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Hi All,
This has probably been extensively covered already but I am having a bit of a dilemma. I am trying to organise my debts into a DAS on a payment plan. I will be voluntary terminating my hire purchase before the half way mark but won't be doing this for a few months as I still require use of the car for a few months. However I really need to set up my DAS asap, debt plans class a hire purchase as a 'priority debt' and so my monthly repayment on debts is looking lower if I still have the car (£295) however if I VT the car and add the debt for the remainder of the car (around £3500) to my DAS, they then class me as not having a car and saving £500 a month (car finance, petrol, insurance etc) and want me to pay £700 a month to debts which I really cannot afford. I am now thinking it may be best not to put anything into a debt plan if I will still be paying the same out as what I currently am.
My query is -after all of that- if I VT the car with Blackhorse, how do we deal with the remainder debt I owe them? Will they expect me to continue to make the monthly payment I have been throughout the agreement or will they be willing to set up a lower monthly plan? I am currently paying £219.79 a month in finance but would they allow this to drop to £100 a month for the debt I owe them?
Very confused so any help would be appreciated. I am also extremely anxious about calling Blackhorse to VT as I am scared they will try and make this difficult but I have been reading up a lot of the legalities on this forum so hopefully that helps me!!!
This has probably been extensively covered already but I am having a bit of a dilemma. I am trying to organise my debts into a DAS on a payment plan. I will be voluntary terminating my hire purchase before the half way mark but won't be doing this for a few months as I still require use of the car for a few months. However I really need to set up my DAS asap, debt plans class a hire purchase as a 'priority debt' and so my monthly repayment on debts is looking lower if I still have the car (£295) however if I VT the car and add the debt for the remainder of the car (around £3500) to my DAS, they then class me as not having a car and saving £500 a month (car finance, petrol, insurance etc) and want me to pay £700 a month to debts which I really cannot afford. I am now thinking it may be best not to put anything into a debt plan if I will still be paying the same out as what I currently am.
My query is -after all of that- if I VT the car with Blackhorse, how do we deal with the remainder debt I owe them? Will they expect me to continue to make the monthly payment I have been throughout the agreement or will they be willing to set up a lower monthly plan? I am currently paying £219.79 a month in finance but would they allow this to drop to £100 a month for the debt I owe them?
Very confused so any help would be appreciated. I am also extremely anxious about calling Blackhorse to VT as I am scared they will try and make this difficult but I have been reading up a lot of the legalities on this forum so hopefully that helps me!!!
