Hire purchase car problem

[bblnr88]

So back in 2014, I made a huge mistake. I financed a Saab which cost me £19000 with Money-way.
Payments are £308 a month for five years. I am on positive equity on the finance, never miss a payment after 3 and half years. I have £6000 left to clear the loan.
But I don’t have that money. The problem is that the engine of the car has blown up and the car is worthless now.
It’s going to cost me at least a couple thousand.
Please what are my options at this point? I'm thinking:
• Voluntary Termination ? Is this a good idea?

[paulajayne]

Re: Hire purchase car problem

Cheaper to repair with a refurbished engine.

[bblnr88]

Re: Hire purchase car problem

I know but I don’t have the two grand ready for a refurbished engine. If I VT the loan will the finance company charge me just for the repair they will make on the car and nothing else?

[Katieb48]

I have the same problem with moneyway,but the extra bit of my story is that I paid for a refurbished engine,and the mechanic that fitted it and took £1250 has managed to break it once again,he said hel fix it a cost,em a dont think so,so now because he has ignored me,ive had to go with the formal letter,will I succeed in getting my money back