but I was just ending my IVA and my other old car broke I was desperate for a reliable car as I needed it for work.
I’ve managed to get a much better deal on a much newer car which would really change things a month as being on my own I can only rely on myself.
I need to hand the car back there isn’t any other way really.
Ive been reading that you can VT the car if you haven’t reached 50 percent and come to a payment plan with them? Is this correct or will I have to go down the Voluntary Surrender route where the car I don’t even think would get 4 grand at auction they would come after me for 8 thousand pounds.
Every time I’ve searched it says you can hand back under VT if you haven’t reached 50 percent but then your liable on the difference up to that point.
Hope someone can understand all that and thank you in advance.
Angie

[Anjiedee45]

Sorry Meant to say I’ve had car for 18 months.

[Almad78]

Hi Angie

I too am with Moneybarn and in a similar situation
I pay 280 a month for a 7 grandcar thats valued at about 2 - 3 grand now (selling and gettinfa settlement fee wld be far easier but of course u cant do that when on finance)
My credits impeovedloads since and I cld get a better deal now too.

I was half way through in march.

Ivebeen told if I VT moneybarn wont refinanceever gagin in the future and tbat makes me nervous.
What if terminate and cant get another deal...I need my car for my critical keyworker role.

I dont know what to do.. I need help too so will wat h this post