Are you struggling to keep up with your monthly car finance repayments? Here are some ways to help you take back control of your money and avoid serious consequences like having your car repossessed.
When you find yourself facing financial difficulties, things can seem overwhelming. Sometimes, life events, like a redundancy, can have a sudden impact on your income.
However, avoiding dealing with unpaid debt is never a good idea, and will only make things worse. Dealing with things now, and getting the right support, will help you get on top of debts before they lead to further problems.
When you miss a payment on your car hire purchase agreement, your account will fall into arrears. When this happens, we will contact you to understand your situation.
If you don’t repay what you owe, and continue to miss payments, we will continue to send you communications. It is important we speak with you to discuss your account and understand your financial position.
Eventually, if we have no contact from yourself we may look to terminate the agreement and repossess the car.
Before things reach this point, you should look to get in touch with us. Our expert team will look at your situation, and explore options, like payment plans, that may help you get back on track.
We are required to share your account performance to credit reference agencies. This information is made available to lenders when you apply for further credit. If you miss a payment, we will report the arrears, which could impact your credit score.
Should you continue not to pay, or contact us, a Default notice may be issued. If this expires, and you do not contact us, the Default could be reported and may impact your credit score for up to 6 years.
If you believe you are going to miss or be late, with a repayment, you should contact us as soon as possible on 01925 696 372.
It’s always best to be open with us about your situation.
Whether you’re experiencing a short-term issue, or are looking at a long-term change, we will always look to explore what options are available in your situation.
We may have suggestions you haven’t considered and can point you towards further support.
There are many charities and support groups out there that can offer advice to people experiencing financial difficulty.
Citizens Advice has a website full of information on ways you can get financial, legal and emotional support. You will also find detailed guidance on ways you can seek solutions to any debt issues you may have.
MoneyHelper – offering free and impartial guidance on financial matters.
It’s important to seek advice from qualified professionals such as the above when looking to solve issues with debt. They are in the best position to understand your situation and tailor support to your needs.
The earlier you seek help, the better chance you have of minimising extra costs, and further damage to your credit rating.
At Go Car Credit, we specialise in bad credit car finance, meaning we help people get behind the wheel, even if they do have marks on their credit history, such as a CCJ.