Scared I'm going to lose my car.

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Thread: Scared I'm going to lose my car.

  1. #1

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    Scared I'm going to lose my car.

    Not sure if this can be discussed but just need a little help and reassurance.

    Basically I'm in a little spot of bother. In april I agreed to a finance agreement , first month went smoothly and the payment was made no problems. Same with the second month. Third month comes along (July) and my grandfather passed away , which meant time needed to be taken off work (2 weeks) I had to go unpaid so ilost 2 weeks wages which would cover the car and insurance. Because of that I'm low on money and I've missed a car payment and I'm dreading that things aren't going to turn around and I may lose my car has anyone got any advice how to overcome this issue? I've rang the finance company and promised to pay next week , but what happens if t happens again and I lose my car kinda having an effect on me too , just don't know what to do :/

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  3. #2

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    17-02-2012
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    As long as you pay it back within a month im pretty sure you wont lose your car mate. Might have a bad effect on your credit rating but it takes a lot of debt to someone for them to come knocking for your car. I haven't ever had a car on finance but i assume it's the same as most debts, as long as it doesn't get too far in arrears like 6 months, you should be fine.

  4. #3
    Premier Member jazzyj's Avatar
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    As long as you are straight with your finance company they are usually ok with you,
    Talk to them and explain, offer to pay a little extra over the next few months to catch up...

  5. #4

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    Yea you'll be surprised how much "most" insurance companies do care about your situation. I've been off work for a year and still paying all bills but luckily didnt have many, and every company has been okay with payment plans as long as at the end you have paid back all the money. I say most because i'm with David Lloyd gyms and they won't put my membership on hold or cancel despite the fact that i broke both my legs and couldn't physically go to the gym let alone use the equipment. So i still have to pay £50 a month for that!! But thats 1 in about 20 of the bills i have to pay and I haven't paid them for 4 months and nothings come of it, just when i do get back to work i'll have to pay it all off. Like i say you should be fine, most companies do have hearts somewhere

  6. #5

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    Missing one month won't cause major problems

    Give them a ring and sort it out.

  7. #6
    Premier Member rgw1's Avatar
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    As posted, contact the company as soon as possible and be totally honest and upfront about your circumstances! Most are human and can understand these issues arise but can't help if they don't know. Don't hide or ignore it, it'll only get worse!
    R.I.P Paul Bingham (Bingo999)

  8. #7

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    Quote Originally Posted by jazzyj View Post
    As long as you are straight with your finance company they are usually ok with you,
    Talk to them and explain, offer to pay a little extra over the next few months to catch up...
    as jazzy say if you pay abit back extra each month cannot see you having a problem but always talk to them,never just assume,and for god sake dont miss another payment or you could be in trouble

  9. #8
    Administrator Cole's Avatar
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    You should just be able to have the payment you missed added on to your finance agreement. So for instance if you set it up over 60 months then you will effectively pay it for 61 months but only pay for 60 if that makes sense.

    I missed a payment on my old car and they rang me up asking why I missed it. Turned out same as you the money wasn't in my account, said sorry etc and they said they would add it to the end of the agreement.

    Not a problem really
    Stealthed Out Limited Edition
    Owner of the most Stealthed out LE going.. Arguably.

  10. #9
    Moderator Idaeus's Avatar
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    As above one missed payment will not give you any problems, I missed a payment while I was on Holiday in Canada last year because the Hotel wanted a security deposit that they hadn't informed me about so I hadn't transferred enough money into my account to cover both the car and this surprise deposit.

    All that happened was the finance company sent me a letter noting that it had been missed and that they had rescheduled the payment for a week later, by which point I had returned from Canada and transferred extra funds into my active account so there were no problems after that.

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