The very first thing to do is learn whether your vehicle is protection for the loan. Check always your loan agreement or even the nationwide register (called the Personal qualities Securities Register).
In the event the vehicle is security for your loan your vehicle might be seized. At least 30 days to pay your arrears before your car can be seized if it’s a personal loan, a default notice must be sent giving you.
If the vehicle just isn’t protection for the loan Your lender can’t seize it unless they will have a court purchase authorising the Sheriff to go. This method can take place rapidly.
Whenever you can manage to pay something Start spending the quantity you are able to manage and acquire in touch with your creditor on to place a payment contract set up.
On 1800 007 007 straight away for advice if you can’t afford to pay anything Call us.
Work out how much you nevertheless owe
If you’re maybe not certain exactly how much you borrowed from, pose a question to your loan provider.
Ask to confer with your lender’s pecuniary hardship division
Contact your lender when you can and consult with their hardship that is financial division.
When they agree to an arrangement, ask for this become verified on paper and stay glued to the arrangement.
You can apply to External Dispute Resolution if they don’t agree.
Offer your vehicle
An alternative choice will be offer your vehicle. This method might be appropriate if:
- You’ll not any longer make any re payments
- You don’t require your vehicle for work
- You need to use a more affordable type of travel, such as for example utilizing a cheaper vehicle, general public transportation or perhaps a bike.