Car Finance Debt

Gain a detailed understanding of car finance debts and the options available to motorists who have fallen behind on their car finance payments. 

Buying a vehicle on a financing agreement has become exceptionally popular in the UK, especially Hire Purchase (HP) Agreements. These are agreements where you pay to hire the car each month for a set period, and eventually become the outright owner of the vehicle once the payment period has finished and all payments have been made. 

But what happens if you suddenly find yourself unable to meet your monthly car finance payment? The good news is that there are solutions for people who have recently defaulted on their car finance, and ways to confront older car finance debt. 

The MoneyNerd team has put together an array of guides to help you understand car finance debt and the options available. We’ve looked at ways to get your payments back on track and how you might be able to use the Consumer Credit Act (1974) to end your agreement and prevent further debts.