Car on HP

[giles]

I bought a car on HP last December, unfortunatly I've been made redundant and I'm not sure I can afford the repayments on social welfare. I owe another 4 years worth of repayments. Hopefully I'll get another job but if I don't can I simply give the car back?? Or somehow get the repayments lowered??

Any advicew appreciated...

 

[busyboy]

If the finance company reposesses the car and sell it on at auction, you will still be liable for whatever shortfall remains. I don't think you can simply hand it back, although i stand to be corrected. If you contact the finance company and explain your situation, they may let you pay a reduced repayment for a fixed period, but then usually you'd have to pay increased repayments following the agreed 'deadline' until the shortfall is repayed.