After a bit of advice. I have a mini on hire purchase and its coming up to about 18 months in now. I recently lost my job and am now struggling with the payments.
Are there any options available to me? Like handing the car back. Suspending payments etc?
Generally you can hand the car back and pay for any damage or additional mileage but your best bet would be speaking to mini financial services or whoever it is
Just make sure with them that it doesnt go down as you defaulted on your payments as if it does it may affect any loans you take or try to take out in future?
They always check your credit history first see.
Check with the finance company, you never know you may have inadvertently signed up for some sort of payment protection that covers this eventuality.
If you are totally upfront with them and honest they may have something that they can offer to help you, reduced payments, payment holiday or even re-financing over a longer period to reduce the monthly payments.
check your contract, as i just signed my HP agreement yesterday on my new MC and after you have paid so much back, think mine was just over £6k then you can just hnd the car back. and there was a 2nd figure just over £4k, that might be for if you are in trouble with your repayments... have a look on what you signed
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