I'm worried about missing car finance payments during a mis-selling claim. What should I do
Missing Car Finance Payments During a Mis-Selling Claim
We understand that missing car finance payments can be a serious concern, especially while you're pursuing a mis-selling claim. Here's some guidance for UK residents in this situation:
Maintain Communication:
Contact your car finance company: Let them know you've submitted a mis-selling claim and explain your financial situation. While they can't pause repayments entirely, they might be able to offer temporary solutions like:
Payment deferral: This could involve delaying a set number of repayments.
Reduced payments: This could involve agreeing on a lower monthly payment amount for a limited period.
Remember: There's no guarantee the car finance company will agree to these options, but it's important to communicate and explain your circumstances.
Seek Additional Support:
Debt management charities: These organisations offer free and confidential advice on managing debt. They can help you create a budget and explore options to manage your car finance repayments alongside other financial commitments. Here are a couple of resources:
Financial advice: A qualified financial advisor can provide personalised guidance on managing your finances during the mis-selling claim process.
Keep Records:
Maintain a record of all communication with the car finance company regarding your mis-selling claim and any discussions about missed payments. This includes emails, phone call notes, and any agreements reached.
Important Note:
Missing car finance payments can have serious consequences, including late payment fees, potential damage to your credit score, and even car repossession. While a mis-selling claim might be successful, it's not a guaranteed solution to stop repayments. It's crucial to take steps to manage your car finance payments during the claim process.
Remember: We can't offer specific financial advice. This information is intended as a guide, and it's always best to seek professional advice tailored to your circumstances.