Pay full Arreas or Repossess my Car

moohound

cduuffo13 wrote: »

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

A lightbulb moment perhaps? :T

kittiej

Despite what anyone else might think is the best thing to do, Do Not Hand Back That Car Voluntarily - this will land you in an even bigger mess and with all due respect other posters are not in your shoes - you are.

On Monday give National Debtline a ring and see what they say, pay the car finance whatever you can afford to throw at it in spite of what they say.

If you hand back a car voluntarily before paying a half off then they will sell it for whatever they can get and chase you for the rest thereby cocking your credit-worthiness up for years and it will cause more stress.

Check your HP docs and it should say that once you have paid one half off then you can do a Voluntary Termination and have no more to pay thus leaving you free to get something else should you so wish.

matttye

Have to admit I'm not really that knowledgeable on the subject. Seems atrocious that they could take the car back as well as expect the full balance from you though. :eek:

I don't understand why anyone would sign up to such an agreement!

kittiej

This is just how HP works I'm afraid if they repossess or you hand back the goods before paying enough to get out of the contract.

matttye

kittiej wrote: »

This is just how HP works I'm afraid if they repossess or you hand back the goods before paying enough to get out of the contract.

Surely they can sell the car to pay off the loan? How do they end up with both? That seems ridiculous.

kittiej

If the car sells for less for less than the amount outstanding (which given the outstanding balance will be the case) then the shortfall will expected from OP and could end up being quite a few grand to fork out after fees etc have been added on.

matttye

kittiej wrote: »

If the car sells for less for less than the amount outstanding (which given the outstanding balance will be the case) then the shortfall will expected from OP and could end up being quite a few grand to fork out after fees etc have been added on.

Riiiight got you I thought you were saying they'd get the car back and he'd still have to pay back the ENTIRE loan, which seemed odd

Thanks

Dovah_diva

OP has already defaulted - therefore his credit rating is already screwed.

[Deleted User]

if you can afford 200 a week, then you should be able to get a decent runner for around a 1000 in short space of time

cduuffo13

Thanks all, yeah I will give them a call tomorrow after work I have already emailed them yesterday and explained my situation, Their open till 9pm which is very good for me I work 9 - 5 , and I don't like talking to companies while am in work.


I will make the finance company wait even longer for any payments until I save up for a cheap run around and will offer them a substantially less amount each month.

I have a question, the last thing I heard from the company was a card through the door stating , "you may not have the consent to be able to drive this car from its owner" how does that work for now for example, are the police looking for it?