Proton Finance

gazza54

Hi i am new to the site and would like some advice about a hire purchase agreement i have with Proton Finance and would like to know where i stand. If anyone is willing to offer advise i will post the letter i have recieved from them.I have the car sitting on my drive at the moment and have stopped the payments due to a severe reduction in income the car is not roadworthy anymore (no tax or MOT) i am suprised that the finance company have not came up to repossess the car as it is their property. This has been going on for more than a year now. Any help on this matter would be most appreciated.

dreamypuma

Don't get what your issue is.

Have you stopped paying due to a change in your personal circumstances?

abbyscuito

gazza54 wrote: »

Hi i am new to the site and would like some advice about a hire purchase agreement i have with Proton Finance and would like to know where i stand. If anyone is willing to offer advise i will post the letter i have recieved from them.I have the car sitting on my drive at the moment and have stopped the payments due to a severe reduction in income the car is not roadworthy anymore (no tax or MOT) i am suprised that the finance company have not came up to repossess the car as it is their property. This has been going on for more than a year now. Any help on this matter would be most appreciated.

Go on, post it if it's a Consumer problem. Otherwise there's the Pure Money section at the top of the forums?

Optimist

I hope you have SORN'd that car with no tax or mot.

bod1467

Indeed. Just having it on your drive (off the road) is no longer acceptable - you must specifically declare it as off the road (SORN - Statutory Off Road Notification - costs nothing) else you may get fined.

antrobus

gazza54 wrote: »

Hi i am new to the site and would like some advice about a hire purchase agreement i have with Proton Finance and would like to know where i stand.

You owe Proton Finance some money.

gazza54 wrote: »

If anyone is willing to offer advise i will post the letter i have recieved from them.

Well yes, telling us what's in the letter might help.

gazza54 wrote: »

I have the car sitting on my drive at the moment and have stopped the payments due to a severe reduction in income the car is not roadworthy anymore (no tax or MOT) i am suprised that the finance company have not came up to repossess the car as it is their property.

Perhaps they've worked out that it isn't roadworthy anymore and don't want it? I'm not sure that there is any legal requirement that says that a lender has to repo.

gazza54 wrote: »

This has been going on for more than a year now. Any help on this matter would be most appreciated.

What exactly is the problem?

Apples2

You don't give out anywhere near enough information for anyone to help you with.

All you CAN be sure of, is that you are far more in debt now than you ever thought possible.
Even if they repo'd the car, your additonal charges will be massively more (I get the feeling you thought if they repo'd the car, that would be an end to things..... FAR from it).

HP finance, isn't a Warranty, the material condition of the car is of no real consequence, aside from the fact they will get less pennies for it should they repo and auction it. You would have to repay even more of the sum outstanding.

Get ready for a bumpy ride.

Fergie76

I believe if you have paid over 50% of your agreed term and the car is in expected condition for it's age and roadworthy (big problem there for you), then you can call the finance company up and ask them to collect the car and you will be liable for no more payments.

However, as it appear you have not being paying for the car for a year+, they probably just want their money and not some lump of metal.

Apples2

The right to VT is part of the contract, the terms of which the OP broke when he stopped paying.

They would be well within their rights to veto any attempt to VT the car.

gazza54

Thanks for the comments. I am aware i owe them money i am not disputing that. I am only after advice of what to do regarding the car and the debt. Here is the letter i had sent to me.

Dear Mr ************


This is a default notice served under S87(1) of the Consumer Credit Act 1974. It relates to your Hire Purchase agreement with us numbered **************. The agreement says that you must make all payments on their due date. You have broken your agreement, as there are arrears of £5,259.13. To remedy your breach you must pay us these arrears before 31st January 2011.

IF THE ACTION REQUIRED BY THIS NOTICE IS TAKEN BEFORE THE DATE SHOWN NO FURTHER ENFORCEMENT ACTION WILL BE TAKEN IN RESPECT OF THE BREACH.

IF YOU DO NOT TAKE THE ACTION REQUIRED BY THIS NOTICE BEFORE THE DATE SHOWN THEN THE FURTHER ACTION BELOW MAY BE TAKEN AGAINST YOU

If the arrears are not paid before 31st January 2011 we may:
(a) Terminate the agreement and seek to recover the goods.
(b) Seek payment from you of monies due to a result of termination.

BUT IF YOU HAVE PAID AT LEAST ONE-THIRD OF THE TOTAL AMOUNT PAYABLE UNDER THE AGREEMENT SET OUT BELOW (OR ANY INSTALLATION CHARGE PLUS ONE0THIRD OF THE REST OF THE AMOUNT PAYABLE) WE MAY NOT TAKE BACK THE GOODS AGAINST YOUR WISHES UNLESS WE GET A COURT ORDER. (IN SCOTLAND WE MAY NEED TO GET A COURT ORDER AT ANY TIME). IF WE DO TAKE THEM WITHOUT YOUR CONSENT OR A COURT ORDER, YOU HAVE THE RIGHT TO GET BACK ALL THE MONEY YOU HAVE PAID UNDER THE AGREEMENT SET OUT BELOW.

(i) Total payable under the agreement £13,289.60
(ii) Total paid at the date of this notice £5,658.91

visidigi

either you mean January 2012 in the above letter content or you've been sitting on this letter for quite a while already...