YES Car Credit - Please HELP!?!

helen33418902

Our trustee Nova was towed and they were asking for £170 to get it back, well the Nova wasnt worth £170, let alone the fact it needed tax and mot a month later and was in no shape to pass MOT we left it with the lovely tow away people!

Anyhow, with no money and for some reason horrendous credit rating (even though i have only ever missed two credit payments in my life!), we rode our bikes for as long as possible and then in heat of the moment got very fed up and went to see the people at Yes Car Credit. We got a Peugeot 106 and are paying back £133 a month over 4 years, a total of some £6,000 odd (about 3.5 grand more than the car is worth). In our blinkered haze of "needing" a car right away we didnt seem to twig this when signing our lifes away and now we want to get out of the agreement. YES Car Credit have stopped trading and so we cant even change our car every year as promised. We have a baby on the way next month so money is going to be even shorter and the car isnt even user friendly for our needs.

After phoning the very unhelpful people at Yes Car Credit call centre they said the only way to get out of this was to hand the car back which they would sell at auction and we would have to pay the remainder of our balance (which at the moment stands at £5,181). Well Parkers say our car is worth about £2,500. SO that option would leave us with no car and still £2,600 to pay back.

Is there any other way to get around this? Would selling the car off our own back and getting a small loan to repay the outstanding amount be a better idea?

PLEASE HELP!

iwanttosave_2

You are not allowed to sell the car as it is not yours yet (until you pay it off) it is classed as thieft. When I phoned the CAB about ours (ours was with another finance company) because of the terms of agreement you cannot get out of it unless you have payed over a third of it back (I think its a third, cant remember now) and then you can only give them the car back, you dont get any money out of it.

Try your local CAB and see what they say.

tomstickland

Obtain your credit files, see the article on the main monseysavingexpert website.

Cumbrian_Male

if it's a standard hire purchase agreement then you can hand it back when you have paid 50% this is known as "voluntary termination" of your HP agreement.

wanty wrote:

you cannot get out of it unless you have payed over a third of it back (I think its a third, cant remember now) and then you can only give them the car back

after you have paid a third they can't repossess it without a court order.

saver_sam

You can voluntary terminate a HP or conditional sale agreement at anytime under Section 100 of the consumer credit act. however, you will be liable for 50% of the total amount payable less anything paid to date, plus any arrears due/accurred at termination. The sale proceeds do not factor into how much you owe.

iwanttosave_2

Cumbrian_Male wrote:

if it's a standard hire purchase agreement then you can hand it back when you have paid 50% this is known as "voluntary termination" of your HP agreement.



after you have paid a third they can't repossess it without a court order.

Thanks hun I knew it was something like that but it was a while ago we were dealing with it