Quote:
Originally Posted by isleaiw1
I think I said at the outset not many would agree...
You should hear me when those “got debts over £15k, write off 80%” ads come on. You ran up the debt, you pay it. Unless there is a really good reason, that couldn’t have been foreseen. I think in my head the two are sort of connected -have a flash new car, lose shit loads of money, then walk away and do it again not paying all that you should (even if the way out is legit)...
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I can’t remember the last time a customer came in to me and said, look I can’t pay my monthlies I want to VT. This invariably is the conversation had directly with the finance house not the retailer.
What we do have a lot of is after qualification is: ‘you owe £5500 on your Vauxhall Corsa, and it’s now worth £2000. To buy a new(er) Astra you can either pay the £3500 in neg egg or hand the car back because it looks like you are close to being or are over half way through your finance agreement.’
I’m not being obnoxious, but where do you stand now?
Have a think about the lower end of the market, and that someone spending £150 a month on a car won’t have the £3.5K to clear the neg egg.....and why would you? You might as well throw that cash on a fire. Cripple the market and make them continue to pay it? Or VT it?
PS I do agree with you about IVA’s etc. You spent it, you pay for it.