car repossession

brighter_side_of_life · 7 November 2009 at 10:30AM

Hi everyone

A bit of advice needed. Feeling a bit anxious about my car.

Its on HP and the finance company wrote to me to say that they intend to repossess as they received notification of my bankruptcy.

The letter they sent asked me to say that I agree return the car to them, which I have done.

They have also sent me an HP4 letter which is a statement showing how much is left to pay ( which is £3000). The letter also says they will be writing to me every 6 months whilst the account is in arrears. Surely they cant do this now I am bankcrupt?

They want to pick the car up mid-november. I contacted them to ask if i could drop it off at a dealership so the big repo truck doesnt appear outside my house! :eek:

They said I could but I have to phone the dealership and ask there permission ! I dont want to do this - its so humiliating and awkward.

What should I do? Also, can the finance company chase me for the amount of money outstanding? What happens about this 'shortfall' I keep reading about?

Can anybody help? I am feeling really fed up. I just want to give them the keys back and have done with it.

Bankruptcy has many plus points and I am happy I made the decision to do it - huge relief and weight of my shoulders and no longer dread the post. BUT - its so hard and I feel miserable, ashamed at times and just wish I could have been one of those lucky people who won the euro lottery so I could pay everyone and turn things around...........

thanks everyone for listening.

brighter_side_of_life · 7 November 2009 at 10:35AM

...... DONT DREAD THE POST I SAY..... Just submitted my thread and opened my post and the letter is from the tax office saying they have just received notification of my bankruptcy and will be writing to my employer about my nil tax code. I feel sick. I know its nothing to worry about, I knew it was coming.... but now its here its SO hard. I worry when I know deep down there is nothing to worry about....... :-(((

philnicandamy · 7 November 2009 at 10:38AM

brighter_side_of_life wrote: »

Hi everyone

A bit of advice needed. Feeling a bit anxious about my car.

Its on HP and the finance company wrote to me to say that they intend to repossess as they received notification of my bankruptcy.

The letter they sent asked me to say that I agree return the car to them, which I have done. you didnt sign anything did you??

They have also sent me an HP4 letter which is a statement showing how much is left to pay ( which is £3000). The letter also says they will be writing to me every 6 months whilst the account is in arrears. Surely they cant do this now I am bankcrupt? the shortfall should be included in your bankruptcy...if they continue to hassle you contact your official receivers office for them to sort it.

They want to pick the car up mid-november. I contacted them to ask if i could drop it off at a dealership so the big repo truck doesnt appear outside my house! :eek:

They said I could but I have to phone the dealership and ask there permission ! I dont want to do this - its so humiliating and awkward.

What should I do? Also, can the finance company chase me for the amount of money outstanding? What happens about this 'shortfall' I keep reading about? if its been a debt included in your bankruptcy then theres not a damn thing the HP can do about it..

Can anybody help? I am feeling really fed up. I just want to give them the keys back and have done with it.

Bankruptcy has many plus points and I am happy I made the decision to do it - huge relief and weight of my shoulders and no longer dread the post. BUT - its so hard and I feel miserable, ashamed at times and just wish I could have been one of those lucky people who won the euro lottery so I could pay everyone and turn things around........... you should have NOTHING to be ashamed of you did what was needed to do at the time..if anything you deserve a huge pat on the back for tacking things so well.

thanks everyone for listening.

just a few thoughts

brighter_side_of_life · 7 November 2009 at 10:55AM

Thanks for responding.

They sent me a letter which had a form to sign saying I give permission for them to reposess the car. I didnt sign this form, I just wrote separately and said they could come and collect it. I also mentioned in the same letter that any shortfall or outstanding amount what so ever would not be met by me and would form part of my bankruptcy (even though I wasnt sure about this bit !).

I think I will phone my local dealer and ask if I can take the car to them and then contact the finance company telling them it is there for them to arrange pickup. They have agreed that if I can arrange this then it will be ok.

I hope I havent committed to paying the outstanding just because i have agreed to give the car back. I had no choice but to agree because they told me that they will not allow me to keep it.

I mentioned the car in my SOA and the OR said he couldnt allow me to carry on with that car and told me to contact the finance company. I had another car - a little run about which he agreed I could keep for work.

Oh dear.

philnicandamy · 7 November 2009 at 10:59AM

as long as you didnt sign ANYTHING then your in the clear...agreeing to take the car back will NOT mean your liable for the shortfall of finance so try not to worry (easier said I know)

IF they continue to hassle you pass them your OR's details and leave it at that....at the end of the day they cant do a damn thing by you just taking the car back.

philnicandamy · 7 November 2009 at 11:01AM

brighter_side_of_life wrote: »

...... DONT DREAD THE POST I SAY..... Just submitted my thread and opened my post and the letter is from the tax office saying they have just received notification of my bankruptcy and will be writing to my employer about my nil tax code. I feel sick. I know its nothing to worry about, I knew it was coming.... but now its here its SO hard. I worry when I know deep down there is nothing to worry about....... :-(((

try not to worry about the tax code either......your employer WILL NOT know about your bankruptcy just with that....many many many reasons why someone could be on an NT code (besides they shouldnt even ask you)

brighter_side_of_life · 7 November 2009 at 6:04PM

thank you so much for the reassurance Philnicandamy, or should I just use 'P' for short!

I am a bit worried about agreeing for them to take the car back, I signed my letter agreeing for them to take repossession but I didnt sign anything they sent. I even said in my letter that I wont be responsible for any shortfall or amounts outstanding whatsoever. Hopefully that will be ok and they cant get me for anything.

Just out of curiousity, I have wondered if the car sells at auction - which I assume is what will happen, if it fetches more than what I owe - will they refund me the difference ! Bet they dont, mind you I will would have to pass that to the OR anyway.

To be honest, I just want the whole matter gone. I thought the HP car would be the least of my worries but now I am not so sure! It would be just awful for them to make me pay the outstanding balance. Mind you, I dont know how they expect to get any money because I dont have a penny spare. I have an NT tax code and no ipa.

Time will tell. But I will be writing to them again and I will copy in my OR letting them know the situation.

Thanks again. I will let you know what happens. I hope also that this thread has been useful for some of you out there in the same position.

:-) Feeling a bit better.

fiveyearplan · 7 November 2009 at 7:48PM

About the car - were you in arrears? If they come to collect it, they take the keys and drive it away unless of course the car won't start. I'm glad you didn't sign anything and don't do so however much they pressure you. My HP company had to take me to court because I wouldn't sign - that didn't scare me and I actually went to court to tell the judge why I wouldn't sign the papers but that I had agreed to the repossession.

Three_Clicks · 7 November 2009 at 8:14PM

brighter_side_of_life wrote: »

I am a bit worried about agreeing for them to take the car back, I signed my letter agreeing for them to take repossession but I didnt sign anything they sent. I even said in my letter that I wont be responsible for any shortfall or amounts outstanding whatsoever. Hopefully that will be ok and they cant get me for anything.

Just take the car to the garage and give the keys & a covering letter to the 'girl' on reception. Then post a copy of the covering letter to the HP company telling them where the keys & car is. ~~~ Walk out with your head held HIGH...

Just out of curiousity, I have wondered if the car sells at auction - which I assume is what will happen, if it fetches more than what I owe - will they refund me the difference ! Bet they dont, mind you I will would have to pass that to the OR anyway.

Any car sold at auction ALWAYS sells below book value ~ So NO...

To be honest, I just want the whole matter gone. I thought the HP car would be the least of my worries but now I am not so sure! It would be just awful for them to make me pay the outstanding balance. Mind you, I dont know how they expect to get any money because I dont have a penny spare. I have an NT tax code and no ipa.

Time will tell. But I will be writing to them again and I will copy in my OR letting them know the situation. Good for you.

Thanks again. I will let you know what happens. I hope also that this thread has been useful for some of you out there in the same position.

:-) Feeling a bit better.

I have to type this bit as its telling me my message is to short??? :mad: :mad: :mad:

maxmycardagain · 7 November 2009 at 8:19PM

sweeping statement

Any car sold at auction ALWAYS sells below book value

not strictly true, gullwing mercs, blower bentleys, XK150s, Healey 3ltrs, certain maseratis have been known to do quite well

Three_Clicks · 7 November 2009 at 8:24PM

maxmycardagain wrote: »

sweeping statement

not strictly true, gullwing mercs, blower bentleys, XK150s, Healey 3ltrs, certain maseratis have been known to do quite well

Very True... But ~~~

I'm sure the OP dos'nt drive around in one of those on HP!!!

car repossession

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