Help with court order

little_miss_T

I have a car on HP with welcome finance, and I can no longer afford the monthly payments.

I have read the t's & c's of the finance agreement and it states that once I have paid more than 1/3 of the finance they cannot reposess the car without first obtaining a "court order".

First of all what is a court order? Is this a CCJ? And will they need to get this?

Secondly, how long will it take for them to reposess the car if I stop paying it?

I can't call them and ask these questions as they are not the nicest company to deal with.

The monthly payments are very high and the running costs of the car are stupidly high, so I need to get rid if it and buy something that is Cheap to run and not on finance.

My OH and I both have well Paid jobs but this car is meaning that every month we are struggling to make ends meet, and it should not be like this.

Has any one dealt with this sort of thing before and has anyone got any advice?

Thanks

fatbelly

It'll be a return of goods order.

Details in the factsheet

Factsheet | Hire Purchase debt

Note the sample letter at the end, and the calculation that shows it's cheaper if you terminate the agreement rather than letting them do it.

saltnvinegar

Hi Little Miss T

How long have you had the loan for and what is the term of the loan?

I assume that as you are looking at the 1/3 of the term option you are about to go past this milestone or already have?

If you have already paid 1/2 the term you should be able to just give the car straight back. You should be able to terminate the agreement early anyway as long as you pay half the amount payable minus any payments already made.

If ditching the car right now is not an option, if your OH drives less miles than you could you swap cars to reduce running costs? Or alternatively if you could get public transport to work are the costs of this cheaper than your running costs of the car?

Just some options to think about before you get rid of it!

SNV