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need some advice

dj_urban Avatar
banned7y, 4m agoPosted 7 years, 4 months ago
im on jsa, have been for a few months now ( kinda sucks not being able to find any jobs)
i have a car on finance which i have had since 2005, got 11 months left on it to pay.
i for obv reasons would not be able to afford, to pay £188.89 a month, i stupidly didnt take any insurance cover if i was to be made unemployed and no means to pay pm,

would i be able to extend my finance to an extra 5-7months out of my 5 yr agreement iv never payed late and always been 1 month ahead on payments,

also my lender is ( onlinefinance gmac ) which went in to administration ad is now taken over by a new group, taking the existing policies per say

any advice , help, thanks in advance
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dj_urban Avatar
banned7y, 4m agoPosted 7 years, 4 months ago
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[helper] 1 Like #1
Personally, I would 'phone up the new group and ask them
1 Like #2
tregs
Personally, I would 'phone up the new group and ask them


As above. If you're having problems, getting into dialogue with your finance company is always the best option.
banned#3
tregs
Personally, I would 'phone up the new group and ask them


kyalion
As above. If you're having problems, getting into dialogue with your finance company is always the best option.


such a tricky situation to be in :oops: il give them a call tomorrow,and hopefully they will be leinient (typo) and help me out :thinking:
1 Like #4
What area of work are you looking at?
Could you improve your CV, register with agencies, that kind of thing as I am not sure how sympathetic the loan company will be in your circumstances.
#5
dj_urban
such a tricky situation to be in :oops: il give them a call tomorrow,and hopefully they will be leinient (typo) and help me out :thinking:


If you can, read any paperwork that you got from them tonight. Terms and conditions. They may have inserted clauses relating to ending the payments early. Good luck, hope it all works out but you may need to get a moped/motorbike or start to use public transport. :thumbsup:
banned#6
DKLS
What area of work are you looking at?
Could you improve your CV, register with agencies, that kind of thing as I am not sure how sympathetic the loan company will be in your circumstances.


iv tried all variations on my cv, signed up to alot of agencies i can think of, :thinking: planning on going to college after oct or jan start , do plumbing course/ civil engineering
banned#7
WoolyM
If you can, read any paperwork that you got from them tonight. Terms and conditions. They may have inserted clauses relating to ending the payments early. Good luck, hope it all works out but you may need to get a moped/motorbike or start to use public transport. :thumbsup:


haha defo a moped lol or use what i was created to do walk lol im sure i seen in my clause when i got past 3 quarters of payment's i could do a settlement figure i mean at theis moment in time all i am paying for is the intrest lol car was 9,5k intrest bumped it to 11,5k
1 Like #8
I think first question that finance company will ask is how much you can pay and they will want to know when they will get their money. I think they may be quick to repossess but I have not been in your situation so dont know for sure.
Take care here but I was thinking of possible options you may have. If you can make an arrangement with someone else that you know to buy car from you. Not allowed to sell a car with outstanding credit (I think) but a private arrangement may give you a pot of money and you may then be able to pay the remaining lump sum to finance company. Hopefully leaving you with something left over for you efforts and maybe enough to buy an older car. Explore all your options. But to default on payments may affect your credit rating.
banned#9
WoolyM
I think first question that finance company will ask is how much you can pay and they will want to know when they will get their money. I think they may be quick to repossess but I have not been in your situation so dont know for sure.
Take care here but I was thinking of possible options you may have. If you can make an arrangement with someone else that you know to buy car from you. Not allowed to sell a car with outstanding credit (I think) but a private arrangement may give you a pot of money and you may then be able to pay the remaining lump sum to finance company. Hopefully leaving you with something left over for you efforts and maybe enough to buy an older car. Explore all your options. But to default on payments may affect your credit rating.


All in my mind is i could offer them £100 just over half so hopefully that could be visable, i have thought about the route of selling the car but, i would'nt be able to do it, per-say, well im not fussed about my credit rating, at this point of time it would be highly unlikely i would get credit lol
thanks for the advice, and to all, fingers crossed and i can come to an arrangment with them :thumbsup:
banned#10
If you are that far into the agreement I'm fairly sure they can't reposses it, so they will have 2 choices, accept half payments that you offer or take you to court where the best a judge will do is order you to pay what you can afford. They will accept half payments.
Ill do some checking on the repo side and come back to the thread
banned 1 Like #11
ok, they need a court order to repo if you have paid over a third,
if you have paid over half you can hand the car back and not pay any more or owe anything.

If they are funny with you on the phone about accepting half payments (and make sure you can afford what you offer) ask them about returning it, what their proceedure is, they will likely accept then.
banned#12
colinsunderland
If you are that far into the agreement I'm fairly sure they can't reposses it, so they will have 2 choices, accept half payments that you offer or take you to court where the best a judge will do is order you to pay what you can afford. They will accept half payments.
Ill do some checking on the repo side and come back to the thread


colinsunderland
ok, they need a court order to repo if you have paid over a third,
if you have paid over half you can hand the car back and not pay any more or owe anything.

If they are funny with you on the phone about accepting half payments (and make sure you can afford what you offer) ask them about returning it, what their proceedure is, they will likely accept then.




thanks for above, i just got off the phone to my finance company , i have kept myself 1 month ahead on payments , and they would possibly be willing to accept my offer of paying £100 pm until i find new work, but the £88.89 would carry over into next payment's over the course of the last 11-10 months,

i live in scotland , so it is very hard for repo to come up here, and also to get court order, to come up here to repo lol as far as im aware

thank you all for advice rep given :thumbsup:
#13
I was having problems payiny my car repayments about a year ago. After speaking to the company they were able to half the payments for me for a few months until I got myself a bit more sorted. I think when you do talk to them and explain things they will do what they can to help. :)
1 Like #14
If you have 11 months left maybe its worth cutting your losses so to speak and hand the car back?
The way I am thinking is that, yes its great that you are offering to pay half, but the rest will have to be paid as you have said but then if you think of the worst case scenario what happens if you do not get a job for a year? You will end up making payments forever. Also if you go to college how will you pay for it then as your JSA will stop if I remember correctly so you will be in a worse situation as you will have no money coming in until you get a job?!

I know you probably need a car but getting into problems just isnt worth it IMO, my concern would be to get a job then look at getting a car.

Just my thinking on the situation!
banned#15
brettytopbanana
If you have 11 months left maybe its worth cutting your losses so to speak and hand the car back?
The way I am thinking is that, yes its great that you are offering to pay half, but the rest will have to be paid as you have said but then if you think of the worst case scenario what happens if you do not get a job for a year? You will end up making payments forever. Also if you go to college how will you pay for it then as your JSA will stop if I remember correctly so you will be in a worse situation as you will have no money coming in until you get a job?!

I know you probably need a car but getting into problems just isnt worth it IMO, my concern would be to get a job then look at getting a car.

Just my thinking on the situation!


yeah i see where you are coming from, i have looked at other possibilties, with the college thing i would prob be on a bursary which is around the same as jsa, how i see things is if there's no jobs be aswell getting more education in efforts for more qualifications at a bettter chance to getting a job , far fetched i know maybe, such a crap situation to be in bah!

Thanks all the same rep added
suspended#16
brettytopbanana
If you have 11 months left maybe its worth cutting your losses so to speak and hand the car back?
The way I am thinking is that, yes its great that you are offering to pay half, but the rest will have to be paid as you have said but then if you think of the worst case scenario what happens if you do not get a job for a year? You will end up making payments forever. Also if you go to college how will you pay for it then as your JSA will stop if I remember correctly so you will be in a worse situation as you will have no money coming in until you get a job?!

I know you probably need a car but getting into problems just isnt worth it IMO, my concern would be to get a job then look at getting a car.

Just my thinking on the situation!


Maybe a plumbing apprenticeship, so he would still have an income
banned#17
Starr
Maybe a plumbing apprenticeship, so he would still have an income


Lol thats exactly what im wanting to do at college lol
#18
yes but even the money for these apprenticeships are not really going to cover the cost of the car, the cost of running the car and having money to enjoy life as well.

Id just give it back, its just not worth the hassle of having to worry about payment and if there are 11 months left what you gonna do next year once you finish college and still maybe not have a job?

I hope you get a job and all that but you really do have to think things through!

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