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I can no longer meet my car's finance payments - is there anything I can do to request a new arrangement before repossession?

My car is due to be repossessed this month. Is there anything that can support my request to come to a new arrangement? I can no longer meet the payment required to stop repossession as all my contracts for work have been suspended in the last week. I am self employed.

Asked on 23 March 2020 by Maya Doolub

Answered by Dan Powell
Firstly, speak with the finance provider and inform them of the situation. You may be able to negotiate a payment break that will give you the breathing space you need to reorganise your finances in the short-term. If that fails, it may be better to see if you can lower the monthly payments by extending the contract.

Prime Minister Boris Johnson and Chancellor Rishi Sunak have announced plans to help people facing difficulties as a result of the coronavirus outbreak - including business loans and mortgage breaks - but nothing specific has been outlined for personal loans or car finance as of yet.

For more information, see: www.honestjohn.co.uk/coronavirus/coronavirus-what-...g
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