Car pcp, moving to egypt

[Egypt23]

I've been doing a lot of research this week and have decided to make an account on here to get some advice as I'm a bit lost what to do.

 

So I've made some bad life choices, I'm only 23, but I'm moving to egypt with my family. However, I'm 8 months into a 4 year car pcp. As with all cars you can imagine there is a large amount of negative equity, the total amount I am unsure because I'm confused with my options.

 

At first I was considering declaring myself bankrupt, this way the debt, which is potentially upto £6000 will be written off. But the problem here is that to get a residency visa in Egypt I have to show my bank statements, I only have around £3000 in the bank, which I have slowly saved since I moved out when I was 18. What are my options regarding the car, as when I move to egypt I won't have a job for the first year so I will have no income.

[dx100uk]

whats it worth ?

might it wipe the debt out if you hand it back?

 

 

not sure if you can VT on PCP

I think its HP still?

 

 

dx

[Egypt23]

I've seen my car on auto trader starting at £13000, the total amount of finance is for approximately £20000, I'm sure I've read on my documents I can hand it back after 50% of the payments, I will double check this right now. Thanks for your speedy response

[Egypt23]

I cannot find my documentation right now, possibly thrown out a few weeks ago after a clear out. Opps, I'm sure it said hand back at the half way point, but I'm confused how this can help me

[dx100uk]

it will probably be voluntary termination.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?444314-VT-car-with-Car-finance-co

[Egypt23]

Okay, I've found my documentation, it does indeed say hire purchase agreement at the top. Total amount payable with interest is £19266 and states the figure I can hand it back at is half of this. What is the best thing to do in my situation considering I'm in £6000 negative equity

[Conniff]

Think very carefully about using any of the funds you have in the bank now, that won't cover it so would be detrimental to your move.

 

You could give the finance company a ring and see if they come up with any solutions, but, again, don't mention the money in your bank.

[dx100uk]

vt

go read that thread

 

 

dx

[Egypt23]

Think very carefully about using any of the funds you have in the bank now, that won't cover it so would be detrimental to your move.

 

You could give the finance company a ring and see if they come up with any solutions, but, again, don't mention the money in your bank.

 

Thanks for the replies Conniff and dx, I will contact them and see what they suggest, but I expect they will not be very helpful other than wanting me to pay an additional £8000 or something.

Dx I have read the thread and it is just about submitting your vt request once you've made half of the payments, I've not even made one third yet

[theoldrouge]

dont forget you can vt at anytime

 

s99 and s100 are entirely seperate

 

so you complete the vt under s99 and then negotiate suitable payments for the outsstanding balance afterwards using s100

 

(50% minus payments made plus deposit)

[Egypt23]

Ahh interesting, thanks for the info, I will ring them tomorrow and see what they say, but I won't be able to repay anything at all for one year as I will be living in a rural area with no job, but after I have a better understanding of Arabic and sorted my visas I plan to relocate to Cairo or another gulf country doing my trade

[theoldrouge]

what deposit did you pay, what is your monthly payment?

[Egypt23]

I made a deposit of just £500 and monthly payments are 265 over 4 years plus a balloon payment at the end taking it to £19000

[dx100uk]

Don't whatever you do agree to VS voluntary surrender

 

 

dx

[theoldrouge]

so youve made 8, so leaves £7013 to pay post vt,cant stop you doing vt using s99

 

then they will have to contact you in rural egypt for the payments for the balance

[theoldrouge]

personally I would contact in writing only

[Egypt23]

Thanks for the advice rouge, the post will not make it to egypt as the postal system is really bad and where I will be moving doesn't even have Street names. Can I provide them with an email address instead for all communication?

[theoldrouge]

yes under the circumstances, I suspect once they know all the circumstances, if you are not returning to the uk in the near future

 

they may well not waste too much cost and effort in chasing too hard

[Egypt23]

Okay sounds straightforward, thanks.

 

As far as court goes etc, if I have no registered UK address, what happens then, or will the finance company give them my last known address if anything is to come of it?

[theoldrouge]

no real point if they have been informed of your new address

[steveab1]

I had a car on hire purchase some fifteen years ago and I drove it to my new country and it still runs lovely.

[Conniff]

I had a car on hire purchase some fifteen years ago and I drove it to my new country and it still runs lovely.

 

 

If that's saying what I think it's saying, then perhaps I shouldn't laugh, but what the hell

[unclebulgaria67]

If that's saying what I think it's saying, then perhaps I shouldn't laugh, but what the hell

 

Just send the PCP company a postcard !

 

I was going to suggest a road trip to Egypt, but given the current problems in the region, i am not sure what a safe route would be.

 

If someone did go on a long journey and the car broke down, so they could not return it to a credit provider, i just wonder what the position would be.