nrrd advice

Gardenshed_2

A friend of mine got finance for his son on a car. It has now come to light that the son got in some financial trouble and hasn’t been paying it. A large envelope dropped on his door mat with a load of forms in it asking him for a breakdown of his earning and outgoings...the son who is now back in work has contacted the lender and offered £300 a month and they have said no.

Any advice would be great

sorry if this in the wrong place

chalkie99

If it is your friend that took out the loan then there is no point in his son trying to deal with the lenders.

Your friend needs to contact them himself.

However, why was he not aware the payments were not being made? He should have had several reminders before it reached this stage, unless the son has beaten him to the postmans arrival.

Gardenshed_2

Ive not a clue how he didnt know to be honest,,,but the son has tried to keep it away from his dad,,but the son got so worried he came clean and with the paper work arriving he no choice really.

I just cant understand why the company wont agree to £300 a month..if it goes to court they wont get that much im sure of it. I also though the company had to except a resonable offer

chalkie99

I would leave it to your "friend" to worry about then to be honest.

Gardenshed_2

Ok will do

thanks for the advice

PNPSUKNET

WELCOME TO VANUQIS tell your friend

Tixy

Did son provide his income & outgoings to the lender even though the loan was in the name of his father? They will obviously automatically reject that, it would need to be father's details provided.

How much were the original monthly repayments? Was the finance was secured on the car?
My guess is they won't accept £300 because they can either repossess the car and/or because they believe that father can afford the payments in full.

Why do you think they wouldn't get more than £300 if it goes to court? Can father prove he cannot afford more than that each month and does he have no assets at all?

How far behind are the repayments? Have they issued a default notice and registered a default on father's credit file? If so and assuming he doesn't want his credit file wrecked for 6years, it might be worth seeing if the lender will agree to remove the default if he pays off the debt in full, or possibly the arrears in full.
They don't have to agree to remove the default but sometimes a lender will if it means they get their money without the hassle of having to go to court etc.

KingElvis

PNPSUKNET wrote: »

WELCOME TO VANUQIS tell your friend

Don't forget Provident :rotfl: