Financial Advice Needed

guessing_game

Don't know if this is the correct place to ask but sure I said I'd put it out there.
Kinda bought my first car over a year ago, and now owe 4K to a financial institution in the city, and am currently being let go in march from the job.
Does anyone know of any like debt postponement or anything like it, just until I get another job?
If all comes to all I will sell the car, to pay it back, but I said I'd put it up here just to see what other options (if any) are there?
Any advice would be greatly appreciated...

smcgiff

You need to talk to your bank.

mydogjack

guessing_game wrote: »

Don't know if this is the correct place to ask but sure I said I'd put it out there.
Kinda bought my first car over a year ago, and now owe 4K to a financial institution in the city, and am currently being let go in march from the job.
Does anyone know of any like debt postponement or anything like it, just until I get another job?
If all comes to all I will sell the car, to pay it back, but I said I'd put it up here just to see what other options (if any) are there?
Any advice would be greatly appreciated...

Do you own the car or is it a higher purchase/lease agreement?

Staplor

Get onto mabs, they'll help you work out what you can actually afford to pay, offer that to the bank, if the bank say no and it ever ended up in court the judge would order you to pay the mabs amount

Cabaal

Talk to Mabs,
They should be your first port of call rather then your bank. Your bank will likely just want them taken care of above anything else so best to get some impartial advise from Mabs instead.

Go about talking to them now though, don't wait until 2014

obezyana

Cant you just hand it back? A friend of mine done that during the summer and the bank had no problems with them doing so tbh i dont know the full ins and out of what happened but he told me they asked the bank can they give it back as they cant afford to have it anymore. As said above go talk to MABS first and see what they say.

smcgiff

obezyana wrote: »

Cant you just hand it back? A friend of mine done that during the summer and the bank had no problems with them doing so tbh i dont know the full ins and out of what happened but he told me they asked the bank can they give it back as they cant afford to have it anymore. As said above go talk to MABS first and see what they say.

You can hand it back under the 'half rule' if bought under HP and half the payments were made. It's unlikely in the OP's case as the loan is only a year old.

For €4k I wouldn't trouble MABS, they've a large waiting list as it stands, and while I could be wrong I don't think a €4k car debt would be a priority for them.

I get the impression the OP wants to hold onto the car if possible. He could try and arrange a longer period with the bank.

obezyana

smcgiff wrote: »

You can hand it back under the 'half rule' if bought under HP and half the payments were made. It's unlikely in the OP's case as the loan is only a year old.

For €4k I wouldn't trouble MABS, they've a large waiting list as it stands, and while I could be wrong I don't think a €4k car debt would be a priority for them.

I get the impression the OP wants to hold onto the car if possible. He could try and arrange a longer period with the bank.

Ah right that makes sense as they had the car for a few years.

guessing_game

Thanks for the advice guys. Really appreciate it..