Am I able to do this?

mboro

Sorry if this question has been asked before, I had a quick skim but found nothing.

I bought a car on finance from carcraft, about a year later the car was repossessed due to me not being able to keep up the re-payments.

The debt was passed on to Link collection agency and has been there ever since. I am still making payments on my £7000 worth of debt every month.:mad:

Am I able to claim PPI for the finance I took out?
And here is another question, do I still have to pay for this debt even though they took the car back?

mboro

Hi, does anyone know the answer to my question??? Please help.

antdon

You Probably have a claim for the period that you paid.... BUT, the debt was then taken by whoever reposessed the car...

So They would probably be able to claim any money you got back (or more likely, just not pay it)

Sorry...

BUT and a big BUT.... you should always try to reclaim if you have a doubt.... Do it yourself.. Follow the guides here....

DO NOT GOT TO A RECLAIM FIRM EVER THEY WILL GET 40% OF YOUR MOREY JUST FOR FILLING A FORM IN...

mboro

Thanks for the advice....A company called me yesterday saying they would act on my behalf for a PPI claim.....I told them I was savvy enough to make my own claim.

Don't think they liked me after that, heh.

dancingfairy

I think it depends on the terms of the finance and whether it was a loan or on hp. I beleive you owe the amount you agreed to plus charges minus whatever the car was sold for at auction. Will have a hunt for some info for you.
df
Edit: factsheet from National Debtline here: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt There is a section that explains what happens if the creditor repossess on there (it appears from the example that you don't have to pay extra fees and charges if you terminate the agreement but if they repossess you don't but have a read of it all).