Pay full Arreas or Repossess my Car

cduuffo13

Long story short,

I lost my job fell behind on payment for my car, I now owe them £1600. I have just started work again and want to clear my arreas.

I Offered £100 now, then £200 a week. to get my account settled as fast as possible.

They have declined it and want the car back, I dont want to be left with giving away the car them selling it for £4000 and me having to pay the remainder of the balance of which would be approx £10000 with nothing to show. full Arreas is £14000.

Seriously? I feel helpless I dont have £1600 just to pay of the balance. how can they expect this? Makes me so angry how companys bully customers I understand I messed up but am trying to make things right.

any ideas on what I can do?

My payment plan would of made me up-to-date in 2 months they want to be up-to-date NOW!!!

Thanks

bengalknights

Let them have car and sell it, then as they have sold it dont pay rest as the item secured on has been taken

Apples2

It's a shame you didn't post on here before taking huge finance, we may have been able to persuade you not to take it......oh, hang on

https://forums.moneysavingexpert.com/discussion/comment/55268487#Comment_55268487

bigadaj

Apples2 wrote: »

It's a shame you didn't post on here before taking huge finance, we may have been able to persuade you not to take it......oh, hang on

https://forums.moneysavingexpert.com/discussion/comment/55268487#Comment_55268487

But that thread didn't say anything about a fourteen grand car!

cduuffo13

It is what it is. Payment of £250 was EASILY affordable at the time, and Comet looked like a solid company that wasn't going to get bust.

I was eager, and have bad credit so this company accepted my for £250 which was fine, (if I kept my job). am working now and Can still afford £250 a month.

I just wish company's like these couldn't bully customers just because the have the money. well I have no idea what I am going to do now . I have just paid my car insurance monthly instalment as well... GUTTED as I might not even have the car.

All I know Is if I loose this car I will loose my job . I Drive to work and taxi's would cost £30 a day their and back laving me earning about £20 per day. so if my car goes so does my job basically.

DCFC79

Apples2 wrote: »

It's a shame you didn't post on here before taking huge finance, we may have been able to persuade you not to take it......oh, hang on

https://forums.moneysavingexpert.com/discussion/comment/55268487#Comment_55268487

All we can do is point them in the right direction, whether they take that route or go another route is up to them.

cduuffo13

DCFC79 wrote: »

All we can do is point them in the right direction, whether they take that route or go another route is up to them.

that's the one I need some ideas would like to know how other people would approach this situation if it was them because I am in a massive Hole at the moment.

DCFC79

So do you have any savings then ?

The thread from last year showed you had a decent amount to save up.

cduuffo13

DCFC79 wrote: »

So do you have any savings then ?

The thread from last year showed you had a decent amount to save up.

Nothing but £130 in my bank from todays wages. but possibly could maybe lend a couple of hundred from family members

ch3101

When you entered the loan agreement you agreed to their terms.
If those terms are that they can reposess the car then they can reposess the car.
They are not bullying you at all, you are the one that took the loan because you wanted to buy a car before you had the money for the car.

Read your credit agreement and speak to them again. From their point of view though, you made a few payments then couldn't make them any more. They'll be looking to reduce their risk by just taking the car back.

ALso, what APR is it on if you owe 14k on a car worth 4k!

[Deleted User]

cduuffo13 wrote: »

Nothing but £130 in my bank from todays wages. but possibly could maybe lend a couple of hundred from family members

Borrow. You don't have any money to lend.