Time to get this sorted!

tbourner

LandyAndy wrote: »

OP, do you have a car as well? Is it on finance? Could you sell it instead?

Yep but it's the dog car, and not worth a lot at all. If I sold it we'd have no transport for the dogs so we'd be even more stuffed!

LandyAndy wrote: »

What on earth possessed you to take out a five year finance deal when you already knew you were in difficulties?

We bought the car, and literally 3 weeks later I got my act together with planning budgets and realised just how we couldn't afford the £110 a month!!! Obviously we couldn't sell it then so we've scraped along for the last year and used the car to the full potential and frankly saved a lot of money on fuel - just not anywhere near as much as we've spent.

Yes I know I'm an idiot, there's no need to tell me, at least we've realised it now though eh!

tbourner

standupguy wrote: »

have you checked the agreement - are you sure it is HP?

many 5 year deals are put on loan documents rather than HP and if it is a loan then you have other easier options?

It is a loan and not HP, I just checked. What's the difference? Should I phone them and ask for details on overpayment etc.?

standupguy

tbourner wrote: »

It is a loan and not HP, I just checked. What's the difference? Should I phone them and ask for details on overpayment etc.?

As it is a loan you are able to sell the car for the best price you can get. There may be a finance marker with hpi but you should be able to get the finance company to lift it as they do not have title (ownership) of the vehicle, you do.

It may be worth a call to them and let them know the issues and perhaps ask if you put the sale proceeds to the account will they allow you to pay reduced payments for the remainder of the term on this loan agreement and get them to work out what that would be per month.

tbourner

standupguy wrote: »

As it is a loan you are able to sell the car for the best price you can get. There may be a finance marker with hpi but you should be able to get the finance company to lift it as they do not have title (ownership) of the vehicle, you do.

It may be worth a call to them and let them know the issues and perhaps ask if you put the sale proceeds to the account will they allow you to pay reduced payments for the remainder of the term on this loan agreement and get them to work out what that would be per month.

Aha! OK, should I write to them or is this the kind of thing that it's OK to speak to the call centre muppets about?

standupguy

tbourner wrote: »

Aha! OK, should I write to them or is this the kind of thing that it's OK to speak to the call centre muppets about?

You could try speaking to them first but ask to speak to the muppet supervisor if you cannot get any sense out of the person that answers your call (who may not have the sufficient authority required)

tbourner

Look at my signature!! Last month the car broke, cost lots of money, put us behind. Now we've sold the car and paid off a load of money!!

We have another car related payment to make this month, plus a couple of things we're going to buy with the money, so next month will be back closer to being on track, but I'm still happy that it's so low for once!

dancingfairy

Whoop. Whoop.
df