Hi.
I have a car finance agreement on a car not in my possession. (Long, sordid story- my ex has the car) He has never made any payments on it and i'm at a stage where i just can't afford to keep paying. I have only paid up to this point to try keep my credit rating but it can't continue.
i have spoken to the bank about my options and they said i can surrender the car to them which is not as bad as default and repossession of the car.
i wondering just how bad that would be on my credit rating? Can i write off obtaining credit for a period of time. Can banks put explantory notes on there ICB reports and would that even make a difference?
i've always had a good credit rating, and while i know this is my own doing, its still very upsetting for me.
thanks
I have a car finance agreement on a car not in my possession. (Long, sordid story- my ex has the car) He has never made any payments on it and i'm at a stage where i just can't afford to keep paying. I have only paid up to this point to try keep my credit rating but it can't continue.
i have spoken to the bank about my options and they said i can surrender the car to them which is not as bad as default and repossession of the car.
i wondering just how bad that would be on my credit rating? Can i write off obtaining credit for a period of time. Can banks put explantory notes on there ICB reports and would that even make a difference?
i've always had a good credit rating, and while i know this is my own doing, its still very upsetting for me.
thanks