If you do not keep up repayments on the car, the finance company would eventually repossess then probably sell the car on at auction for whatever it fetches, you would still be liable for the difference in the balance outstanding on the finance agreement. It is better to inform the car finance Co and at least give them the informed choice, this will help keep other associated costs down to a minimum.

You could then refer the finance Co to the fact you have ..or are about to enter a debt management plan, offering to treat them equally in the same manner as you have dealt with all your other creditors in the plan.

Some finance agreements give you the opportunity to voluntarily hand the car back without penalty once you've paid half the balance, subject to the agreement & conditions... first check your agreement. !