ChatterBank2 mins ago
mortgage
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i have a car on hp (taken out over 5 years) i have had it just over a year, can anyone tell me what would happen if i handed it back just now and how would this affect my mortgage which is due for review in feb 09
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if the car is on hp, not a lease deal, then you cant just hand it back, because the finance company have lent you money, they want their money back, not a car!
you have the option to sell it to pay back the loan, but its unlikely it will cover the amount needed. If you default on the payments or owe them money, you will probably find it hard to remortgage
you have the option to sell it to pay back the loan, but its unlikely it will cover the amount needed. If you default on the payments or owe them money, you will probably find it hard to remortgage
Best bet would be to contact the HP comp[any and try to negotiate. You can try to reduce the monthl;y payments, negotiate giving the car back or some other arrangement. Think about what you actually want out of them and try to achieve this.
They have dealt with many many hundreds of people before who have had financial difficulties and they will have people there who are trained to deal with these type of things.
Good luck.
They have dealt with many many hundreds of people before who have had financial difficulties and they will have people there who are trained to deal with these type of things.
Good luck.
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