hp finance

caro50

how long does it usually take for a hp company to reposess car once br? The OR has no interest.
thanks all

kerrypn

Are you behind with these payments/have they threatened repossession?

caro50

Hi - we're two months behind on our payments (purely because we've been told not to pay them by the OR) but they haven't started hassling us about repossession yet.

Waspeze

make sure everything of yours is taken out of it!

kerrypn

Ah right, you want them to repossess then.

Take a look here:

http://www.insolvencyhelpline.co.uk/legal_issues_explained/car_repossession.php

HTH and good luck

kerrypn

Sorry OP, this is more reliable:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_how_to_deal_with_hire_purchase_debt#chapter3

brighter_side_of_life

Hi

I too had my car repossessed and although it was quite daunting at the time - it was a relatively painless proccess....

My car was on HP with a company called Alphera Finance. They had a bankruptcy clause in their T&C's stating that car would be taken back even though I wasn't in arrears. Hey ho.

They contacted me on 19th Sept and the car finally went back end of November. They told me in the meantime I could drive it too.

If you have paid more than 50% of the money owing they will ask you for a voluntary repossession order. However, some good advice I got from this forum.... don't sign anything they send to you. Write you own letter and send it back with their correspondence. Say in your letter that any shortfall whatsoever or any costs incurred in connection with this matter will form part of the bankruptcy and ceases to be your legal responsibility. This is important because you don't want them to have any come back. They don't anyway, because as soon they take the car back any shortfall forms part of the bankruptcy - but best to have all bases covered.

Hope this helps. I probably not an easy time for you. But, if its any consolation, I dont miss it or the monthly payments. I have a little runabout now and do a lot of walking where I can. I have saved a bomb on petrol! Its amazing how you learn to cope when you havent got it to rely on!

Let us know how you get on. Good luck and Happy Christmas to everyone!

xx

lee316

I would just like to point one less known fact regarding cars on HP. Is it actually an HP agreement? Does your concract states Hire Purchased Loan Agreement or Fixed Sum Loan Agreement? I've purchased the car on what I though was an HP loan through the car company, and it clearly states it was for a purchase of a car, until I enquired about giving the car back and they told me oh no you cannot as you have a personal loan not the HP one. Couldl've been for anything as far as they are concerned, even though as I said they arranged it and it's black on white it's for a car purchase.
Suppose what I am trying to say is that if it states Fixed Sum Loan agrement, they cannot repossess the car or demand it back, and you don't have to pay them anything as it is personal loan it is unsecured therefore included in your BR.

fiveyearplan

What lee says above is correct. We have seen people on here keeping there car that way.

OP - are you sure the OR told you not to make the payments? I didn't think they could give advice. How much is the car worth and what is the outstanding balance? Not all HP providers will repo. If they do repossess make sure you don't sign ANYTHING!!! It can make you liable for any shortfall.