Stop paying car finance??

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I'm struggling to afford my debts, I'm looking to do a Bankruptcy but haven't got the funds yet! (Also got a BFP Sunday!)

I own 78% of my car, how long would it take the company to have it taken off me if I simply stopped with the payments??

Admittedly I don't simply want to hand it back yet as I do own a huge chunk of it! They'll simply send me a bill for double what it's worth for all the damage!

It's a HP, finishes in June 2019.

Not sure but doing this will wreck your credit score! Why don't you ring and explain issues and ask for a monthvpayment holiday?

Doh !!! I expect someone planning to file bankruptcy has long since past caring about their credit rating '

3 months before car was repossessed when my SIL did it. Bailiffs were at the door for missed payments for other stuff at the same time. She also lost her house.

It took her years to get rid of the black marks against her name OP. Think carefully.

When you've paid as much as that you are entitled to something when they sell the car.

My credit score is shot. I've not been paying any of my debts for months now.

My financial situation isn't going to change for a long time yet.

I just don't want to hand it back when I own a huge chunk more of the car than the company do. I wouldn't be surprised if it's actually 80/20 now!

I have read somewhere that they need a court order to get it off me.

Yes, they need to take you to court if you've paid off more than a third.

You may be able to keep it under bankruptcy if you need it for work and can make the payments once you no longer have other debts.

What's BFP?

BFP = Big fat positive (I'm pregnant)

I contacted the company but they said their policy is to cancel the agreement and ask that I hand the car back. Even if the OR says I can continue paying for it.

I just can't hand a car I own 80% of back over just like that

Beat the bailiffs and banks group on Facebook can help you.

Check out the three letter process for other debts to wipe them if they have been brought by debt recovery services like Lowell or Fredrickson

They can ask all they like - of course they would prefer you just hand it back ! They get a car, when they own 20% and no expense of taking you to court.

It's not optional. They need a court order.

Can you talk to stepchange ? They can renegotiate payments on your behalf and settlement figures. However you will need to tell them about all the debts.

If you go bankrupt and the car is worth a bit, they will sell it, pay off the finance, give you £1k to buy another car (if you can prove you need it for work).

Can you sell the car privately? The buyer pays off the remaining HP and then pays you the balance? it might give you the funds for bankruptcy. Are you with British Gas? My friend was and they paid for her to go bankrupt. This was many years ago though