dmp

sharpygreen

Hi guys

Just entered a dmp with the CCCS.

Like a breath of fresh air and a mighty weight as been lifted off my shoulders, that was until Santander contacted me I have a car loan with them. They said on the phone that if I enter a voluntary debt plan with anyone they will terminate the agreement.

What does this mean? Will they go for repossession of the car? I have paid 28 payments out of 60 before I got into financial difficulties because work cut hour’s overtime ban and took some work benefits away.
I need a car to get to work if I lose the car I won’t be able to work.

I tried speaking to Santander on several occasions before I went down the dmp route about reducing payments and they always gave the same reply there is nothing they can do to help me.

Im not disputing I owe them money but if they take the car and then I can't work I don’t know what that will achieve either. I have no way of using public transport because I work all diff shifts and there is no bus service to where I work.

So now I seem to be back at square one in between a rock and a hard place

Tixy

Hi

Presumably you did not include the car loan in the DMP? i.e you were going to keep up with the full payment on the secured loan?

Or do you have other credit accounts with santander?

sharpygreen

HI thanks for the reply

yes i did include the car loan on the dmp,i included all my debts which is why i felt a huge weight had been lifted off my shoulders.

But it seems santander will not except it and said there going to terminate the contract what ever that means they would not give me any more info.

Tixy

It is not usual to include a secured loan, it should only be unsecured debts in a DMP. Did CCCS ask if it was secured? or see a copy of the agreement.

If you do not pay in accordance with the agreement they can take the asset off you (and still chase you for any excess debt/recovery charges etc).

You need to talk to CCCS asap, I think you'll need to redo the DMP without the secured debt, which will of course mean other creditors will all get a bit less each.

sharpygreen

hi

as far as im aware its not a secure debt, its a personal loan for the car may be wrong but trying to get an answer out of santander is like trying to get blood out of a stone, on the agrrement papers it just says car loan?

santander did say i can sell the car but the problem there is i owe them 14k and i would be lucky to get 10k for the car.

i will ring the cccs tomorrow and see what they have to say but in the meanwhile any more advice is greatly received.

cheers

Tixy

If its a personal loan (not secured) then they cannot repossess the vehicle. You really need to get to the bottom of whether it is or not - if they are threatening reposession it would imply that they can and that therefore it is secured.

Does your agreement say anything about termination rights? reposession of the vehicle?

Tixy

Hi

Sorry I misread your first post - they haven't actually threatened repossession?

If its not secured then it may be by terminate the agreement they just mean that they will default you and ask you to pay the full amount (not that you would be able to) - even after that they may accept your reduced payments on the DMP, or they could sell on the debt or take you to court (but you would then apply to pay in installments at a rate you could afford (ie the DMP rate)).

sharpygreen

cheers tixy :T

makes more sence now.

ill speak to the cccs tomorrow. santander the most unhelpful company i have ever had to deal with