Car payments on pcp while on 80% wage

23
Posted 31st Mar
Hi everyone, I’ve just been sent home from work on the governments 80% pay due to covid 19, obviously a lot of people are in the same boat and people bills are going to suffer unless you have savings which a lot of people don’t have, I just wondered were I stand with my monthly car payments.. obviously I will be ringing them to check but just wondered if anyone else is experiencing these problems? thank you
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Pipey8431/03/2020 19:14

I can manage a month or two but if things carry on getting worse then I …I can manage a month or two but if things carry on getting worse then I will be struggling I’m afraid... I am into my 3rd year of 4 so that maybe an option but I’ll definitely ring them first, they might be understand with a reduced payment due to the current situation, thank you for your reply, appreciated


My bro reckons he's even during this 80% wages period. Zero commuting and parking costs, zero mileage-related depreciation and less maintenace costs all due to no requirement to commute and ban on driving to leisure away from home; but he's not a high earner. True story. No doubt that concept would be seriously diluted if the vehicle wasn't used for commuting. Maybe he hasn't factored increased cost of utility bills whilst at home 24/7, nor the increase in food costs.
23 Comments
I guess you have 5 choices.
Struggle on paying.
Voluntary terminate if you have paid 50% of the total value of the deal. Figure On your paperwork somewhere.
Voluntary Surrender which is bad for your credit rating.
Ring them up (as you said) and ask for a payment reduction of holiday.
Get a settlement figure and see if a bank loan for that amount reduces your monthly repayments.
I can manage a month or two but if things carry on getting worse then I will be struggling I’m afraid... I am into my 3rd year of 4 so that maybe an option but I’ll definitely ring them first, they might be understand with a reduced payment due to the current situation, thank you for your reply, appreciated
Due to this you are allowed a payment holiday or a reduction as they certainly don’t want you to stop paying! Just give them a call and explain they should help you out
DigitalKnight31/03/2020 20:01

Due to this you are allowed a payment holiday or a reduction as they …Due to this you are allowed a payment holiday or a reduction as they certainly don’t want you to stop paying! Just give them a call and explain they should help you out


Thanks man I’ll call them tomorrow thank you
Pipey8431/03/2020 19:14

I can manage a month or two but if things carry on getting worse then I …I can manage a month or two but if things carry on getting worse then I will be struggling I’m afraid... I am into my 3rd year of 4 so that maybe an option but I’ll definitely ring them first, they might be understand with a reduced payment due to the current situation, thank you for your reply, appreciated


My bro reckons he's even during this 80% wages period. Zero commuting and parking costs, zero mileage-related depreciation and less maintenace costs all due to no requirement to commute and ban on driving to leisure away from home; but he's not a high earner. True story. No doubt that concept would be seriously diluted if the vehicle wasn't used for commuting. Maybe he hasn't factored increased cost of utility bills whilst at home 24/7, nor the increase in food costs.
I was just going to say what the person above said, with you being off work and at home you'll be spending less on fuel which is a bonus and another other things like parking tickets.
Do the employers not pay the other 20% of your wage? I'm clueless as I'm one of the unlucky ones who still have to work.
I wouldnt get yourself worried though, it's only a car and if you have to give it up, so be it! You'll have another when we're all back on our feet
AndyRoyd31/03/2020 20:12

My bro reckons he's even during this 80% wages period. Zero commuting and …My bro reckons he's even during this 80% wages period. Zero commuting and parking costs, zero mileage-related depreciation and less maintenace costs all due to no requirement to commute and ban on driving to leisure away from home; but he's not a high earner. True story. No doubt that concept would be seriously diluted if the vehicle wasn't used for commuting. Maybe he hasn't factored increased cost of utility bills whilst at home 24/7, nor the increase in food costs.


Also less spending on clothing
Toon_army31/03/2020 20:18

I was just going to say what the person above said, with you being off …I was just going to say what the person above said, with you being off work and at home you'll be spending less on fuel which is a bonus and another other things like parking tickets.Do the employers not pay the other 20% of your wage? I'm clueless as I'm one of the unlucky ones who still have to work.I wouldnt get yourself worried though, it's only a car and if you have to give it up, so be it! You'll have another when we're all back on our feet


I wondered whether they dont do tax deduction hence why it's 80% upto £2500.
We're both still working but since we're stuck at home in our free time and most shops are shut I'm hardly spending any money now so I think most could manage easily on 80%
Toon_army31/03/2020 20:18

I was just going to say what the person above said, with you being off …I was just going to say what the person above said, with you being off work and at home you'll be spending less on fuel which is a bonus and another other things like parking tickets.Do the employers not pay the other 20% of your wage? I'm clueless as I'm one of the unlucky ones who still have to work.I wouldnt get yourself worried though, it's only a car and if you have to give it up, so be it! You'll have another when we're all back on our feet


No mate our company wouldn’t put the extra 20% towards, all they went on about was making people redundant lol... yeah I agree it’s only a car and it’s not the end of the world hey
paulj4831/03/2020 21:13

We're both still working but since we're stuck at home in our free time …We're both still working but since we're stuck at home in our free time and most shops are shut I'm hardly spending any money now so I think most could manage easily on 80%


Yeah I agree, I just hope we do get the 80% as promised as our company was reluctant at first because they have to pay out then claim it back from the government so will have to see
Don’t want this to come across wrong but was at least 20% of your wage not being used on things that’s aren’t possible at the moment? Date night, taking the kids out, lunch while at work ect ect. Like others said above most people on 80% in the current state are probably in same position as usual if not better off due to the limitations
Just make sure you are furloughed on 80% wage.

Government guide here

I'm sure there's a few sneaky loopholes.
Where I work folks automatically thought they get 80% wages. Um no not unless you come under NHS shielding, otherwise its just sick pay.

I do work in public sector so my circumstances are different.

Basically you should have a letter from employer stating you are furloughed to get 80%
Edited by: "MonkeysUncle" 1st Apr
MonkeysUncle01/04/2020 00:49

Just make sure you are furloughed on 80% wage. Government guide hereI'm …Just make sure you are furloughed on 80% wage. Government guide hereI'm sure there's a few sneaky loopholes. Where I work folks automatically thought they get 80% wages. Um no not unless you come under NHS shielding, otherwise its just sick pay.I do work in public sector so my circumstances are different. Basically you should have a letter from employer stating you are furloughed to get 80%


Yeah I do have a letter confirming I’m on the 80% and I had to sign and date confirming too so there shouldn’t be any problems there, we all had to take a weeks holiday first though which we wasn’t happy about , but we had no choice
howarth331/03/2020 23:17

Don’t want this to come across wrong but was at least 20% of your wage not …Don’t want this to come across wrong but was at least 20% of your wage not being used on things that’s aren’t possible at the moment? Date night, taking the kids out, lunch while at work ect ect. Like others said above most people on 80% in the current state are probably in same position as usual if not better off due to the limitations


Yeah I do agree with you and I have said I would be okay for a couple of months it’s just if it carries on for a good while, I pay a lot of child maintenance too like a lot of people do, and other bills like everyone else.. I just wanted to know we’re I stand if the worst happens ... I appreciate your reply thank you
Sammy8631/03/2020 23:33

This might be worth a read, …This might be worth a read, https://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/


Thank you
All these high end cars on hire purchase that have been taken up on hot deals ...


Come back to bite you all in the ass !
ashmac01/04/2020 09:35

All these high end cars on hire purchase that have been taken up on hot …All these high end cars on hire purchase that have been taken up on hot deals ...Come back to bite you all in the ass !


Hardly mate... if you haven’t got anything relevant to say why comment? boring man
Bare in mind if you do take a repayment holiday the interest will probably be added on at the end etc..
.MUFC.01/04/2020 12:21

Bare in mind if you do take a repayment holiday the interest will probably …Bare in mind if you do take a repayment holiday the interest will probably be added on at the end etc..


Yeah I understand that mate thanks, seems a lot of people are in the same situation, I’m going to hold off for a couple of months and then hopefully work will start back , fingers crossed 🤞🏻
Pipey8401/04/2020 12:23

Yeah I understand that mate thanks, seems a lot of people are in the same …Yeah I understand that mate thanks, seems a lot of people are in the same situation, I’m going to hold off for a couple of months and then hopefully work will start back , fingers crossed 🤞🏻


I hope so too, Hopefully we'll all be saving a little by remaining at home etc.. which may help. Another option could be to try and reduce your utility bills a little for a short period and then make up at a later date i,e ask them to reduce direct debit payments if paying monthly. Try saving a bit by changing energy supplier etc.. That might help you afford the car etc.. Best of luck.
Edited by: ".MUFC." 1st Apr
.MUFC.01/04/2020 12:27

I hope so too, Hopefully we'll all be saving a little by remaining at home …I hope so too, Hopefully we'll all be saving a little by remaining at home etc.. which may help. Another option could be to try and reduce your utility bills a little for a short period and then make up at a later date i,e ask them to reduce direct debit payments if paying monthly. Try saving a bit by changing energy supplier etc.. That might help you afford the car etc.. Best of luck.


Yeah that’s true mate it’s only my second day at home and it’s really strange and doesn’t feel real still like everybody... I just hope we’re not in this situation for a number of months but the main thing is that everyone stays healthy and happy...
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