Demanding full payment when my car has been repossessed;First Resonse Finance Ltd

rupiereeves

Are they allowed to do this. I bought a car through First Response Finance. I got ill and couldn't make the repayments. They took my car away but still want full payment. Is this allowed?

Rafter

They should reduce the amount you own by the proceeds from the car sale, less their costs. They can pursue you for the rest though.

If you car wasn't worth that much it could be the proceeds were less than the costs of them chasing you to pay, getting an order to reposess your car and actually taking it away.

R.

rupiereeves

Thanks for that, do you know of the best place to take my contract to get it looked over. We bought the car off them for £5000 and since then made payments over the last 3 years. They have now took the car and still want over £5000 in payment.

garysumpter

You have probably only paid off the interest.

I had 2 cars written off in separate accidents over the last 3 years.

I'm still paying thousands off each one.

Ruined my life, they shouldnt be able to charge all the interest etc when I havent had the cars for AGES.

Gary

Hermione54

Didn't you have comprehensive insurance? This is essential if you owe money on a car.

garysumpter

Yes I did, but it only pays the market value of the car, whereas the car was on finance, leaving me to pay all the rest myself (thousands)

For example, car costs £5000, I get it on HP, total agreement £10,000

Car gets written off, Insurance company pays about £4000, I have to pay the rest.

I have £10,000 worth of debt because of this!

Gary

nomoneytoday

In that scenario GAP insurance is worth having.
Although the APR to make a £5000 car pay back £10000 is about 30odd% :eek:

Ant84

I bought a car through BCT in Jan 2006. Self emplyed so ran into a few problems with work and couldn't afford to pay for a couple of months. I pleaded with them to help, but to no avail. They repossessed the car, sold it for £11k and now they're asking me for the other £22k (£16k of which is interest).

So they're asking me to pay 5 years worth of interest, despite me having the car for only 4 months.

I wouldn't have thought that was allowed, but they're still pursuing me for it. I phoned CCCS, the woman said that the interest portion wasn't legally enforcable, and that I should dispute the amount. The DCA that is dealing with the case has told me that the CCCS are talking rubbish, and that I owe the full amount, minus what they sold the car for.

If I end up having to pay this, I'm going to be in a very sorry state.