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Reposession - what are my rights?
BBC_Pensioner
Posts: 11 Forumite
Hello,
I've just retired from the BBC and have started to be paid a small pension. I have five years to go before I get State Retirement Pension. I would like to continue working if I could just get a job somewhere, but for 60 year olds these are in very short supply.
(The BBC operates a compulsary retirement at age 60 policy.)
I have registered as unemployed but do not qualify for Job Seeker's Allowance since my income from the BBC pension is too high.
That's the history, my problem is that four years ago I bought a car on a five year HP agreement. A PPI was included but the insurer has ducked out by saying I would have known about my retirement date and that I am not unemployed but have retired.
Following advice from this web site I have started a "mis-sold PPI" claim, but it seems this may take several months before I get a repayment, if I get one at all.
It seems a pity to have to surrender the car after having made 80% of the repayments, but none the less I have asked the Finance Company about the procedure to return the car. I was told I would have to complete and return a form which the Co would take several weeks to respond to before telling me when they would be able to collect the car, and that meanwhile I would be expected to maintain the repayments! If they delayed for long enough I would have finished paying for the car before they took it away, surely this is not right.
I was led to believe that once you haid paid half the contract value you could return the car without penalty. What would happen if I simply cancelled their Direct Debit?
I've just retired from the BBC and have started to be paid a small pension. I have five years to go before I get State Retirement Pension. I would like to continue working if I could just get a job somewhere, but for 60 year olds these are in very short supply.
(The BBC operates a compulsary retirement at age 60 policy.)
I have registered as unemployed but do not qualify for Job Seeker's Allowance since my income from the BBC pension is too high.
That's the history, my problem is that four years ago I bought a car on a five year HP agreement. A PPI was included but the insurer has ducked out by saying I would have known about my retirement date and that I am not unemployed but have retired.
Following advice from this web site I have started a "mis-sold PPI" claim, but it seems this may take several months before I get a repayment, if I get one at all.
It seems a pity to have to surrender the car after having made 80% of the repayments, but none the less I have asked the Finance Company about the procedure to return the car. I was told I would have to complete and return a form which the Co would take several weeks to respond to before telling me when they would be able to collect the car, and that meanwhile I would be expected to maintain the repayments! If they delayed for long enough I would have finished paying for the car before they took it away, surely this is not right.
I was led to believe that once you haid paid half the contract value you could return the car without penalty. What would happen if I simply cancelled their Direct Debit?
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Comments
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Well subject to the terms you agreed to they could sue you for money owed plus costs. Id read over the terms because nobody on here can read them for you and only they can tell you what will happen.Back by no demand whatsoever.0
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They forced you to retire at 60 ? I assume you mean they made you redundant otherwise it would come under age discrimination laws...In fact just looking the BBC terms of employment they have a normal retirement age of 65 !
Go find yourself a solicitor briefed in Employment Law if they specified you had to retire at 60"The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."
Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)0 -
Forced retirement ages are still legal though not sure if there's a difference between state pension age and contractual/privately agreed pension age. The police can force their officers to retire at 55 for example.They forced you to retire at 60 ? I assume you mean they made you redundant otherwise it would come under age discrimination laws...0 -
What they seem to be saying is incorrect.
You could send a letter terminating the hp agreement and that would take effect from the date they receive your letter regardless of when the car was then collected - and no more payments are due after the date they receive your letter.
However, you may now have some equity in the car so best bet would be to phone and ask for a settlement figure then find out what the car is worth - if it is worth more, sell the car, settle the finance and pocket the difference to put into a cheaper runabout?0 -
Can you afford the payments? If you can, then I would sit tight for a couple of months and wait for the claim of PPI.
If you go onto the PPI board then someone there will be able to give you an estimated refund and you will probably find it will pay off the balance.0 -
They forced you to retire at 60 ? I assume you mean they made you redundant otherwise it would come under age discrimination laws...In fact just looking the BBC terms of employment they have a normal retirement age of 65 !
Go find yourself a solicitor briefed in Employment Law if they specified you had to retire at 60
New staff joining since, I believe, 1 Sept 2006 will retire at 65 but older staff like me retire at 60. Believe me, there was much consultation between Management and the Unions over this, but I still retired at 60 on 2/3 my final salary. Repayments were a struggle before, now they're impossible.0 -
I find it hard to have too much sympathy as you will have known fine what your terms where, your employment prospects at 60 and hence should have not been entering into agreements you couldnt meet.
Its actually unbelievable someone who would retire in 4 years taking out a car loan for longer than this that they couldnt service. Why exactly did you do this?0 -
I find it hard to have too much sympathy as you will have known fine what your terms where, your employment prospects at 60 and hence should have not been entering into agreements you couldnt meet.
Its actually unbelievable someone who would retire in 4 years taking out a car loan for longer than this that they couldnt service. Why exactly did you do this?
True, with hindsight, but back in 2006 when I took out the loan things were very different. Colleagues then were retiring and getting part-time jobs to subsidise their pensions. Then came the recession.0 -
Can you not rejig the loan with another lender?0
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Forced retirement ages are still legal though not sure if there's a difference between state pension age and contractual/privately agreed pension age. The police can force their officers to retire at 55 for example.
Earlier compulsory retirement ages are only permitted if age is relevant to performance of the job.0
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