Help car being repossessed

hellohello1 · 21 October 2008 at 6:28PM

Hi

Am wondering if anyone can help me. My hubby took out a car over 4 years ago on a 5 year deal and in recent months have fallen behind in payments. We have now had a letter saying they are going to reposess the car. We have paid £203 per month for 4 years and 4 months on a car that cost £9000.

We are really struggling at the moment and living month to month and literally robbing peter to pay paul. I work at one of the Bank's which has been in the news a lot recently and am worried that if try to take a loan (not that think its possible) will maybe get paid off next year. We are up to date with our mortgage but can see everything else falling in next couple months.

I know the situation cannot go on any longer but has just came to a head today with a letter re the car.

Any advice would be greatly appreciated.

Thanks

Aud

RAS · 21 October 2008 at 6:41PM

Welcome

I would suggest that you get the paperwork out and speak to one of the debt charities re the car http://www.moneysavingexpert.com/loans/debt-help-plan#help

Is it in his name only?

Also post up a statement of Affairs so we can see what the full situation is.

milliemonster · 21 October 2008 at 6:44PM

Can you tell us whether this is a hire purchase agreement or a loan?

bigstevex · 21 October 2008 at 7:13PM

I thought the only way they could repo a car was if it was on a HP, if its a personal loan they have no rights to the car do they?

hellohello1 · 21 October 2008 at 8:39PM

the car is on hire purchase - have checked with payplan website and they said they have to get a court order to reposess it. Hubby going to phone them tomorrow see if can make an agreement to pay back.

Not sure how to post statement of affairs - can you guide me in right direction?

Thanks for your help - feel at least a wee bit less stressed but still worried sick about everything.

GeorgeUK · 21 October 2008 at 8:59PM

Fill in the details on the SOA calculator, press calculate and format for MSE. Paste the reult here and hopefully we'll be able to find some areas you can make savings in.
https://www.makesenseofcards.com/soacalc.html

Is it possible to get a 0% creditcard like virgin? You could balance transfer the money to your current account and pay off the loan. The balance would then be 0% APR with a minimum payment of £25pm from the 2nd-15th months (3% 1st month)

laudo · 21 October 2008 at 9:21PM

I think as you have paid more than half the payments you can just hand the car back and walk away, if that's an option.

RAS · 22 October 2008 at 12:09AM

laudo wrote: »

I think as you have paid more than half the payments you can just hand the car back and walk away, if that's an option.

Which is why I suggested that you need to get your paperwork and call NDL or CCCS.

IF the car is really on HP, you may well be able to return it without any penalty, although you may owe the month's payment you missed.

Unfortunately, on DFW we see a number of "HP" agreements that then turn out to be straight forward consumer loans, even on the BK sub-forum. It is vital that you know what the situation is, because even if the headline on the document is HP, it may not be.

RAS · 23 October 2008 at 6:57PM

Hi

There appears to be a problem with the formatting. Apart from the fact that the information is spread right across the page (you may have the justify tab selected), when I try to quote I get a balnk page.
Did you do it in makesenseofcards format?

hellohello1 · 23 October 2008 at 7:03PM

Monthly income after tax................ 1070
Partners monthly income after tax....... 1050
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2300

Monthly Expense Details
Mortgage................................ 650
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 70
Gas..................................... 60
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 15
TV Licence.............................. 11
Satellite/Cable TV...................... 19
Internet Services....................... 12
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1622

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 113000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(650)......NaN
Total secured debts........... 102000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
GMAC...........................2000......203.......0
HALIFAX........................5000......100.......0
HALIFAX........................9000......180.......0
NEXT...........................500.......50........0
MINT...........................400.......20........0
MINT...........................2000......20........0
HALIFAX........................550.......30........0
Total unsecured debts..........19450.....603.......-

Monthly Budget Summary
Total monthly income.................... 2,300
Expenses (including secured debts)....... 1,622
Available for debt repayments........... 678
Monthly UNsecured debt repayments....... 603
Surplus(deficit if negative)............ 75

Personal Balance Sheet Summary
Total assets (things you own)........... 113,000
Total Secured debt...................... -102,000
Total Unsecured debt.................... -19,450
Net Assets.............................. -8,450

This is so depressing. Cannot believe we have got ourselves in this situation - well mostly me. I work for Halifax so cannot afford to get a payment plan etc - would cost me my job.

Re the car - have dug out the agreement and definately states HP agreement - also says we can hand back after paid half the car which we have paid more than that - it says to reposess it they must have a court order in Scotland (thats where we live).

Thanks for the help any advice gratefully appreciated

RAS · 23 October 2008 at 7:19PM

Well done for the revised SOA.

Will respond in a moment.

How many of you at home?

Also, re the debts and job, it would be worth sounding out your HR anonymously or via your union. We actually have people on here in banking who are bankrupt and still working.

It may be the case that coughing up and using an in-house debt advisor is OK but going outside is a no no.

Help car being repossessed

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