Looking for help b4 the trouble starts

[martin2006]

hi caggers,

 

im looking for some advice on trying to stave off trouble b4 it happens.

 

i am self employed and now really beginning to feel the squeeze of this so called credit crunch.

 

i have two vehicles on finance, 1 car (for wifey) and 1 van for me. up to now i have managed to make the payments, have no adverse credit history, except, i applied recently for a loan to try to cover costs etc over the coming months ie bills, consolidating credit cards etc and was turned down, i presume bcoz as a s/e plumber i am currently a greater risk. This resulted in around 25 subsequent searches on my file as i made application on the net, this got passed around the houses who each did their own search. needless to say the longer it went on the less chance i had anyway due to increasing number of searches.

 

ok im drifting a bit here, what i need help with is this. Does anyone know if i could trade in current vehicles and buy cheaper ones that are more affordable and if so who could i go to. i mean without causing damage to my credit file with defaults or ccj's

 

any help much appreciated

 

im just trying to stave off possible future defaults if i dont act now

 

many thanx

 

Martin

[davefirewalker]

Unlikely...though it would depend on the type of finance.....In some cases you dont even own the vehicles until you have paid the last penny. Some put in restrictive terms that mean you can only sell to them...its a nightmare

 

Car finance people are notoriously bad....just read the Welcome threads

 

best thing to do would be to scan and post any agreements here (remove personal details)

 

Dave

[martin2006]

thanx dave, will scan and post asap if i can work out how to do it. ha ha, me a bit thicky with techno.