Paying off ald load!!

jprest

Has anyone any advice on the following:
back in 2000 i had a car on HP which i gave back to the finance company at what i thought was half way in order to have paid the loan off, this was not the case and 3 years later it crept back up and i was in fact 5 payments off the half way point!
At the time i was unable to pay in full what i was told was oustanding, so i paid by installemts and have been doing so ever since!
I would like to know if it is fair that after so long this can be persued and if everytime thay sell the debt on are charges beibg added, so far the companies dont want to tell me anything appart from that they want £1400.00 still, after all this time, someone help me!!!! before i go completely nuts!

jonesMUFCforever

They can pursue you for a minimum of 6 years.
If you have been paying up to now it's 6 years from now, but only if you disappear and they do not contact you again for the next 6 years. Is it worth it?

jprest

ejones999 wrote: »

They can pursue you for a minimum of 6 years.
If you have been paying up to now it's 6 years from now, but only if you disappear and they do not contact you again for the next 6 years. Is it worth it?

After reading others comments on here giving what can only be described as people whom are very opinionated, i felt i wish i hadnt asked i have no other debt appart from this and work earning a very good wage, i own my own home and have my own car, i would not dream of judging others and feel that the ones on here who do preach "holier than thou" need to realise that its not a good thing to judge and i hope that those who do preach find themselves in a situation one day, sometimes it is the responsibility of the idividual for getting into debt, but sometimes it is just what life deals you, im just grateful i dont have debt and that if i was in trouble i know where not to turn for advice!

Emmzi

Your question was 'is it fair'?

That's subjective and people are likely to have differing opinions. Your opinion seems to be 'no'.

Perhaps a more useful question might be 'what can I do?'

- ignore it, stop paying, get a CCJ
- offer a reduceds full and final settlement and see if they'll go for it
- query the charges and see if you can get a reduction
- carry on paying as at present
- get another loan to pay them off

jprest

I am grateful for a sensible response!
I have asked them if i can pay it off in one final settlement, is there any general rule to this if i have £1400.00 outstanding what is classes as a reasonable offer?

Emmzi

They may not accept ANY offer if you are still making payments; however, I'd start at 50% and work up from there to 60,70, no higher than maybe 75%. You'll need the cash to settle it within 14 days usually.

I do not know if you can query the charges as unlawful on HP, possibly someone on the claim back your bank charges thread will know?

jprest

Thanks will contact them and offer the cash, once i have paid this off at the agreed cost! how do i ensure it doesnt creep up on me again?

Emmzi

Get in writing from them that it's F&F, and will be masrked as 'settled' on your credit report, keep copy letter and cheque & record of it being cashed, in case you need to write to credit reference agencies to get your file adjusted.

jonesMUFCforever

Jprest if my opinion bothered you well sorry, but you did ask and I replied with honest advice.
There was nothing opinionated in my reply but fact - they can and will pursue for 6 years from last date of contact.