I'm struggling financially

[PurpleLinzi]

Hope someone can advise me!  I have recently split up with my husband and have had to branch out on my own, which includes paying rent for my new pad.  I bought a car a couple of years ago and I now have to sell it in order for me to be able to eat!  I can't seem to be able to sell it (privately) at a price that will pay off the HP, is it possible for me to go back to the dealer, them take back the car and payments will stop with no further consequences?

HELP!!

[trionam]

I can sympathise I bought a car on hp the inerest was outrageous and the repayments were difficult to make after two years I got a settlement figure from the company of 11,000 the most I could hope to sell for was about 8,000 and I couldnt even sell it for that after paying lots on advertising,my mother contacted the company and persuaded them to take 10 grand which im now repaying to her without the high interest,the dealer may buy it back but there is likely to be a shortfall between the cars value and the balance on the loan.

[Oneeyedvic]

Under hire purchase regualtions, if you have paid more than half the amount owing under the agreeement, you can hand the vehicle back. (to the finance company not the dealer).

If you look at your finance agreement, firstly check to see if it is a hire purchase agreement (as opposed to a loan like black horse do). If it is, there will be a section called halves and thirds which will outline what you have to pay back in order to return the car.

The car must be in 'reasonable' condition or they can make you pay extra.

 

I hope this helps

[exemptedgold]

if you hand car back to hp company. the will send car to auction, there is no reserve put on it.so car can be sold for buttons:-( and you still have to pay of shortfall. been there. good luck-)

[Kev_UK]

Years ago I bought a brand new Sierra estate on ford credit, very low interest.. the car was �8400, I put my old car & cash down so 50% was paid.. on the �4200 the interest was only �310.68p over 3 years. I split up with my wife.. kept the car for a while but due to unemployment was borrowing money on credit cards to make the repayments of �123 pm. Things were getting out of hand, so I shopped around and was offered as low as �4000 for the 2 yr old car.. eventually I was offered �5700 for it aginst a autin metro costing �2500.. that paid off the loan, paid off my credit cards.. and I had a little left over.

It depends on what the car is worth as already said by the other AB'ers.

[Grunty]

I strongly suggest that you get advice from a lawyer about the overall situation, not just the car.  In my case I have had to pay a very large amount every month for 15 years to an ex who expects to be kept for the rest of my life.  I could give up work, but there would also be a large loss to me as well.  Lawyers are expensive, but some will see you free for the initial interview.  Legal Aid is available, but use it sparingly as it is a loan.