perilous journey begins....

lambda

Well it's kind of a bit confusing.

If you don't own the 1000 pound car anymore then it can't be an asset, yet you have listed a 1000 pound car as an asset.
You are paying 20 pounds at month towards an 8000 pound car loan which is interest free for 34 years - that's some bargain loan! Also sounds dodgy - they will come and ask you to increase payments if they've realised they've made a mistake. What's the duration on all the loans?
You must still have the 8000 pound car then? Surely this would be an asset?

mboro

The car was repossessed about 4 years ago, I then bought a £1000 car, this is my own car that I bought with cash.
Link who the loan is with have not contacted me in over 8 months. The last person I spoke to (8 months ago) told me someone was going to contact me to get an updated SOA. This never happened. I have kept up the £5 payment.
As for the duration on all the loans, they seem content with the fact that I am making regular payments until I get told otherwise.

lambda

Was the loan for the re-possessed car the 8000 pound you have listed here? Was it Hire-Purchase? If so, I think when they repossess the car they are supposed to write the loan off.

Sorry for the misunderstanding - we'll get there in the end!!!

mboro

Hey Lambda, No missundersranding on your part, I should have made it all clearer.

I put the repossessed car under Car Finance totaling £8000, no out right loan, bought the car from Car Craft (don't shout at me lol). hehe.

lambda

Ah it's getting clearer now

So, once you've paid back the 8000 pounds you get you car back? Any chance you can tell them just to keep it instead?

mboro

No, I dont get the car back, dont want it back. Car craft re-possessed and I am sure its been sold on. That seems the way they work.

lambda

So why are you paying them 20 pounds a month?

mboro

lambda wrote: »

So why are you paying them 20 pounds a month?

Good question, but when i asked ages ago, they wouldnt write it off hence I am only paying £20 pcm.

lambda

I think this 8000 pound loan needs to resolved ASAP. It could be you don't owe them anything (which it sounds like to me).

Looking at your other outgoings - do you need a car? How far do you live from work?

mboro

I am health care assistant, it's needed for this type of work. If I get rid of my car then it's just one more thing that I couldnt keep a handle on. I would get a cheaper car but I dont have the funds and even to scrap my car would only get me about £50.

I admit I am scared to ring Link Finance incase they want more money per month, very much doubt they would write it off.