Hire Purchase Loan gone wrong
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Sorry if this is in the wrong thread.. its kind of a loan I suppose 
I should add I am a bit embarrased about this, I made every wrong decision and buried my head in the sand. Bought a car from dealers, got a 6.5k loan and paid every month until lost my Job and disaster hit.. didn't know what to do so did the worst possible thing and ignored it, hoping when I got work I could pay the arrears. The loan company were swift in tearing up my agreement and taking the car from me. In the end I voluntarily gave it up, a small company picked it up and told me it would be auctioned and the cost would be deducted from the total.. in a way I though, might not be a bad thing, worst case scenario I have a small sum to pay to clear the balance. I owed about 5,5k at this point. for a while I heard nothing.. nothing from either company then suddenly a demand from Santander consumer finance saying they had sold the car and a sum of £530 had been deducted. I was gutted.. 5k left to pay and nothing to show for it.. how could they justify that? So my question is, have I been played for a fool? Is there anyway I can dispute the cost or will I just have to pay the lot.. could there be any negotiation?
The thing that has annoyed me is the silence from Santander in all this. I had to chase them continually to ask what was happening all to get call centre agents who didn't seem to have a clue. another Month went past with no communication but the debt is still sitting on my credit file. I pressed them to find out what was happening and they informed me the debt had been passed to there lawyers who to this date have never contacted me.. I have not received a single letter. It just seems like due process hasn't been followed here perhaps and at this stage I just want to contact whoever the hell owns the debt and make an arrangement to get it paid.
I should add I am a bit embarrased about this, I made every wrong decision and buried my head in the sand. Bought a car from dealers, got a 6.5k loan and paid every month until lost my Job and disaster hit.. didn't know what to do so did the worst possible thing and ignored it, hoping when I got work I could pay the arrears. The loan company were swift in tearing up my agreement and taking the car from me. In the end I voluntarily gave it up, a small company picked it up and told me it would be auctioned and the cost would be deducted from the total.. in a way I though, might not be a bad thing, worst case scenario I have a small sum to pay to clear the balance. I owed about 5,5k at this point. for a while I heard nothing.. nothing from either company then suddenly a demand from Santander consumer finance saying they had sold the car and a sum of £530 had been deducted. I was gutted.. 5k left to pay and nothing to show for it.. how could they justify that? So my question is, have I been played for a fool? Is there anyway I can dispute the cost or will I just have to pay the lot.. could there be any negotiation?
The thing that has annoyed me is the silence from Santander in all this. I had to chase them continually to ask what was happening all to get call centre agents who didn't seem to have a clue. another Month went past with no communication but the debt is still sitting on my credit file. I pressed them to find out what was happening and they informed me the debt had been passed to there lawyers who to this date have never contacted me.. I have not received a single letter. It just seems like due process hasn't been followed here perhaps and at this stage I just want to contact whoever the hell owns the debt and make an arrangement to get it paid.
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You ignored it...yet you chased it?0
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Yes, when I found employment and had an income I wanted to try and get my account up to date0
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There will have been lots of fines and other costs once you stopped paying. A fine for defaulting (each time), probably a big admin fee for each letter/threatening letter they sent. Court fees in order to come and take it away. The little man to come and take it from you will have cost a lot; getting it to the auction rooms would have cost a lot; the auction fees would have cost a lot.
And maybe it sold for just £2k.0 -
That's probably what the HP company thought.It just seems like due process hasn't been followed here"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Have you written to them? Often you find you get a response to a paper-and-ink letter where you don't with telephone calls.
As Pastures New says, it is probable that there were various fees deducted - you will have been charged for admin, for the cost of the car being towed away, etc, plus interest. However, you can ask for a statement setting our details of what has been charged and on what basis.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
footballmanager88 wrote: »This is the closest thread I could find to my issue. I hoping someone can help.
Moved to a new thread. --> http://forums.moneysavingexpert.com/showthread.php?t=5159471Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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