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Irresponsible lending information/opinion please

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  • Irresponsible lending information/opinion please

    I'm trying to help my daughter steer her finance ship away from the jagged rocks of debt.
    Briefly, she obtained a new car by credit last year and is struggling.
    She was 19, a part-time student with a part-time job earning approx £800 gross a month, and she was able to walk out with a car worth £15k and a CCA of £17.5k. The repayments are £279 per month. There is no guarantor.
    She is single, had lived at that address for three and a half years, and has no credit card or history other than a bank current account and a student loan.
    If a previous address was asked for it would have come up as a red flag with CCJs and bad debt (not in her name).
    She is now 20, and a student nurse.
    All repayments are up to date (just), but she is 15 months away from the minimum figure to go for Voluntary Termination of the contract. How realistic is it to go for the car to be returned due to the finance company being irresponsible?

    When she went looking for a car she did have an adult with her, but not one with any sense of financial awareness (sorry if that sounds a bit bitchy but that was the most diplomatic way I could think of).
    Any help would be greatly appreciated.
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  • #2
    Re: Irresponsible lending information/opinion please

    It depends, what was her outgoings? If she earned £800.00 per month and her outgoings was stated at 0 then her disposable income is fine for that amount. However, what were her outgoings? The credit rating of the place of dwelling is not particularly important as the credit check is done against the individual
    "Family means that no one gets forgotten or left behind"
    (quote from David Ogden Stiers)

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