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Car nightmare
Chroma
Posts: 9 Forumite
I financed a car in october 2005, and wound up paying just shy of £200 a month.
This was after i waved off all the optional extras, it was a 4 year payment plan and id never missed a payment.
Well till i wound up unemployed, i ran off £500 on a credit card, £1500 on an overdraft and wound up missing the odd payment or two.
The bank froze my wages (i only earn £480 a month at this point in time, it sux but it keeps the wolf from the door at this point and allows me to get my !!! back to UNI and finish my degree)
I worked out a plan and they agreed to freeze 100 off the overdraft each month, this means that by the end of this month i'll be free from an overdraft.
Once thats out the way i figured id do the same with the credit card meaning that by June id be debt free.
This was fine till Citreon Financial Services got in touch, i paid off a outstanding of £500 from savings and everything seemed to be on track till they tried to take out a double payment instead of the usual £200 a month and it bounced, giving me a couple of bank charges and an unpaid debt, this went un noticed and they finaly got in touch and demended £750 in three days or they would begin "proceedings."
I read the letter and found out i only needed to pay off 1/3rd straight away, so i hoooked them up with my last £300 and agreed that i would pay off £250 till i had my overdraft cleared. then id lump up the payments till i was back in the clear and allow myself to deal with the credit card.
A month later they tried the same !!!! and attempted to bump out a double payment, putting me back into the red, whacking another £80 in charges on that and winding up with a man at the door looking to repo the car.
Now i need to contact this guy and hand over the keys and i want to know if anyone else has dealt with this before?
What happens next?
Is the matter finished (i have a severe doubt about this.)
Will the car be sold off and i'll be forced to pay the difference?
Do i just cave in and file for bankrupcy ( i live in Scotland and know the financial systems differ vastly)
Im only 26 and although its not a lot of debt i really have no funds to pay myself out of it at this point in time.
Anyone offer any advice?
This was after i waved off all the optional extras, it was a 4 year payment plan and id never missed a payment.
Well till i wound up unemployed, i ran off £500 on a credit card, £1500 on an overdraft and wound up missing the odd payment or two.
The bank froze my wages (i only earn £480 a month at this point in time, it sux but it keeps the wolf from the door at this point and allows me to get my !!! back to UNI and finish my degree)
I worked out a plan and they agreed to freeze 100 off the overdraft each month, this means that by the end of this month i'll be free from an overdraft.
Once thats out the way i figured id do the same with the credit card meaning that by June id be debt free.
This was fine till Citreon Financial Services got in touch, i paid off a outstanding of £500 from savings and everything seemed to be on track till they tried to take out a double payment instead of the usual £200 a month and it bounced, giving me a couple of bank charges and an unpaid debt, this went un noticed and they finaly got in touch and demended £750 in three days or they would begin "proceedings."
I read the letter and found out i only needed to pay off 1/3rd straight away, so i hoooked them up with my last £300 and agreed that i would pay off £250 till i had my overdraft cleared. then id lump up the payments till i was back in the clear and allow myself to deal with the credit card.
A month later they tried the same !!!! and attempted to bump out a double payment, putting me back into the red, whacking another £80 in charges on that and winding up with a man at the door looking to repo the car.
Now i need to contact this guy and hand over the keys and i want to know if anyone else has dealt with this before?
What happens next?
Is the matter finished (i have a severe doubt about this.)
Will the car be sold off and i'll be forced to pay the difference?
Do i just cave in and file for bankrupcy ( i live in Scotland and know the financial systems differ vastly)
Im only 26 and although its not a lot of debt i really have no funds to pay myself out of it at this point in time.
Anyone offer any advice?
The machine has rejected ornament and the machine has everywhere established itself.
We are irrevocably committed to a machine age.
We are irrevocably committed to a machine age.
Herbert Read.
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