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Ah but its much easier to get out of the crap if you cant for some unforeseen reason pay the loan back.
If you have paid over half (I think) not quite sure but it does tell you on the back of the credit agreement and then you find you may be made redundant or just cant afford it, as long as the car has test on it and you have paid over the certain amout of finance back you can get what you call a VT pack........Vehicle Termination pack. What you do is contact your lender and they send you the pack out, fill in the details and then basically drop the car off at a Motor Auction and you dont have to pay no more(as long as you state on the letter/fax to them that you are surrendering the vehicle and will not make any more payments and date it). So yeah you may not have a vehicle but if you are in deep shit because you cant pay the finance this is a great way to get out of the crap.
Maybe......I dunno. But in her class there are a couple of kids who went to nursery at an early age and they just seem to interact better and they seem just more outgoing, it could be just her being a right moody sod..........like her Dad
Beware, this has a negative impact on your credit rating...
Really ? Tell me why then how people can VT their loan and walk straight into another loan ?
I know at least 3 people who VT their car soon as they have paid the figure which is on the back of the agreement, drop the car off at the garage and pick another one up (on finance).
You also will not have paid off any payment protection insurance as this is only cleared by you final few payments on a four year deal...
I was talking to a finance friend of mine (he had something to do with Direct Car Finance) and he was filling me in on the details...
I think we may be talking about different things here.
right let me start again. You can get a loan for a car, pay this loan until you have paid ex amount which is on the back of the credit agreement, then contact the lender for a V.T pack. Once you have filled in this V.T pack your car is sent to auction and you dont have to a penny more.....thats as long as you have taken care of the vehicle and it has test on, otherwise you could be made to pay something back.
My mate never took payment protection out on the car.
Ask your mate about a voluntary termination (called a V.T), im 99.9% sure that it does not affect your credit rating..........again as long as you have paid over half (I think) and taken reasonable care of the vehicle. thats why my mate gets a car loan and he hands it back after he's paid ex amount, gets another car and only gets finance for the amount of the new car (nothing else is added).. Its all in small print on the back of the credit agreement.
Kermit, where are you ?
Because you chose to end a credit agreement voluntarily, before the agreement had ended, this can be seen by some credit companies as a negative step.
I'm not saying that it always happens.
You can also be left with some liability which you hadn't realised - even though you have paid over a certain sum, as you say.
Are you sure that you friend didn't take insurance for redundancy etc? Or did they cover that seperately...? Bit risky...
No he doesn't take insurance on the car loan but he has other sources of insurance if he became ill/redundant etc (so he says).