Repayments on a car with Welcome Finance?

Question

I got a car with finance just over 18 months ago. Initially it was for 4 years but last month extended the term by a few more years as was struggling with the repayments due to an unforseen change of circumstances. Anyway if i was to stop paying the repayments what is likely to happen. I am willing to give the car back but what is the worst....and best!!! that can happen. Thanks

Answer 1

you will go to court they will take the car back and they will make you still pay something at like 15pounds a week

Answer 2

The best thing you can do, is either give them back the car and they might be willing to reduce the loan amount so you have much lower repayments or you could in theory sell the car, put any money you make from it towards the loan amount which will also reduce the monthly repayments. If you just stop paying, they will sell the debt to a debt collection agency who after many months of harrassing you and adding fees will get a court order to send around bailiffs or you will be ordered to repay the amount by the court after they add there fees. You'll end up with a debt twice the size it was to begin with.

Answer 3

You'll completely wreck your credit rating, which would set you back from getting finance for several years (effects can last as long as 15 years). After a few months, Welcome Finance will begin sending you letters requesting payments, another few months and they will call in debt collectors, who will add their fees on top of the finance. If you still don't begin to make the payments (plus fees), they will request a court order to recover the payments/vehicle, and this will add even more fees to the over cost of finance. In the end, you'll not only lose the car, but you will be left with huge costs of the whole process going so far.