Welcome car hp...default letter.. srick or twist? Please help

dmliverpool

Hi everyone,

I was sacked from my job in nov 2010 and I am about to become self employed soon so I will have an income. Thought I could get another employed job, but this job climate is anything but the land of hope and glory.

I have £4500 left on my 12k (total amount payable) hp car.
Of course I love my car but I am not able to make next months payment. I owe two months worth of payments now and Welcome have told me that they have now sent a default letter out yesterday.

They tell me that I have 14 days to settle any outstanding payments or else.

As I have employment lined up 6 weeks from now which because it is self empolyed will double my income and is a solid trade. I am thinking that I may be able to pay them. How long does it take from the issue of a default notice, them taking me to court and taking my car?

I have resided the fact that I can lose my car so I am starting to lose the sentimental attraction to it to save any disappointment. I just feel cheated as I only have 18 months left on the car to pay and its mine. The car won't be sold for the money I owe so I would still owe them about 1000 after a repossession. This makes my blood boil but its the truth which I have found hard to find.

Do I stick or fold? Of course I want to try stick it out for my credits sack but sometimes you have to know when you need to quit and plan. Couldn't I just hand deliver a letter and hand the keys as a voluntary termination before I receive their letter, does being in arrears stop me from doing that?

Any helpful opinions or advice would be very appreciated! :eek:

KingElvis

Welcome like to come and snatch / wheel clamp peoples cars so I would get it squirreled away if you want to keep it.

Can't you talk to them and explain the situation?

paddyrg

They don't really want the car, you don't really want to owe on a car you don't have, and neither of you really want surprises.
If you're certain of the work in 6 weeks, you could see if you can get a short term unsecured loan to tide you over the payments on the car - probably cheaper than the £1000+ you'll lose if they have to sell the car from under you?

krissys

You need to check your agreement.

We were in a similar situation but WF were unable to collect our car as we had paid off over half of the loan as per our agreement.

They didn't want the expense of taking me to court and so sent a default notice and passed the debt to a collections dept where we made a repayment deal of something ridiculous.

Send them a letter offering repayments and stipulate how it is important to keep your car for work/family commitments. If they do bother taking you to court then this letter can be provided.

dmliverpool

Thanks for all your support on this.

One final question is, if I was to pay the remaining balance on the arrears, would I then be able to send the car back even though the letter of default has now expired? Wouldn't this put me in a situation that would be the same as if I paid normally, hence giving me back the right to return the car?

Any help would be great.

CLAPTON

read this from the nationaldebtline .. you can phone them and get free advice too

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt

Tubbss

Hi,
One they have served a default notice, unless it is satisfield then upon expiry it removes your rights to VT the car