voluntarily hand back car or pay total owing

gizzy00

i have asked them what my options are they have said the account has defaulted on 3rd sep but i didnt get the letter till the 3rd week of september

the letter reads

thank you for your recent letter

the issues outlined within your letter are understood however we are unable to offer flexibility in repaying areas

we serve a formal notice of default to you on the 3rd sep and have susequently terminated the agreement

we now request that you return the vehicle financed or otherwise pay the settlement figure in order to purchase the vehicle.

i have enclosed standard voluntary surrender documents in the event that you agree to hand back the vehicle as well as a standard settlement quotation should you wish to purchase the goods

if you wish to discuss the matter please write for my attention

ive also since spoken to a judge im friends with and he has told me to pay the arreas and 1 months payment to put it in front as they need a court order and with only oweing 389 it will be laughed out of court

i now just dont know what to do as if thats right then all well and good but if its not thats 550 i could have had towards a new car

Buzby

There is a very good chance that if you immediately pay what the arrears as, plus a month in advance they will accept this and recind the termination (as they will continue to profit from your agreement). If you continue to pay one month in advance, you will have a 4 week safety-net of this happening again, hopefully preventing the situation arising again.

The tone of their letters appear friendly enough, and assuming you can get the funds together to do this, your problem should disappear, as a voluntary termination is invariably at greater cost, and can often lead to money still being owed after the car is sold (as so many third parties take their cut in the process - collection, storage, auction andy any shortfall on the agreed amount).

Garage_Flower

Buzby wrote: »

The tone of their letters appear friendly enough, and assuming you can get the funds together to do this, your problem should disappear, as a voluntary termination is invariably at greater cost, and can often lead to money still being owed after the car is sold (as so many third parties take their cut in the process - collection, storage, auction andy any shortfall on the agreed amount).

They aren't asking for vountary termination though they are asking for voluntary surrender of the vehicle which is a different procedure. With VT you are right there could still be money owed on the account that will never be paid, with a VS if the sale of the car at auction doesn't cover the balance + costs on the account the account holder is still liable for the remaining balance.

If you can afford it, as already suggested, offer to pay the full arrears and a months payment. As the agreement has been terminated they are within their rights to decline this though. Talk with them and see if there is another way to resolve this.

gizzy00

hi thank you for all your replys
im quite new to this but you have all been very help full :beer:


i tried to phone them and disscuss any other options with them but they wouldnt have none of it.:mad:
ive now written them a letter as the person who sent the letter has written if you wish to disscuss this please write for my attention explaining that i have doubles my income,offering £550 to pay areas and put me more than infront and that i will have a direct debit set up with them, also telling them that i dont intend on surrendering the car with out a court order

so i guess its just wait with fingers crossed :cool::(:beer::beer:

Garage_Flower

All the best pal. Keep us updated

gizzy00

thanks i will fingers crossed

pinkladyof66

yes good luck at least you are offering to put it right i do wish you well

pvt

Gizzy,

You've never indicated what the car is worth?

miketaff1408

pvt wrote: »

Gizzy,

You've never indicated what the car is worth?

Yes, Gizzy did.

the car is worth just over what i owe