car finance

jay_newbie

hi i hope i've put this in the right place,but i wondered if any one could help me,we had a car on finance could'nt keep up the payments the car was repossessed and sold on, the finance company then sent a bill for the outstanding amount £6000 + at the time was trying to deal with a family bereavement and christmas with 3 children, the next thing we knew we had a solicitor on the phone telling us she was going after our house cos we haven't paid up tried to offer payment plan but she swiftly refused told us we were too late and it was going through the courts have'nt heard anything for about 3 weeks been to CAB when the lady there phoned this solicitor she was also told it was too late. this very bloodthirsty solicitor also asked if we had a yellow pages when i told her yes she said i suggest you look in there for loan company's most of them are open 24hrs. we've applied for loans and half way through a secured loan had the house valued today.if anyone could please give us some advice at our wits end now really don't what to do any advice will be gratefully received.

sunflower_2

i certainly wouldnt take out a secured loan to pay this off!!

if they go to court you will be allowed to pay in instalments at an amount u can afford

at the very worst they could be granted a charging order on your home but that will just be a bit of security for them should you not keep to any agreement

all it means is that if and when you do sell your home, they get the amount u owe them straight away

they wont be able to force you to sell your home - the courts would only allow this in very extreme circumstances

if i were you i would send them a cheque each week/month for the amount you can afford, with the exact same covering letter explaining your income/expenditure
this will go in your favour if it does go to court

of course i am no expert - just had financial difficulties

good luck

jen_jen_2

as above, they have to go to court and at this stage you can show a court your financial statement and offer to pay affordable amounts. You must check the outcome of the judgement it will hopefully be "pay by installments of £ amount you offered" if it is not this you will need to ask the court to reconsider - you should return to CAB if any court forms received and they will help you.

Only if you fail to maintain the judgement, miss a payment can they then ask for a charging order.

You MUST get advice if court stuff starts, its by no means hard to get an affordable offer accepted but the creditors can push their luck and there are strict dealines to respond.

good luck and keep us updated

jay_newbie

thanx sunflower much appreciated still waiting for that solicitor to get back to me that's the second time i've tried to get hold of her. i can't understand how they won't accept any payment unless it's in full. oh well thanx again.

jay_newbie

thanx jen jen have'nt had any court papers at all just a letter saying "statutory demand" like i said have'nt heard anything for about 3 weeks and can't get hold of her.will keep on trying, let you how it goes thanx again

jen_jen_2

now that may be a bit different - statutory demand may be the first steps to them making you bankrupt (dont worry could be a form of threatening letter not a real one) and that is a different process than the county court judgement.

It is a letter saying they intend to issue you with a statutory demand, "we may" "notice of intention" or is it actually a statutory demand that tells you you can apply to set it aside etc.

If it is a statutory demand did you show it to CAB? The creditor should still allow you to pay by installments and the court will not look too kindly on a credtior that pursues bankruptcy when there is a reasonable offer.

Also on the good news front if the solic is not returning your calls it may mean they are no longer dealing and have passed it back to the origional loan company - you will get a letter from another solic/debt collection company.

Debt_Free_Chick

jay_newbie

Call the National Debtline 0808 808 4000

https://www.nationaldebtline.co.uk

This is a charity that helps people in your situation (recommended by Martin on this site)

Malestrom

All the solicitor is interested in, is getting the full payment in one lump for her client. She's not interested in your personal circumstances and is trying to guide you down the route that she wants you to go, namely to get a loan and to pay in full, by using scare tactics and the 'cold shoulder' routine. As D_F_C suggests, you could contact the National Debtline as well as taking advise from the CAB.

As stated above though, do NOT take out a secured loan if at all possible, especially not for this relatively small amount (when compared to the value of your house!!!). Setting up a Debt Management Plan with National Debtline would be the most sensible option here IMO.

jay_newbie

thanks for the advice guys we finally managed to get a personal loan i know we should'nt have but we were in an emergency situation all we have to do know is sort out our finances many thanks again guys

morgand

If solicitors continue to give you unnecessary hassle, report them to the Law Society. You will need to discuss your concerns with the Senior Partner of the firm concerned, or the Partner responsible for customer care/complaints. Had to do this recently, and found they backed off pretty quickly. Bad conduct can result in heavy fines for them. If nothing else it will give you a breathing space.

CAROL07

Hi Can Anyone Help Im New To This Forum So Hope Im In The Right Place My Son Has Got A Car Loan And Found Out Today That 18 Latepayment Charges Of £26 Have Been Added To His Account And £250 For A Balifes Fee They Are Demanding This Be Paid Immidiatly Plus 4 Missed Payments Totaling More Than £1000 Can They Do This And Is There Not A Max Charge Of £12 For Late Payments Or Is That Only Credit Cads


Thanx Carol07