Pay full Arreas or Repossess my Car

kittiej

eschaton wrote: »

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

There's such a thing called responsible lending so I think very much they should be bothered.

Doesn't matter now really, OP got their impartial and non-judgemental advice, not your forte though eh?

cduuffo13

Thankyou everybody for the support, I know it wasnt the best idea taking out the finance but im a nieve person and was eager for a car and was fed up wasting my money always having nothing to show for it.

So i thought instead of wasting my money 9as I always found my self skint after a couple of weeks from payday, why not have something nice to show? so i bought the car. obviously backfired..

lynz68

At least you have a plan and a way forward. I would suggest you now try saving every week what you had offered to pay them just to see if it is actually possible. As far as I can remember you where offering quite a large part of your wage it will give you an idea if its sustainable.

Regarding parking your car away from your home can they lift it if it is still parked on a public road? I have no idea but maybe something you can look into if you can't park it in a garage or a driveway.

Apples2

cduuffo13 wrote: »

so i bought the car. obviously backfired..

Could be the spark plugs

LisaLou1982

OP, just a thought, but is there a sort code and account no on any of your paperwork for the hire agreement?
Could you make a standing order from your bank account so that it automatically makes payment so that they cant reject it?

At least then you could say that you had evidence of them receiving some payment

neverdespairgirl

cduuffo13 wrote: »

company's sponging every single penny squeezing extra tight even for money you don't have and hitting you when times are hard with charges because you fell behind so any money you get only pays the charges off and your not gaining.

the poor are getting poorer the rich are getting richer

You are doing your best to make out that this situation is entirely everyone else's fault, and not yours.

Perhaps the company could have been "nicer". But in the end, you took out finance to buy a car that was ludicrously expensive in comparison to your wages at the time, and you already had a bad credit rating. You'd specifically been warned against this on this very site.

And then you stopped paying for months on end, when their loan was secured on a depreciating asset.

This isn't all the Big Bad Wolf's fault.

Sometimes you need to take responsibility for your own actions. This is one of those times.

You don't need an expensive car that you can't afford in order to get to work. 18 miles each way is perfectly possible by bike, and you'll get fitter and healthier cycling.

If you can't be arsed cycling, then buy a 50cc moped.

lindsloo

Hide the car away from home, phone then up and tell them a relative has offered to clear the balance and can only pay by bank transfer. Put phone down and pay arrears as much and as often as you can.

patman99

OP, if you have online banking, you should be able to look at your outgoing dd payments and get their account no. & sort code. Just keep transferring cash each week via 'pay a bill online' via your bank's online system & they will find it very hard to be able to convince anyone that they should repossess the car.

Also, one thing I did when I had a car on HP and started to struggle with payments, and that was to refinance. I ended up with a loan from a Bank at a lower %, so kept the loan at the same repayment period. Saved a load & even better, as the HP was paid-off, the car was free from the threat of repossession.

There is nothing stopping you looking at a 10 year loan through a Bank or Building Society. You can always over-pay to reduce the time you have to pay back over (and get back a large amount in interest payments). At least you get to keep your car.