£22,000 debt

Ant84

rog2 wrote:

Normally - Yes I'm afraid.

In that case - No.

rog2

If BCT issue a County Court Summons, you will be able to tell the court exactly what you can afford to pay and the judge would not force you to pay any more than you can afford.

Ant84

rog2 wrote:

If BCT issue a County Court Summons, you will be able to tell the court exactly what you can afford to pay and the judge would not force you to pay any more than you can afford.

It won't look favourably on my record if it goes that far, will it? I want to get my debts settled as quickly as possible so I can get a mortgage at a decent rate.

roswell

I would suggest using the 10 000 to pay off the debt or as much of it as it will cover and NOT using the 10 000 as a deposit on a house.

Ant84

roswell wrote:

I would suggest using the 10 000 to pay off the debt or as much of it as it will cover and NOT using the 10 000 as a deposit on a house.

Really? What makes you say that, out of interest?

roswell

well firstly its a certainty that if you pay 10 000 off your debt you will have 10 000 less debt, if your going to hold out for the time it takes to buy a house you may find the debt is already at county court and this wouldnt be goof for a mortgage application, A easy bit of advice is to still pay the debt at present even if its only £1 a month it will be in your favour if it does go to court that you have at least been making payment.

There is no guarentee that you will be able to remortgage your house and realess the 10 000 that you put in at short notice and add to thsi the fees and exit charges from the mortgage and your 10 000 will probably become £8000

Ant84

Thanks for that. Quite insightful. I want to do something about this situation within the next few days. How do you recommend I go about it?

richardvc

What a tale of woe !

These finance companies really need to read these boards. You took the responsible route and asked for some help and they ignored it. They have made a drama out of a crisis and now everyone is going to lose out.

They won't get their money for years and you have lost your car that for three months only was unaffordable.

If BCT had used some common sense and entered into dialogue perhaps this situation could have been avoided.

I cannot give you any advice but wish you luck. Someone better qualified than me will give you the right advice !

Mrs_pbradley936

Well, the first thing to establish is whether this debt can be reduced and if it can by how much. Once we know the figures involved we can see how best to pay it off. I tend to agree with roswell who said not to get a mortgage yet and for much the same reasons. If you did go for a mortgage even if you got one it is likely to be at a much higher rate than you could get if you had a clean slate.

makingendsmeet_2

I would have thought that somewhere on your original agreeement there will be a hand back figure. i.e once you have paid that amount you can hand the car back and walk away. Its normally about half the original amount borrowed. Surely they can only make you pay up to that amount. I would phone the nationaldebthelpline for advice. My friend had trouble with welcome finance and the repossesion of a car and they where very helpful and told him the actual law not the welcome finance law.