absolute rock bottom!

moo_cow

well it's the wee hours and i'm still awake. thought I was saved with some fantastic info about HP agreements with cars. a way out at last I thought.
Then I happened to notice that it said at the top of my car finance agreement 'fixed-sum loan agreement' (black horse) LLoyds tsb strikes again. although they have a registered interest in the car, it's a loan and not a hire/purchase agreement. didn't know this. so god only knows where this puts me.
There is a section about 'if you recieved unsatisfactory goods or services' etc but I don't really know where this would put me legally. To be honest I just wish I could get rid of the thing altogether now.
anyone know about the legalities of this?????

moo_cow

although I can't afford the finance 'mylastfiver' i'm so scared of the debt escalating. terrified in fact. even my mortgage is with Lloyds. I'd hate them to pull the plug. They're awful enough to deal with as it is. It's looking more and more likely that the car will have to sit on my garden for the next 3 1/2 years until it's paid for.

So_Sad_Angel

moo_cow wrote: »

well it's the wee hours and i'm still awake. thought I was saved with some fantastic info about HP agreements with cars. a way out at last I thought.
Then I happened to notice that it said at the top of my car finance agreement 'fixed-sum loan agreement' (black horse) LLoyds tsb strikes again. although they have a registered interest in the car, it's a loan and not a hire/purchase agreement. didn't know this. so god only knows where this puts me.
There is a section about 'if you recieved unsatisfactory goods or services' etc but I don't really know where this would put me legally. To be honest I just wish I could get rid of the thing altogether now.
anyone know about the legalities of this?????

Hi MC....have read your thread with interest. Similarly I was advised bankrupcy but trying to avoid at all costs....feel at the moment I`m losing the battle though I am fighting!!....I`m up most of the nights as well....its the worst time of the day!!!

Anyway...on your car...if its a loan then agreement then does it have enough value to sell on & clear the outstanding finance???

I had a similar problem with a car some years ago & I got in touch with Trading Standards ( Local Council) who drafted a letter for me.....the car Company soon acted & I got a full refund on the value of the vehicle (defective goods) !!

Hope that helps,

Angiexx

moo_cow

hi angie, no value basically left in car as it won't drive. we still owe about £4,000 on it. am in a nightmarish situation. I never sleep these days. I go to bed but sit up thinking and planning. just when I think it all gets worked out something else comes along and bites me on the bum.
This car is just the bit thats making me teeter on the edge of the pit. I feel like screaming.
so you're a night owl too then!

So_Sad_Angel

I often catch up on threads at this time of the night....knowing that there are others in same situation helps somehow & I have found alot of good advice that gives me other options to try & get through this nightmare!

Have you aproached Black Horse about a potential full & final settlement?? I mean if the car has some residual value ( ie 2k to someone who can repair it) then would Black Horse accept a settlement in leiu of full payment? Worth a try as potentially they are not going to get their money back if you can`t afford it.

Do speak to Trading Standards & also Citizens Advice are very good.

....night owls rule!! the worst thing is to just lay there worrying...I tend to get up & do something....like now I`m listing on Ebay!!!!

Angiex

chevalier

You situation sounds nightmarish, and now that you have said you own your house I can perhaps understand why you don't want to do bankruptcy. But if you are in negative equity with your house then bankruptcy may be an option agains, because the Official Receiver would not be interested in selling it.

Sorry I must be well thick but I really can't understand why you are risking your health and your sanity in order to pay back this money. Ok you spent it but your circumstances have changed so now you can't do this anymore.

If you can't do the bankruptcy cos of yours or OH's job then let me know and I will stop banging on about it. Have you thought about doing a Debt Management Plan with one of the debt charities like CCCS or Payplan?

Ref the car, I would definitiely talk to trading standards, the car is not fit for purpose, a 2 year old car should not have the gear box go surely? Especially with a computer on it that should be trouble shooting problems before they happen?

good luck
chev

moo_cow

hi chev, tried cccs and it was them that recommended bankruptcy as no enough money left suitable for a DMP. That is not enough money left by their calculations. Thye bumped my food bill up by £100 a month which is not realistic as I have a set budget for food. we spend 50% of that a month on set shopping and the other 50% we use to bargain buy the rest in reduced items etc. When it comes to food shopping i'm amazingly good at it. shame I can't say the same about the rest of my past spends. (but we live and learn)
In regard to bankruptcy, it's no an option as we have our beloved dogs and cats and there is a little equity in the house. enough in fact to clear the debts. unfortunately income isn't high enough to release this in the form of a higher mortgage or anything similar. also a lot of my debts are short term in the way that they don't have years and years to run. I also have two BIG claims in for ppi misselling which I used a solicitor for (no cost to me) which will probably clear at least half of this debt. My solicitor is very positive about these due to lots of irregularities in the agreements. I have bank charges claim in with lloyds (who are not playing ball, new letter went off again this morning by the way), a ppi reclaim waiting to be allocated to an adjudicator which if successful will almost wipe out current loan with them. (have just escalated that to financial hardship also) I am in the process of gathering all credit card info together and will be reclaiming charges on 3 cards. so I understand that I'm pinning a lot on these claims and may not win them all or any of them. But i want to give it a really good go because I have a good chance of potentially wiping out the biggest part of my debt.
i'm constantly listing on ebay which is how i'm 'bobbing on the surface at the moment'. so can you understand my reluctance not to give in so soon. i just want to fight it all the way.

princess-of-plastic

Hi huny, dont have anything very usefull to add, just wanted to wish you luck!

pop x

moo_cow

hi pop, thanks for all your support. Feel so much more positive today. Okay so car is going to have to sunbathe on lawn for a little while. but there's hope yet. we have today been given so much info on places that do sensodrive gearboxes and places that WILL fit them all at a fraction of citroen dealership prices. As we have a car now thanks to VERY kind family members we're going to continue to run it until we can do something with the citroen. IF we get the money from our big ppi claims next year then we can quit the finance on the car, get it fixed and sell it. at least we'll not lose any where near as much money on it. The kind of prices we've looked at have been amazing. so much cheaper. and it'll probably be safer to trade it in. all dependant on PPi claims but what the hey.
I have just about managed to keep things going this month with the exception of 2 loans. But as we have some change from the non car repair I am now able to pay those this month no problem. It's hubby's bonus month next month so i'll be fine for those next month too. hopefully!
Have finished Credit Card reclaiming letters too guys. They're going off in the post later. wish me luck!


big thanks also to ambershadow, halight, and so sad angel from last night (early hours). didn't get a chance to reply back as internet went off.

shenunn

Hi Moo Cow. Wow you've been through hell. I love your determination not to give up. I used CCCS last year and LloydsTSB wouldn't accept the repayment terms, so started whacking on the interest and charges; ended up about another £600 more in debt to Lloyds over 6 months - nightmare. eventually stopped with CCCS as I felt that whilst they offered good advice and what I felt was a solution, I ended up in a worse situation. (Also been an on-off depressive/anxiety monster for the last 15 years and in hospital for it last year so totally understand how you feel).

I am paying off £25k of debts that I couldn't service as I was badly paid - luckily got a new job so it means I can service these now. But still not out of the woods yet.

Have you looked into an IVA? It's not bankruptcy, but could get you back on your feet again. Glad you've managed to find a cheaper gearbox and mechanic who could fit it - good idea not to sort it now though now that you have another car to use thanks to family.

I'm surprised Lloyds aren't helping you more - they have a debt department that should be helping you - set out budget, etc and then advises what you can pay to them. As your bank manager isn't helpful, what about going to a different branch for a fresh approach from them?

I just wanted to say keep going, don't give up and you're doing all the right things.

xxx