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brighter side of life · 07-11-2009, 9:30 AM

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!

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 · 07-11-2009, 9:35 AM

...... 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 · 07-11-2009, 9:38 AM

Quote:

Originally Posted by brighter side of life

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!

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 · 07-11-2009, 9:55 AM

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 · 07-11-2009, 9:59 AM

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 · 07-11-2009, 10:01 AM

Quote:

Originally Posted by brighter side of life

...... 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 · 07-11-2009, 5:04 PM

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 · 07-11-2009, 6:48 PM

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 · 07-11-2009, 7:14 PM

Quote:

Originally Posted by brighter side of life

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???

maxmycardagain · 07-11-2009, 7:19 PM

sweeping statement

Quote:

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 · 07-11-2009, 7:24 PM

Quote:

Originally Posted by maxmycardagain

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!!!

maxmycardagain · 07-11-2009, 7:28 PM

even fairly mundane family cars can do well if they are low mileage/good spec, etc, i.e. a mondeo ghia will make 20% more than an LX compared with thier relative trade prices, the LX will struggle to make book, the ghia should make its book price easily.

brighter side of life · 07-11-2009, 7:55 PM

thanks everyone.

I definately didnt sign any of their paperwork. I only agreed to repossession.

I am going to take 3 clicks advice and return the car to the dealership tomorrow

Dreading it!

I will take with me a covering letter and details of the finance department who have asked for the car back. I have a contact name for their recovery department.

I will leave the keys and relevant docs and run away !!! Well - walk at a fast pace at least!

I will let you know what happens.

The finance company will just have to pick it up from there! I am going to take a firm stance with them. They wanted the car back after all. They refused to let my partner take over the payments because they would rather not deviate from their terms and conditions. Their loss - thats what i say !!

Oh dear, look what you have done - turned a poodle into a rockwilder!

I suppose you have to grow a thick skin in the bankruptcy thingy.

Watch this space .........

mysterio · 07-11-2009, 7:56 PM

if you do a covering letter make sure you dont sign with your sig...type it instead (lenders in the past have been known to do the odd cut & paste job)

brighter side of life · 07-11-2009, 8:14 PM

Oh no - how dare they cut and paste !

That would be illegal and a bloomin dirty trick to play! Surely you could take them to the cleaners for that!

I will take you advice though and just type it. Mind you, they have my signature on my other letters...... they also have it on the original agreement. I have kept a copy of everything and always sent them an original copy. If they do try to cut and paste my signature I will ask why it is photocopied when all the others are in ink.... oh my goodness I am sounding all panicky now!

Hey ho. I wont send my signature from now on.

It comes to something when all i have done is try to be honest with them.

If they send me any more correspondence I will not reply, instead I will send it to my OR and tell them what is going on. Oh, btw, I was told today that my file has been passed to RTLU - will they take this up on my behalf?

thanks

MicheH · 07-11-2009, 8:18 PM

The problem is when you post your thoughts and they're dangerously wrong, offering advice that could get someone in hot water you see, we have to pull you up on it because the real experts on here know that vulnerable people are hanging on our/yours/everyones word for a way out or good news. That's the only reason we dare say well no you're a bit off track there.

This board isn't like many others, we mostly have to deal with fact not opinion.

MicheH · 07-11-2009, 8:39 PM

Why do you feel the need to be so personally nasty. At no point in any of my posts to you today I have been nasty or rude. It just doesn't make sense why you would attack me like this.

brighter side of life · 07-11-2009, 9:31 PM

Hi MicheH

Well done for upholding such dignity! I suppose tensions run high on this board at times. But well done for not being drawn in.

I appreciate all the advice from where ever it comes from. However, you are right we very much hang on to every word. Anything that shows some light at the end of the tunnel.

I think it is right to say if you feel someone may have got it slightly wrong. There is no harm in that - everyone benefits. I has to be taken as it is meant - constructive criticism.

Keep up the good work EVERYONE !!

x

brighter side of life · 08-11-2009, 5:04 PM

Well, I was all set to take my car today, but alas it never happened! The reason is that I was concerned about the registration docs. Apparently the person to whom you are selling or transferring the car to has to sign by law.

So, concerned I would be making the 32 mile round trip for nothing (as the 'girl' on reception probably wouldnt have signed) I have decided to ring the finance company tomorrow and ask them how they go about this.

I am going to say that they can pick the car up from my address but only if whoever picks it up signs to say it has been handed over etc.

Anyway, to put things into perspective.... I attended a rememorial service today and listened as they read out the 100 + names of all those young men who have died in Afgan and Iraq, alot aged 18 and 21..... need I say more. God bless them and their families and everyone still out there, protect them and keep them safe.