Pay full Arreas or Repossess my Car

Mara_uk7

Off Topic folks, He has taken out the finance, rightly or wrongly, and is asking for help & advice, not judgement.

lynz68

If it could happen to woolworths it could happen to anybody length of time in business means very little today unfortunately.

A quick look on google shows owners trying to sell it from mid October unfortunately just bad timing for you.

matttye

Mara_uk7 wrote: »

Off Topic folks, He has taken out the finance, rightly or wrongly, and is asking for help & advice, not judgement.

What comes across as judgement is actually sometimes someone's way of trying to help.

cduuffo13

kittiej wrote: »

Op are you able to make payments online? Or send a cheque?

This was my first initiative to make a payment through automated lines, but found out that it was unavailable when I was on the phone I enquired about what payments were accepted and she stated only direct debit. I will call again and check if I can make payment through another method inc cheque

CHR15

ampafc wrote: »

The first thing you thought to do after reading this was bring up an old thread, just to say "I told you so". From reading some of your posts, it appears as though the only way you can make yourself feel better about your life, is by making others feel worse about their life.

Really, really sad.

It wasn't just the one reply, there were several to the OP warning him not to go down this route of Finance, all of which was completely ignored.

Where's your advice by the way or are you a simple self proclaimed moral crusader out to defend those you feel cannot defend themselves? (well done you!!)

The OP has taken the words remarkably well without going into a strop as you have done.

This car is unaffordable to the OP, it was then even whilst working and it is now.
There are options but none of them good ones.

The OP's priority appears to be to maintain transport so he can go to work, nothing wrong with that.
Get a runabout and get shot of this car, so soon into the agreement isn't going to see such a massive loss, but it will be a loss all the same.
The whole point of secured loans of this type is that they can repossess the item if the payments stop.

I doubt very much the OP would have been accepted for a £10k loan at the time of looking for a new car.

eschaton

cduuffo13 wrote: »

comet went into administration on 2 November 2012 I bought the car in October, I was oblivious to comet entering administration otherwise I obviously wouldn't have applied for the car finance.

comet founded 1933 and still open in 2012, surely something was going right for it to be open that long, who would have guessed it would go bust?

Founded in 1933 and in serious trouble for quite some time before shutting the doors. If everything was rosy as far as the staff were aware, next time before borrowing £000's - do a google search on your employers current performance.

Kesa sold the company for £2, 12 months before it went into administration was well as giving £m's in cash as well to the new owner.

eschaton

kittiej wrote: »

In that case then the finance co should have declined the OP for a HP loan because they should have known that Comet were in serious trouble and at risk of going under due to it being common knowledge.

Finance companies can hound the borrower for the cash - I wouldn't think they would be that bothered - do you?

cduuffo13

After speaking to Debtline management.

I have been advised on doing the following.

• Park the vehicle away from home to avoid snatch (apparently this is legal)
• Subject access request of all information they hold against me
• Wright a letter with a breakdown of my availabilty of my allowance and offer a "suitable" amount as £200 is very unsuitable in their eyes.
• I can go down the route of a Time Order
• See why the charges are £1600 when approx £1000 has been missed.
• Maybe wait for them to take me to court for a handover of goods, whist the may be a long process I may have saved up and could pay the finance arreas off.
• Check if they have sent me a letter to say that the contract will be terminated within 14 days because of my missed payment

I think that was about it

brilliant advice from the advisor , would defiantly recommend National Debtline for any advice.

Credit to the poster!

kittiej

Great news OP - hopefully you feel a bit easier now.

National debtline are very good.

moohound

Well done for getting a strategy together.