Marsh finance help????

debsnglynn

Ok long story here goes......

In 2007 i took out a loan for a car, car was £8k 2005 reg, i have poor credit so loan was extortionate. £260 a month for 60 months which was pretty much double the cars value. i needed to take out the loan as i am/was a district nurse for the nhs. i was not offered any sort of ppi.


Heres the hard part....

in august i had an accident and i am wheel chair bound now, as i am paralyzed from the waist down. i have 3 kids, abi 9(autistic), dan 12, alfie 1, my partner was a gas apprentice but he had to leave to look after us.so we were on a low income. i had paid 20 payments on the car £5180. my partner cant drive so i was paying for a car i couldnt use.


i asked about handing the car back but i hadnt had it for so long so i couldnt. i asked what i could do they said voluntary terminate. so i agreed. they took the car to auction and sold it for £2900.00

which meant £8080.00 was paid.


i then received a letter asking me to pay a further £7000 which is because the car lost so much value. and there was negative equity.

i sent evidence of my dissability living allowance, bank statements, etc and asked them to write it off as i can not pay this. they contacted my doctor for evidence medically. he said ok and charged them£50.00 for releasing it and writing to them. which they charged me and made me pay it.

they wrote to me last week and said they made a decision and it was that i was able to pay it. as my income was enough to pay it. i rang them and said i couldnt afford it. i have arrears in all my main bills, and they are more important as i dont want to loose my house. the woman said i get dissability living allowance for me and my daughter as she has autism and attends a special school so i can pay it. but i said dla is not means tested and it goes towards my care and abi's care. they told me it will now go to court and bailiffs may become involved.


Please Help Debbie

P.S i know people have oppinions of people on dla. but i am not a scrounger, i have worked all my life, i have gone from having money to having hardly any now.

Tixy

Hi debbie

Did you supply an income & expenditure account as well as the proof of dla bank stats etc?

If not have you actually written one out to show what you can (or cannot) afford to pay for this loan. The chance of them writing the loan off is very minimal, but you may be able to come to some agreement whereby you pay a low monthly figure (based on what you can afford).

If you don't have a budget then this link is a good format and you really need to work one out so you can get back on top of your finances- http://www.makesenseofcards.com/soacalc.html

Arrears of any priority debts (rent/ ctax/ gas & elec etc) should be paid before this car loan. But it is often a good idea to send at least token payments towards each debt each month to show you are willing (just unable) to pay.

wayne99

i really feel for you to be honest, iam sorry to hear about your situation

They can threaten court action but if you show the courts your income and expenditure they will no doubt agree a much lower payment option.

Do not feel intimidated by threats they make, they are only scare tactics, it is not secured on your home or anything so they cant send bailiffs so again just a scare tactic.

I think you have done a really brave thing coming on here and airing your problem, and i hope that someone will come along soon and tell you what you can do with this, but i just wanted to add my support.

wayne.

debsnglynn

Tixy wrote: »

Hi debbie

Did you supply an income & expenditure account as well as the proof of dla bank stats etc?

If not have you actually written one out to show what you can (or cannot) afford to pay for this loan. The chance of them writing the loan off is very minimal, but you may be able to come to some agreement whereby you pay a low monthly figure (based on what you can afford).

If you don't have a budget then this link is a good format and you really need to work one out so you can get back on top of your finances- http://www.makesenseofcards.com/soacalc.html

Arrears of any priority debts (rent/ ctax/ gas & elec etc) should be paid before this car loan. But it is often a good idea to send at least token payments towards each debt each month to show you are willing (just unable) to pay.

hi thank you for your prompt reply,

i did send an income and expenditure form and it did show that i was paying more out than i had, i did not put our dla on this though as the department for work and pensions said i didnt need to as it was for care and not means tested.

but they still want paying, i am in the process of prioritising things, i.e sky to freeview

have two laptops so sell one as we dont need two. etc just trying to free more money up.

Tixy

Well it sounds like you are doing the right things with trying to reduce your outgoings etc.

I think it might be worth while trying to get some advice from somewhere like citizens advice or national debtline (citizens advice if you can get in to your local office to visit) or national debtline by email or phone which may be easier for you. Both provide free advice and may be able to make suggestions for you.

debsnglynn

Tixy wrote: »

Well it sounds like you are doing the right things with trying to reduce your outgoings etc.

I think it might be worth while trying to get some advice from somewhere like citizens advice or national debtline (citizens advice if you can get in to your local office to visit) or national debtline by email or phone which may be easier for you. Both provide free advice and may be able to make suggestions for you.

I did speak to national debtline and they were the one's who said that they think i have a genuine case to ask for the loan to be written off.

iolanthe07

They wouldn't dare take you to court would they? From their point of view the publicity would be terrible. I think you have a very good case indeed for the loan to be written off, but you may have to be persistent.

standupguy

I agree with the earlier poster that if it did go to court a judge would only award what you could reasonably afford per month, be it £5, £10, £50 etc. -Talk of bailiffs is just bluff and bluster on their part

The other thing that sprung to mind was to investigate their actions and figures to date as the amount you still owe does sound a lot.

Was the agreement hp or a loan agreement?
If it was HP what was the amount of deposit paid and what is the one half hp amount shown on the agreement?

Do you have a line by line breakdown of your outstanding liability and can you post it on here?