Reposession - what are my rights?

Optimist

stugib wrote: »

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.

Interestingly the police pension regulations state that after 30 years a police authority can make the decision to dispense with a officers service, however this is in direct contrast to the Age Discrimination Laws 2006 which doesn't give exception for the police and in practice, although God knows why they would wish to, police officers who have requested to stay on tend to be allowed to do so. They don't get a pension until they do go.

The employer can only make you retire before 65 under exceptional circumstances. Like that wonderful word "reasonable" there is no definition of exceptional circumstances.

pinkshoes

BBC_Pensioner wrote: »

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.

So basically you were relying on getting a job at the age of 60 to pay for this loan?

Have you got a local B&Q you can apply to, as they take on lots of over 60s?

Have you got anything you can sell to meet the loan payments in the short term?

Do you have any equity in a property you own that you could release to pay for the car?

Is there any option to sell the car privately then pay off the remainder of the loan?

BBC_Pensioner

Hintza wrote: »

Can you not rejig the loan with another lender?

That was suggested by the Finance Company. It seems they can't issue a loan themselves to pay off an existing loan, and neither are they able (or willing?) to extend the loan term for lower repayments.

Another service offered to me in an unsolicited email came from a Debt Counsellor. After playing with their electronic means test they offered to reduce my payments to £100 per month. It was not clear how much of this would go to the finance company or what other hidden charges may have appeared. Since this is my only debt I decided not to proceed.

Exactly how much power do Debt Counselling companies like this have to force a lender to take very low payments?

unholyangel

I thought IVA's were an alternative to bankruptcy? Basically the companies agree the lowered amount as they are aware if they dont, they'll likely get even less - if anything at all - if the person goes bankrupt?

BBC_Pensioner

unholyangel wrote: »

I thought IVA's were an alternative to bankruptcy? Basically the companies agree the lowered amount as they are aware if they dont, they'll likely get even less - if anything at all - if the person goes bankrupt?

Thanks for the warning. I've managed not to go bankrupt over the past 60 years and have no intention to do it now.

squack

BBC_Pensioner wrote: »

Thanks for the warning. I've managed not to go bankrupt over the past 60 years and have no intention to do it now.

yes i can imagine with all that money you have pocketed from the television licence fee lol

rsykes2000

squack wrote: »

yes i can imagine with all that money you have pocketed from the television licence fee lol

Very amusing. That the best you can come up with to help someone in potential financial trouble ?

BBC_Pensioner

unholyangel wrote: »

I thought IVA's were an alternative to bankruptcy? Basically the companies agree the lowered amount as they are aware if they dont, they'll likely get even less - if anything at all - if the person goes bankrupt?

In my case surely they would refuse such an offer and simply reposess the car.

Mupette

BBC_Pensioner wrote: »

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?

Sorry i have nothing constructive to say.

Why on earth do they have Bruce Forsyth on their books.. he's 80 odd

bingo_bango

Mupette wrote: »

Sorry i have nothing constructive to say.

Why on earth do they have Bruce Forsyth on their books.. he's 80 odd

BBC employees (at least those of OP's era) will have been on a contract of service, as are the majority of full time employees in general.

Senor Brucie however is not a full time employee, and although he is contracted to the same organisation, his is a contract for service. He technically is self employed and providing a service to the BBC.