Loading Profile...
Help get this topic noticed by sharing it on
Twitter,
Facebook, or email.
Twitter,
Facebook, or email.
I’m
frustrated
What options do I have to clear a debt I have from a car loan?
i have a car that is sercured on a loan welcome fianace and even though paid 6000 still owe 16000 although car was worth 7500 when bought any way out
Official
Response
-
Thanks for your question, the first thing we would recommend you do is look at the precise wording of your loan agreement, as some allow you to give the car back after a certain time without charging a penalty (usually a third or half-way through the agreement). If this isn’t the case, then you have a straight choice it seems between relinquishing the car voluntarily – any money earned upon the sale of the car will be deducted from your balance but there will obviously be a large shortfall still outstanding.
Your other option is keeping the car and making the payments until it finishes, at least that way you will end up with something to show for it.
If you have other debts as well, then it may be worth getting in touch on 0800 019 2095 or taking our short online debt analyser so that we can run a trained eye over the whole situation for you, and go through what all your options are.
EMPLOYEE
-
Thanks for your question, the first thing we would recommend you do is look at the precise wording of your loan agreement, as some allow you to give the car back after a certain time without charging a penalty (usually a third or half-way through the agreement). If this isn’t the case, then you have a straight choice it seems between relinquishing the car voluntarily – any money earned upon the sale of the car will be deducted from your balance but there will obviously be a large shortfall still outstanding.
Your other option is keeping the car and making the payments until it finishes, at least that way you will end up with something to show for it.
If you have other debts as well, then it may be worth getting in touch on 0800 019 2095 or taking our short online debt analyser so that we can run a trained eye over the whole situation for you, and go through what all your options are.Comment -
