deecee:

Hi there, this has probably been discussed many times before but there are so many posts its difficult to navigate.

I bought my car 3 and half years ago and my contractual term will end in April 2010, however I do have arrears and there is no way balance would be cleared by that time.

I am currently paying £224.21 per month but yet (apparently!) still owe in the region of £3,500, the car is probably not worth that amount anymore as its nearing 8 years old.

Handing it back is not an option as I need the car to get to work but I wondered if the old myth was correct that if I'm paying them 'something' then they can't take it back?

I know they would have to take me to court first as I've paid way more than two thirds, but say if I was to write to them offering £100.00 per month would they just accept it?

I'd rather finish the debt asap but unfortunately that just isn't going to happen anytime soon, any advice is much appreciated.

DeeCee

Our Welcome finance story is similar, we were paying £224 a month for a car. We got into difficulties, but since we had paid off the interest on the loan up to that point, Welcome were quite willing to give us a new repayment plan.

So, we went from paying £61 a week, to £61 a month. If you were to explain your circumstances to Welcome, perhaps they would offer you a new repayment option. Good luck with it.

deecee:

Handing it back is not an option as I need the car to get to work but I wondered if the old myth was correct that if I'm paying them 'something' then they can't take it back?

I know they would have to take me to court first as I've paid way more than two thirds, but say if I was to write to them offering £100.00 per month would they just accept it?

If you stopped paying they would start sending letters demanding payment and make phone calls to any numbers they hold. They would then send debt collection agents to your door to ask for payment.

After a period of you not paying, they could take the car back. They would then sell it at auction and you would be responsble for any debt. The debt would be the difference between your account balance and the auction value obtained. The threatening letters, phone calls and doorstep visits would be continued, with interest being added to your debt at a daft ARP amount. In the end Welcome would take you to court to obtain a CCJ and would try to reclaim the money from you. Your credit record would be trashed and this would affect you for many years to come.

Your best option therefore, if you are stuggling with payments due to debts, is to see the debt advisor at your local Citizens Advice bureau. They can give you advice which will hopefully avoid you getting into a mess. Find your local CAB using http://www.citizensadvice.org.uk/

Huckster

Hi there, this has probably been discussed many times before but there are so many posts its difficult to navigate.

I bought my car 3 and half years ago and my contractual term will end in April 2010, however I do have arrears and there is no way balance would be cleared by that time.

I am currently paying £224.21 per month but yet (apparently!) still owe in the region of £3,500, the car is probably not worth that amount anymore as its nearing 8 years old.

Handing it back is not an option as I need the car to get to work but I wondered if the old myth was correct that if I'm paying them 'something' then they can't take it back?

I know they would have to take me to court first as I've paid way more than two thirds, but say if I was to write to them offering £100.00 per month would they just accept it?

I'd rather finish the debt asap but unfortunately that just isn't going to happen anytime soon, any advice is much appreciated.

DeeCee