First response finance car finance- my rights

drakhan

I took out a motorcycle loan in march 2009 with First Response Finance. Because of my bad credit they got my wife to go guarantor.
I lost my job July 2010. I had no problem paying until then.
I got into financial difficulties and got into arrears with First Response.
I paid £550 of the arrears which were about £650 in November.
That was because of a cheque that came my way.
Nothing left of that cheque as had household bills to pay.
Now i am in arrears for abut £320 as of today.
I made an arrangement to pay £20 a fortnight from standing order (trying to get them to accept SO instead of direct debit was like getting blood out of a stone).
I then changed it to £50 and told them what i had done.
The cheeky sods have just said they are taking my goods in 2 weeks if i dont pay the outstanding balance,
Can any one help and let me know my rights.

mhenry9885

I'm presuming it's Hire Purchase? thats the only kind of agreement i've ever had with them.

How much of the overall agreement have you paid off?

If it's a third or more they can't repossess without a court order, which they probably won't go to the effort of doing so if you are still making payments.

I've had a few agreements with First Response and found them to be quite rude and demanding if you fall behind with your repayments.

Ask to speak to a manager, you might be able to renegotiate lower payment terms.

drakhan

I took the loan out in March 2009 and paid £220.47 every 4 weeks. Total payments were 39. Paid up to middle November 2010 including the £550 mentioned earlier so i have paid approx 21 payments. As of today i am in arrears by £320. I tried speaking to a manager and they were even worse. They want a direct debit set up which i refused. I said that i will set up a standing order NOT a direct debit. After about 20 calls and same amount of e mails they gave me the account details to set up S/O.
Now they are threatening to take the bike.

drakhan

Just worked it out that i am paid up fully to October 2010 and £100 in arrears for November 2010 and then full amount for Dec 2010.

mhenry9885

You have paid over a third so remind them next time you speak that they cannot just come and repossess.

It's also worth noting, that if you have paid half or more (which it appears you have) you can hand the goods back, not pay any more and tell them to get stuffed. (although since you are worried about repossession it sounds like you don't want to give the bike back)

drakhan

I want to keep the bike. I have a job interview next week and i have made a criminal injuries claim for compensation as i got assaulted severly in Dec 2009, si i have to wait for that. Got the prospect of court appearance in May 2011, because i got assulted. Its taken over a year to find out i have another 64 mths to wait to get the mattered settled. Very stressful time and i dont need this added pressure especially since i will prbably need the bike to get me to work if i am lucky enough to get the job.

drakhan

Meant 4 not 64 mths

jade_w_2

Hi I got car finance a year ago, I have both gap and ppi insurance I remember getting gap but not ppi have I got a right to cancel them both?? My gap is 253.00 and my ppi is 317.78.. I brought my car for 1,995 I now have to pay back 3,794

CM67

My son has just taken out a car on finance but is thinking of handing it back due to personal circumstances and is now struggling to meet payments he has only had it for about 4 months how does that work can he hand it back? any advice welcom.

CM67

chalkie99

CM67 wrote: »

My son has just taken out a car on finance but is thinking of handing it back due to personal circumstances and is now struggling to meet payments he has only had it for about 4 months how does that work can he hand it back? any advice welcom.

CM67

You would be better starting your own thread for this.

However, just to be clear, what sort of finance is it?

If it is a Hire Purchase agreement then he has to make 50% of the payments before he can return it. Obviously, from your comments, he won't be able to raise that and it won't be his car to dispose of so he will be between a rock and a hard place.

Confirm the exact type of finance agreement so people here can give you best advice.

paddyrg

jade_w wrote: »

Hi I got car finance a year ago, I have both gap and ppi insurance I remember getting gap but not ppi have I got a right to cancel them both?? My gap is 253.00 and my ppi is 317.78.. I brought my car for 1,995 I now have to pay back 3,794

I suggest starting your own thread. Please name the finance companies and people will have something to go on...