Car trouble

Gezmcm

In jan 09 I bought a car on higher purchase the loan was supplied by bank of Scotland. After 9 months I could no longer afford the repayments so I handed the car back. I was told the car would be sold at auction and I would have to make up any difference. I received a latter not long after saying the car had been auctioned and a letter with the final balance would arrive soon but they believed it would be around £400. After this I received no correspondence about the car or the money for over 3 years. Thou now I am reciveing letters from debt recovery companies asking for over £2000. I think this is an excessive amount and also is it ok for the bank to wait this long before contacting me?

Thanks in advance

chanz4

6 years is how long they have to chase you, how come you didnt chase them? Your car will of been solved for very little.

Tixy

I'd ask them for a breakdown of the account. This should show how much was due, the charges for collecting the car, and charges for auction, the amount raised at auction and the interest charged bwtween when you stopped paying and now.

If you can't afford the full amount you should be able to arrange to repay in installments. Or if you can afford a lump sum you might be able to negotiate a reduced full & final settlement (if you do then make sure you do it in writing not over the phone).

iolanthe07

higher purchase

It is 'Hire Purchase'. You 'hire' the item with a view to purchasing it, eventually. Get it?