Help car being repossessed

fatbelly

If you talk to National Debtline they may well suggest a 'time order' on the car. The Scottish version of their factsheet is here.

The court has very wide powers in this case - it can order anything it sees as 'just', including changing the interest rate.

It sounds as if you have already paid back more than you borrowed. I would expect courts to be sympathetic to you.

hellohello1

thanks for all the advice. Am worried sick about tomorrow have been having visions of big baliff guys coming to my house! I take it if feel theatened we can tell them to get out? Beginning to think having them come to house was big mistake.

Was thinking though as the car is not in my name I do not have to give them any details about me ie my wages etc is this right? We have tried to speak to GMAC to voluntarily give up the car but they wont speak to George just keep putting us through to the company.

Will have to see what tomorrow brings.

milliemonster

Hiya hun, I have just read through your thread, it seems a real shame that as you only have 6 months or so left on your car that you are going to have it repossessed and end up with no car and nothing to show for all you have paid over the last 4 years or so

I really think you need to look again at your budget and try to trim it down as much as possible to see if there is anyway you can make the payments, I understand what you say about Sky but you CAN get rid of this and you should at the moment, we have kids and I was worried about how they would be losing it but we just got Sky's freeview instead and they have been absolutely fine and don't miss it at all, if you get rid of this, cut down your grocery budget surely this would give you enough surplus to meet your payments? then stick to your budget for a few months until it is paid off, I appreciate it will be tight but that is what I would do, I would hate to have to hand a car back after this length of time when you only have a few months of payments left

ClootiesMum

Hi there,

Am sending you a PM - don't know if I can help but hey - can but try

hellohello1

Hi well its been an interesting day. Me and George gone through all the finances and we are going to struggle on without going on a dmp. Really think I need to keep paying the Halifax loans as could possibly affect my job if I dont. We have decided to struggle on through xmas and then come ist Jan we are going to throw all our money at the debt. Cards first which we are aiming to clear by june cos thats when mortgage up for renewal. From then on its money into the loans - hopefully debt free by xmas 2010!

This is of course based on tomorrow when the people come to see us. Our friend had one of these people come to the door and the guy was great about his loan and they allowed him to pay the arrears off along with the loan. Not sure how it going to work but will see tomorrow.

George really wants them to take the car as says cos its defaulted does not really matter anymore. Can see his point really.

Will let you know tom what happens
Aud

hellohello1

Pania

Re the mortgage - do I just phone and ask for it to be changed and tell them have insurance in place for repayment etc? Not sure what to say really and what if they ask for details?

Aud

pania

Hi Aud, give them a call tomorrow and ask to switch it. If they ask for details ask to call them back, hop on line and open an isa and call them back with the account number. all they will ask is for you to specify a repayment vehicle (ISA) but shouldn't ask further than that. Hope that helps. Just please please be aware of the fact that you will not be paying anything off the mortgage and the repercussions of this that i mentioned earlier.
Good luck hon! PM me with any questions. xx

fatbelly

hellohello1 wrote: »

George really wants them to take the car as says cos its defaulted does not really matter anymore. Can see his point really.

But this may result in an avoidable debt.

Have a look at the Hire Purchase factsheet and the appendix 1 (Scottish version again) here

Where the creditor ends the agreement you are liable for

Total amount payable under the hire purchase agreement (what was that figure - 12180??)
LESS
Amount already paid (£10556? or less tha this?)
LESS
Sale proceeds (car may be worth 3k but they won't get that at auction)

If you can't get an affordable agreement from GMAC, then you may get one from the courts. What did CCCS say? Just let them take it?

hellohello1

Hi

Well we have handed the car back under a voluntary termination. Guy was great but said GMAC one of the worst companies to go with - cos the agreement finishes in april they wanted the arrears plus the monthly payment ie £330 per month. We just could not find that. The guy is phoning us next week about when they will take the car - says completely up to us! He also wrote down George unemployed so if there is any shortfall then we only have to pay it at £30 per month.

It does seem like a lot of money to lose after how much we have paid but we both feel much better about it now. I couldnt sleep last nite for worrying about things but things feel a bit clearer today. Think now we have the car off our backs is one less thing to worry about.

Am going to cancel my appt dealing with cccs as really do not want to go down route of dmp. We have worked out all our finances and as long as we keep to our budget things should be ok.

aud

fletch3163

Hi there

I'm glad things have worked out for you. It must have been terrible. Now you just have to focus on all the rest and you'll be at the other side of it all before long. You should stick around the website, it's a hive of information. I'm more a lurker than a poster and I find it such a huge help. The things I find out for other people is amazing.

Good luck whatever you do

ps found your name fun, reminds me of a song................