No car means No Work So No Wages

AnniShep

Hi

Have started my own thread after posting on Larzies ( sorry Larzie)

My car is on a secured loan with GE Money now Santander,
I pay £237 per month and have had it for 26 months on a 60 month payment plan,all payments are up to date apart from missing one payment in June but its a struggle now and Im not sure if I can pay Augusts payment on the 10th. missed Junes payment over my works pay going in late and short of what they should have paid. antander have agreed that can split that payment over Aug Sept and Octs payment but Im struggling with the basic monthly payment, so am considering just stopping paying and save the monthly car payment towards getting a reliable banger and to help save up my BR fees.
I had hoped to go BR in Sept 09 but looks more like Nov 09 now.

Does anyone know how quickly they can reposess the car for non repayment and can the outstanding debt from the car finance company go into my BR?

The amount loan amount outstanding is around £9Kand the car is worth at best £4.5K .

I need a car for work, as long as its reliable and taxed and insured then I can manage, would the OR allow car maintenance expenses and running costs? god I feel this is a nightmare but BR seems my only option.

I was stupid enough to get a loan and credit cards in my name for my ex husband and now were divorced al Im left with is a thank god Im divorced attitude but with pile of debt to clear...

debt_doctor

AnniShep wrote: »

Hi

Have started my own thread after posting on Larzies ( sorry Larzie)

My car is on a secured loan with GE Money now Santander,
I pay £237 per month and have had it for 26 months on a 60 month payment plan,all payments are up to date apart from missing one payment in June but its a struggle now and Im not sure if I can pay Augusts payment on the 10th. missed Junes payment over my works pay going in late and short of what they should have paid. antander have agreed that can split that payment over Aug Sept and Octs payment but Im struggling with the basic monthly payment, so am considering just stopping paying and save the monthly car payment towards getting a reliable banger and to help save up my BR fees.
I had hoped to go BR in Sept 09 but looks more like Nov 09 now.

Does anyone know how quickly they can reposess the car for non repayment and can the outstanding debt from the car finance company go into my BR?

The amount loan amount outstanding is around £9Kand the car is worth at best £4.5K .

I need a car for work, as long as its reliable and taxed and insured then I can manage, would the OR allow car maintenance expenses and running costs? god I feel this is a nightmare but BR seems my only option.

I was stupid enough to get a loan and credit cards in my name for my ex husband and now were divorced al Im left with is a thank god Im divorced attitude but with pile of debt to clear...

Hi,

First, are you absolutely sure it HP and not just a personal loan ? Ive seen agreements from both the companes you have mentioned that 'pretend to be HP'

If at the top it says "fixed sum loan agreement" then its not HP so the car is your property.

If it is HP then it tends to take several months to be repossessed, but no guarentees. Whether loan or HP all amounts owed would go in to your BR.

If you can prove a need for your car in BR then reasonable costs should be allowed.

DD

payingtheprice

Hi Annishep,

Our car loan was with GE Money and it was a 'Fixed Loan Sum Agreement' so id double check your paperwork just to be sure.

We included it our bankruptcy and the OR agreed that it would be exempt but its value is only £2,200 so not sure if you would get to keep yours at that value. Maybe he would suggest to sell it and buy a cheaper one.

HTH

PP

debtinfo

Hi Annishep,

As suggested above you really need to get that agreement out and have a good read. If it not HP and is just an unsecured loan then they cannot repossess the car. If it is HP then look for the clause about repossessing. Normally if you have paid more then 1/3 of the payments then they have to go to court to repossess and this can take several months

So have a look at the agreement and report back

AnniShep

Hi

well it is a HP agreement, so I can assume they will reposess, I have made 23 payments of 60 payments and still owe them just under £9k, having checked Parkers Online Guide its worth in excellent condition £5.5k but I think its more in good condition price bracket so is worth £4.5k so in effect its in negative equatity if a car can be considered to have negative equity.

so if I stop paying after this months payment which is due on the 10th, does anyone know the process that kicks in for repossession, I would need time to get together about £1k to get a half decent reliable runaround, but the only way I could do this is by not making anymore payments on the car to Santander(formely GE Capital), and assume any money left on the HP agreement would go into my BR.

I think I might not even make the August payment, I missed Junes payment due to a !!!! up in my wages and was charged a £30 late payment fee and they have agreed for me to pay the missing months payment over Aug/Sept/Oct payments which meant I couldnt save up my BR fees.

I need a car for work, not bothered about make/style as long as its relaible and gets me from A to B.

Im thinking of stopping all non essential payments and could probably accomplish the money for the car and BR fees by October and just keep my head down and vet the phone calls and just do it instead of dithering.

All my essential outgoings Rent/Water Rates/C/Tax/ Gas/ Elec etc are all up to date and so is my car and home insurance, I could cut out my monitored home alarm ( need this as Ive been burgled twice) and just hope the local yobs dont know its offline.

I need to post a SOA so will get out the bills and post later tonight and get some feedback from you good folks...so the BR journey finally begins, I feel empowered by decision, but my stomachs yeuck and I get panicky and scared but anythings got to be better than how I feel now.

Anni

Flowerpot_2

AnniShep wrote: »

Hi
I need to post a SOA so will get out the bills and post later tonight and get some feedback from you good folks...so the BR journey finally begins, I feel empowered by decision, but my stomachs yeuck and I get panicky and scared but anythings got to be better than how I feel now.
Anni

I'm sorry i can't offer any constructive advice on your car Anni but I just wanted to say well done on taking the step & making the decision - its a BIG step I know. Try not to worry too much - I did, I worried myself sick & its honestly not worth it - there's more to life than money after all Take care & remember all the lovely people on here will SUPPORT you every step of the way