What happens to my car if my vehicle finance is found to be lent recklessly?

In most cases if you have paid over two thirds of your repayments you will usually keep the car, otherwise if you can't afford the payment then you may have to return the car - depending on the judgment and credit agreement.

If found to be reckless by the courts, then the judge can take certain steps or make decisions regarding property. In many cases the car would have been repossessed by the second month of non-payment, however if found to be reckless, the court has a few options of what to do next. As a request from the courts as a legal procedure, the debt or property can either be:

• Rescinded
• Amended
• Or suspended

What this means is that the courts have the power to cancel the debt completely, amend the agreement to suit the debtors available finances or even suspend the debt, either until a later stage where payment can be made or until further investigation has taken place. This is all only if the creditor has been found guilty of reckless lending.

However in certain situations the agreement is forcibly canceled or amended when the debtor cannot support themselves or their dependents regarding basic expenses.
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