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HI , I have a loan with Moneyways to purchase my car, Mind you it may be a hire purchase?. The think is it is very high interest. I have been paying it off okay. I have managed to bring down all my bills too and now I am wondering what can be done with this one to bring the payments down too. I pay £333 a month and I still have 3 more year to pay it off. Is there anything I can do to improve it? Maybe talk to the lender and try to get better interest since I have paying it for two years with no problem?. any other way. I am newly divorce and trying to improve my finances. Get myself out of debt completely and start saving.
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Moneyways offer fixed term hire purchase loans. The finance company is the owner of the vehicle until the borrower pays off the loan in full
If you have paid off at least 50% of the loan you can hand back the car and walk away (provided the car is in the condition described in the agreement)
Perhaps you don't need this car, or could buy a cheaper one with lower monthly payments
You could try talking to the finance company -
Thank you for your response. I do need the car, because of work and family responsibilities. So there is no way of re-negotiate the terms and interest on this loan? I do not want this to affect my credit file further. I originally thought perhaps I could get a loan to pay Moneways in full and then just be left with the new one hopefully with lower interest ad therefore lower monthly payments?Comment
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You should contact Monyways and askComment
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Thank you. I will.Comment
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