Thank you so much nicolee2931, you've been a great help. Sorry if I'm a bit thick but what does VT mean? I'll check my agreement tonight when I get home and see if it is under the CCA 1974 Thank you

Hi nicolee2931 Thanks for the reply. There are no arrears on my account currently as I am still making the full payments. However, it means that other payments I need to make are not getting paid. I don't mind if I have to lose the car as it costs a fortune to run and maintain anyway, I just don't want to end up paying too much at the end of it. Looking at Autotrader they are going for about £4k to £5k so they shouldn't make a loss on re-selling it Thank you

I purchased a car on finance in May 2009 and have made 17 payments of £146.03 with 31 payments to go (as it was a 48 month agreement). I phoned up in July and they said the settlement figure was £4k. I cannot afford to pay and don't really know what to do. I called Black Horse and asked what they could do to help me, they could reduce my payments by half but would add default charges and extra interest to the end of the loan. I can also decrease my payments permanently, but wondered if I could then increase them again once my financial situation improves. What would happen if I just asked them to collect it? Any help will be greatly appreciated