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Possession Order for Vehicle- Urgent Help required
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MR_NICE_3
Posts: 3 Newbie
My sister got a car out on finance for a 3 year period starting from January 2007. The total finance was £15899.04. She was making regular payments until last August and had paid £8250.28. Its then she was involved in a road traffic accident and since then has not worked. She is currently on Family Credit.
The current outstanding balance is 9132.29. The initial outstanding figure was £7770.50 plus charges of 1361.29. Some of these charges have been horrendous like £150.00 for each letter sent. It also includes £250.00 for Solicitor costs.
A possesion order (Claim Form) has been sent for the return of goods with form N9A.
My Sister has sent a offer for a full and final settlement for 50% owned taking out the additonal charges which is half of £7770.50. This has been rejected DLC (Direct Legal Collections) and instead they have asked for £7300.00 as full and final.
Can you tell me the way forward as my sister wants to keep the car. If it gets repossed then it will sold at give away price at the auction and my Sister will still be chased for the debt.
The current outstanding balance is 9132.29. The initial outstanding figure was £7770.50 plus charges of 1361.29. Some of these charges have been horrendous like £150.00 for each letter sent. It also includes £250.00 for Solicitor costs.
A possesion order (Claim Form) has been sent for the return of goods with form N9A.
My Sister has sent a offer for a full and final settlement for 50% owned taking out the additonal charges which is half of £7770.50. This has been rejected DLC (Direct Legal Collections) and instead they have asked for £7300.00 as full and final.
Can you tell me the way forward as my sister wants to keep the car. If it gets repossed then it will sold at give away price at the auction and my Sister will still be chased for the debt.
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If your sister wants to keep the car then unfortunately she will have to find a way to continue making the payments, if she has the money to pay a F&F of £3800 (half of the £7770 more or less) then could she not use this to start making the payments again?
What are the chances of her getting back to work? If it is unlikely she is going to be going back to work, does she really need a car? or esp one of such a high value?
If she can face losing the car, she may be able to hand it back with no penalty. But you would need to work fast on this as it seems like the finance company are looking to get a court order for reposession (which they have to if you have paid over half of the original agreement) if repossession is granted court fees will also be added to the sum outstanding.
You need to check the original T&C's of the HP agreement but it will state on their the sum that needs to be paid before you can hand the car back with no penalty, this is typically just over half of the original sum, at least if she does this she will then no longer be liable for any shortfall and could use the £3800 she had set aside for the F&F payment to purchase a cheaper car?Aug GC £63.23/£200, Total Savings £00 -
A court hearing date has been set for 18th December 2009. In the mean while the N9 form has to be filled in as the 14 days are nearly finishing. The original monthly payment was £420.00. If she proposes to make payments of £250.00 per month and make another offer for a full and final before 18th December. Do you think a payment of £250.00 will be accepted. On the N9 form is wise just to accept the full sum owned or accept part as some of it is made of charges.0
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Did the insurance not cover the damages?
You might also want to post this on the consumeractiongroup forum - they may be able t assist with the legal side of this.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
She needs to send in her defence ASAP as she's nearly out of time. Court proceedings have already started so I would say that she should repeat the offer to the court and try and come to some arrangement with them if she can't agree anything with the DCA and get them to stop the court actionbut she won't be able to defend it unless she gets that defence sent back ASAP and before the 14 days.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
Hi,
I was a repossession agent for Ford Credit Europe
If the vehicle is passed onto the repossession agents while you are trying to sort this out (which they normally do after a default is issued to your account) they WILL take the car, regardless of what you have paid to DLC. However, if you car is blocked in by another car, in a locked garage or if someone was in the car during REPO. They CANNOT MOVE THE CAR. This may give you some time while you sorting things out with DLC.
Be warned though, the finance company don't have to tell you that a repo is active on the vehicle.
I hope this helps
Good luck
Jay0
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