terminated car HP

mrsrwallace

hi
Have posted this in the N. Ireland forum but might get more responses if I put it on here.

Car company has written to say they have terminated our car HP agreement and are asking for the car to be returned to them. We have paid more than a third so know they need to get a court order to take it from us. However, we NEED that car and owe very little on it. We lost main income so this caused us to contact them to arrange a lower monthly payment which was fine.

We then increased this payment but they sent us a default notice then we got this letter in today to say they are terminating agreement and want car back. What do we do?? We need the car and have less than a year left on the term. Can we not just keep paying as we were or would they give us a chance in court to keep the car and keep paying?

Or would we be able to get a full and final settlement figure and pay that? We have been discussing with my parents and they said if worst came to worst they would pay the settlement figure and we'd pay them back over the next year.

Any advice or previous experience of this? Does the court tend to side on the car finance company or would they show some leniency seeing as there is very little left to pay on the agreement. We have paid thousands for it and cannot afford to lose it as we need it for work and school.

patman99

Keep paying the amount you currently are. By the time it gets to Court, you will have paid even more off. You will also have proved to the Judge that you have every intention of clearing this debt.

Another option (one I used) is to get a loan from a Bank/Building Society/Zopa. The loan should be for an amount equal to the outstanding balance and in the case of Zopa, more than likely at a cheaper APR than the car loan. The advantage of this is that you can never lose your car.