QLD Car Loan and Expiry of Financial Hardship Waiver - Options?

[Timothy Wagg]

Hi, three month financial hardship waver for car loan will end 4/2/2015. I start work in one month.
I can not make payments as from the 4th. Are there any options open to me after the 4th.
I have had car loan for three years. thanks.

 

[John R]

Hi @Timothy Wagg
Extensions to financial hardship waivers are generally managed by the car loan or car financing company.
Have you explained your circumstances to your car loan or car financing company? If yes, what did they say?
The car loan or car financing company may also request proof of upcoming employment (e.g. an employment contract), etc. to review your request for a one month financial hardship extension.

Hope this helps. Please keep us updated with your progress.

 

[Timothy Wagg]

Hi John R. Thanks for your reply. I have not contacted car finance company as trying to gather
some info to help myself. What would the finance company next move if they reject my offer
of extension. Thanks.

 

[John R]

Your car finance company may have a financial hardship policy that you can request a copy of?

In my experience, if you can clearly demonstrate that you'll be able to continue repayments within the month, it would be unlikely (but not unheard of) for the car finance company to immediately repossess your car and/or transfer the debt to a debt collector, etc. because they would also incur the cost of legal fees, repossession fees and selling the debt to the debt collector at a reduced recovery cost.

 

[Timothy Wagg]

John R. Thanks for the reply. Tim.