Pay full Arreas or Repossess my Car

kittiej

The OP does not need the Government to assist them nor do they want to be handing the car back voluntarily and buying an old banger.

There are things the OP can do to help themselves which are backed by consumer laws - what they do need is pointing in the right direction which assuming from some posts it appears that some people do not know what is the right direction.

lynz68

I think if you actually read the whole thread you will see they have clearly stated they cannot afford to pay outstanding arrears at least in one go which is what the company is looking for.

They also stated they thought the government should provide some short term assistance.

Even if they manage to sort this out now how secure is there new job is there a probationary period for instance? Could they find themselves unemployed again in a few months and be in exactly the same situation?

cduuffo13

kittiej wrote: »

OK so you took the hp out over 5 years but have only made 4 monthly payments?

Can you clear the arrears as they stand? if you bring your account up to date then they can't take the car back as well.

do you park your car on the road or private land? They will need a court order to repossess from private land. Many people had this problem with welcome who used to spout and try all kinds of rubbish.

See what NDL says;

"Also, even if you have not paid more than a third of the total amount payable under the agreement, the creditor will need an order from the court, or your consent, to remove the goods from ‘any premises’ they are on"

‘Any premises’ is not defined but includes your garage or drive. If your car is parked on the road (and you have not paid a third) then it is at risk of being ‘snatched back’. The law is not clear about the recovery of a car from a car park.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt

Have you been sent any notices or letters about the arrears?

I park the car on the main road, I don't have private drive or a garage. As it stands £1600 arrears I only have £100 and but get £230 a week so I am willing to pay £200 / save £200 a week to clear arrears asap. (they declined this offer)

The car was bought in October I think so out of 7 months God knows how I am in arrears of £1600 after paying £250 x 3 + £200 x 1.

I have asked for statement which is due to get posted.

cduuffo13

lynz68 wrote: »

I think if you actually read the whole thread you will see they have clearly stated they cannot afford to pay outstanding arrears at least in one go which is what the company is looking for.

They also stated they thought the government should provide some short term assistance.

Even if they manage to sort this out now how secure is there new job is there a probationary period for instance? Could they find themselves unemployed again in a few months and be in exactly the same situation?

I heard on the news The goverment are looking into some kind of law for people who are made redundant in contracts such as gym memberships because they are not able to afford it after loosing their job.

The government didn't force them to take the contract out,

I am 25 in july, JSA would be enough to keep up with the payments until I find a new job if it came to loosing my job.

lynz68

Unfortunately they will have added fees for the missed payments possibly at an extortionate rate but as you have bought a £10k car at £250 over 60mths that works out at £15k it's not a surprise the fees are hefty.

matttye

I can't believe you had £800 free every month and you have no savings! Think about how much money you could have had for an emergency like this if you'd saved.

I'm 25 at the end of the month, but I was driving a red Peugeot 106 banger with over 100k miles on the clock for nearly the first two years of driving, then I bought a Ford KA for £1,500 last July with 40k miles on the clock and I've had no problems whatsoever with it. It's a little bit rusty in parts and it's a small, slow car, but it moves and it's mine.

I'd still be driving the Peugeot if the clutch hadn't gone. I decided enough was enough and didn't want to spend any more money on such an old car.

Is it worth the financial insecurity of buying on finance just so you can have a flashy new car?

I second what others have been saying. Get rid and buy a cheap used car. Even if you dodge the bullet this time, what if you lose your job again in the future and find yourself in the same position again? It's not worth it.

cduuffo13

matttye wrote: »

I can't believe you had £800 free every month and you have no savings! Think about how much money you could have had for an emergency like this if you'd saved.

I'm 25 at the end of the month, but I was driving a red Peugeot 106 banger with over 100k miles on the clock for nearly the first two years of driving, then I bought a Ford KA for £1,500 last July with 40k miles on the clock and I've had no problems whatsoever with it. It's a little bit rusty in parts and it's a small, slow car, but it moves and it's mine.

I'd still be driving the Peugeot if the clutch hadn't gone. I decided enough was enough and didn't want to spend any more money on such an old car.

Is it worth the financial insecurity of buying on finance just so you can have a flashy new car?

I second what others have been saying. Get rid and buy a cheap used car. Even if you dodge the bullet this time, what if you lose your job again in the future and find yourself in the same position again? It's not worth it.

I know it was a bad idea, but I didn't mind paying 250 a month when I was earning £1150 a month at home living with parents with hardly any bills. I am not good with money at all, and I gamble to much.

This was why I got finance, im good with bills, I wont gamble any money that's for a bill So I thought it was the only way of me getting a car, as my bills always get paid before I spend / waste my money.

I'm going to change this now and start saving I cant stand having no money in the bank.

lynz68

I think you are being totally unrealistic particularly saying JSA should cover your payments after July if you lost your job because you will be 25 and get increased payments.

I understand you live at home but nobody knows what the next 5 yrs hold what if you want to move out of home? God forbid but what if something happened to your parents? Are you seriously prepared to put your life on hold for a car? You are a young man and should be out living your life not worrying about £250 car payments.

matttye

cduuffo13 wrote: »

I know it was a bad idea, but I didn't mind paying 250 a month when I was earning £1150 a month at home living with parents with hardly any bills. I am not good with money at all, and I gamble to much.

This was why I got finance, im good with bills, I wont gamble any money that's for a bill So I thought it was the only way of me getting a car, as my bills always get paid before I spend / waste my money.

I'm going to change this now and start saving I cant stand having no money in the bank.

Understandable but it's such a long commitment to make for the sake of a car.

Get rid!

cduuffo13

matttye wrote: »

Understandable but it's such a long commitment to make for the sake of a car.

Get rid!

don't forget I can get rid but still have pay of the finance... which may be a reduced payment from £250.. I have no idea