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If you’ve missed a car loan repayment – or you’re about to - you’re not alone, not even close.

Missing a repayment will damage your credit score and may lead to repossession by the bank.

However, most lenders are sympathetic to the current situation, if you communicate openly and early.

Lester Kiewit asked National Debt Advisors CEO Sebastian Alexanderson about the various options open to struggling owners of financed cars.

We’re not talking about hundreds of people. We’re talking about millions who are struggling to make their repayments…

Sebastian Alexanderson, CEO - National Debt Advisors

The banks do not want to repossess your car… contact your bank manager… they’re offering payment holidays to people in good standing… If your income is temporarily affected…

Sebastian Alexanderson, CEO - National Debt Advisors

If you’re no longer getting a salary, or you’re getting a lesser amount… speak to your bank to see if you have options… the payment holidays might not be an option to you… speaking to a debt counsellor [may be an option] … If you no longer have an income - you have credit life insurance attached to the loan… every policy is different; speak to your credit provider…

Sebastian Alexanderson, CEO - National Debt Advisors

Payment holidays… when those interest rates come back up – and they will – it’s going to bite you…

Sebastian Alexanderson, CEO - National Debt Advisors

Do you really need the car like you used to?

Sebastian Alexanderson, CEO - National Debt Advisors

For more detail, listen to the interview in the audio below.

This article first appeared on CapeTalk : Struggling to repay your car loan? About to miss a payment? You have options...

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