Car reposession and private registrations

Blackthirteen

Hello and this is my first post so I hope someone can help me.

Due to financial difficulties we took a loan of £600 on our car valued at £1200 last August. We are paying £22 a week for the loan. Our circumstances have changed since then and we are no longer working and on benefits. We can no longer afford the £22 a week, the £112 a month insurance or any other associated running costs of the car.

We spoke to the loan company (loans2go) and they gave us 4 weeks without paying. They can't extend the period any longer and we've missed last weeks payment. We called them today and got a repayment balance of £900. Obviously we can't afford this so we want to have the car voluntarily repossessed.

My concerns/questions are

1. Will they continue to try and take card payments on any balanced owed once the car is in their possession?
2. We have a private plate (which we have tried unsuccessfully to sell) valued at £500. Can we get them to consider this on top of the cars valuation or they will be getting that for nothing?

If anyone can help it would be greatly appreciated.

B13

gb12345

Blackthirteen wrote: »

2. We have a private plate (which we have tried unsuccessfully to sell) valued at £500.

Who valued it at £500?

The fact that you have not been able to sell it for that amount would indicate that it may well not be worth that, so why would the finance company consider giving you £500 for it?

Blackthirteen

good point there. But surely we shouldn't have to give it them for nothing?

Edit - it was one of those online reg valuation things, I've got the plate on ebay for £380 and no interest so far.

molerat

If the plate is that valuable to you get it on retention

gb12345

Blackthirteen wrote: »

good point there. But surely we shouldn't have to give it them for nothing?

No, you shouldn't have to give it to them for nothing, if it really does have a value. Have you asked them whether they would consider taking the plate into consideration for valuing the car?

If they won't then, as molerat says, you don't have to give it to them - get the private plate put on retention and put a normal plate on the car.

Also, another thing I just noticed - who valued the car at £1200? The finance company will put it to auction after taking it, so you are likely to get less than it has been valued at (assuming you just valued it based on a guide price).

molerat

Looking at the plates on private sale on ebay at that price you need some imagination to make any of them mean something !

Blackthirteen

Every penny counts in a situation like this. the plate isn't sentimental its N90 JMP so not the best private plate in the world but its worth a shot at getting something for it either selling it privately or from the loan company I think.

gb12345

Blackthirteen wrote: »

Every penny counts in a situation like this. the plate isn't sentimental its X## XXX so not the best private plate in the world but its worth a shot at getting something for it either selling it privately or from the loan company I think.

You might want to remove the plate details from your post to avoid identifying yourself.

Unfortunately, the plate isn't really going to be of real value to anyone unless they are vain and their initials match the last 3 letters, so I would be surprised if the loan company were interested in paying you for it.

Apples2

Blackthirteen wrote: »

My concerns/questions are

1. Will they continue to try and take card payments on any balanced owed once the car is in their possession?

Of that you can be absolutely assured.

Blackthirteen wrote: »

2. We have a private plate (which we have tried unsuccessfully to sell) valued at £500.

The plate is worth what someone will buy it for, no more than that. Keep dropping the price or retain it.

Hindsight now but you should have sold the car for £1,200 in August but we are where we are.
They have given you a 4 week payment holiday...Do you know what charges are being applied during this 4 week period?
I wouldn't be at all surprised if your settlement figure now exceeds the £1,200 you consider the car is worth.

If they take the car they will sell it for a pittance, nowhere near the £1,200 and chase you for the remainder. Not a good position to be in sadly.

chanz4

put the plate on rention £80 via dvla

miketaff1408

chanz4 wrote: »

put the plate on rention £80 via dvla

If they can't afford the repayments for the loan @ £22 per week, then they surely can't afford £80 to keep hold of a possibly worthless private numberplate.