voluntarily hand back car or pay total owing

gizzy00

hi
hope someone can help me so i can sleep tonight i was 2 months behind on my agreement with fga capital owing £389 arears of which i sent them 200 of it then friday morning i got letter from them saying either pay the full 3000 oweing or that i expressed a intrest in vountary surrendering the car and for which i have the pleasure of paying £70.50 i rang friday and offered to pay the whole lot of areas off but they said they cant except it and that the only option was to pay dose anybody know how long it will take before they come and get the car and if theres any think i can do im sorted now so could have carried on paying and i live in the middle of no where so cant even get my children to school if they come and get it :(:(:(:(

pvt

Wow Gizzy, not one single attempt at punctuation anywhere in that post! Putting some in would have made it a lot easier to read.

I guess the obvious question here is: Is the car worth more or less than the £3k that you will have to pay to own it?

If the answer is 'more' then find the money and buy it off them. If the answer is 'less' then give them the car and £70, and then go shopping for another car with that £3k.

molerat

Have you paid more than 1/3 of the agreement ?

Apples2

Need more info about the agreement, hardly enough to advise with.

Was the missed payment a one off hiccup? If not and you are likely to encounter this again, cut your losses now and VT the car. They don't usually accept a VT now anyway if the agreement is broken so snap their hands off.

Buy a car you can afford, not some hyper inflated finance deal. If you are likely to struggle again, you can't afford it (Christmas will be with us shortly).

Buy a cheap car, you could buy a replacement car with a ticket for the same as your monthly payments.

Ignore the neighbours, if you can't afford a new car on finance, don't have one.

gizzy00

the car is worth just over what i owe i have one year to pay and normally pay 151 pm im not worrid about the neighbours we dont have none.
the thing im worrid about is that we are very rural and i cant get any where with out a car i was behind as i had to pay a insurance excess because water poored in my celings
i got medically retired in march but have still managed to pay each month apart from the months when the insurance thing happened but now am back to normal with income as before
thanks for help

molerat

http://www.bdl.org.uk/images/16_EW_NDL_Hire%20purchase%20debt.pdf

If you want to keep the car just keep on paying and pay down the debt. If you have paid more than 1/3rd of the total they cannot repossess without a court order and if you are back up to date they will be laughed out of court with such a small debt.

Garage_Flower

Sounds like they are looking at terminating the agreement but want to do so amicably. By agreeing to the voluntary surrender of your vehicle they wouldn't need a court order to collect it.

You have said you pay £151 per month and are in your final year but in the OP you say you owe £3000. £151 x12 is around £1800. What are the total arrears on your account including charges and previous missed payments?

gizzy00

thank you for that
thats what i was trying to get round as i thought that might be the case.
i heard before if you had paid a 1/3 and im guessing i would have as it was for 60 months and ive paid 45 of them ?
i want to keep it if i can as im up to date apart from the 389 i owe
my income has doubled from this months:T so im sure i can get trough the next 15 months.

what im more worrid about is if they just turn up here and take it with no warning x:rotfl:

pinkladyof66

i would certainly try and keep the car is there anyway with your income increasing you can pay say £100 extra per month until the arrears are paid. Have you tried to call them and offer this. Or is it that you would only be able to continue with the £151 per month and not be able to offer anymore.

gizzy00

they said im 389 behind
and they said its 3029 to settle the account i started paying it in jan 2009 so theres 15 months oweing the payments are 151 a month ?????

Garage_Flower

£151 x15 = £2265 even with the arrears of £389 added on this doesn't add up. I would ask them why the figure is so high.

If they have rejected your offer of bringing the account up to date it sounds like they have terminated the agreement and looking for an easy way of collecting the car by mentioning the VS. Ask them if this is the case, if they have terminated the agreement.

If they have terminated the agreement they can collect the car with a court order. Though the arrears are relatively small in relation to the agreement, two missed payments shows poor intent to run the account. They will probably be successful in obtaining their court order.

Your account will have been defaulted when did you recieve your default notice?

The best advise i can offer is to discuss with them what has happened, send in proof to back up your case, ask them what your options are and what will happen moving forward.