Debt recovery letter

poppy25

Hoping someone can give me some advice

We are in a lot of debt which we are really trying to tackle we have finance on our car which is £124 pm we were having a lot of prob finding the money so we spoke to thecompany who seemed ok and said we could pay the following month.

this morning we recieved a letter from a debt collection agency who we had to ring we just spoke to them and they said the company want £400 by weds or they will take the car they wont accept installments.

we wont have £400 by weds and we cant borrow it from anybody we have no credit on cards we cant pay.

where do we stand with this? what can we do, is there a way out?

please help
:mad:

juliag

Hi Poppy , You Have Come To The Right Place And There Are Lots Of People Here That Know More Than I Do And Will Give You The Right Advice, First Things First Dont Panic It Is All Sortable, We Were In Debt To The Tune Of 40000 When I Came On Here 6 Months Ago Following Advice Given Now All Under Control, Overall Though You Need To List All Incomings And All Debts And Outgoings To Get The Right Advice, By Tonight I Can Promise You It Will Be Clearer. Also On This Site You Will Find Where To Get Template Letters To Send To This Company, Its A Bit Of A Haul Finding Them But You Will Be Told Where To Look. National Debtline Have Good Template Letters Which I Have Used, Also Another Thing That I Have Learnt Is That There Are Laws To Protect Us From Any Harassment From Some Of These Companies.
What You Were Told On The Phone By Them Is A Verbal Agreement To Hold Off Til Next Month And In Court Would Stand. But Follow Advice Here And Soon All Debts Will Be Under Control Julia

TAG

Have you had a default notice from the car company?

headchef

...the person you spoke to on the phone either didn't have the final say or was just making his job easier by not telling you that your debt would be sold on. OK then, BEFORE you phone ANYONE, let us know what kind of debt this is: Hire Purchase, bank loan etc so we can best advise you on how to proceed. HP does have different rules to a straight forward loan but please post so we can help. We generally know what can and can't be taken from you by your creditors which means when you do phone you are aware if they are trying to indimidate you and you can come up with the appropriate response! It gives you bags of confidence believe me!!

poppy25

We were sent a letter from them saying we needed to pay thats when we phoned them and they said they would give us a months grace so dont know if that letter counted as a default notice or not

if it was a default notice what does that mean?

It was finance from ford credit so it was a direct loan from them.

when we spoke to the debt recovery they said we might be better off surrendering the car but we have paid for more than half of the car already and we need a car and if we surrended it we wouldnt be able to get another car.

davek1

if you surrender the car provided you have paid more than the prescribed amount on the agreement then you would owe ford credit nothing more at all. I don't think surrendering the car would cause you a problem getting credit in the future but the late/missed payments and any default will.

They cant take it back without your agreement or a court order if you have paid more than half the amount.

Sorry know this isn't a vast help but stick with it it will work out.

Dave