Missed payments - Santander

bella2201

Hello, for various reason I have missed a couple of paymets to Santander for my car finance - Im in my final year of paying it off.

I have just found a letter saying i had to have caught up by 28/11 or they will take action - Its passed that date!!

Can they come and take my car??

I am happy to pay it off over a couple months, but Im panicing now that big men they will turn up!!

Help!

Tixy

Very unlikely they could take your car without a court order if you are in the final year of the agreement. (Your T&Cs should detail as it is dependant on how much of the capital you have repaid).

The action may be that they would issue a default notice or charge a late fee. Contact them and arrange to repay the arrears as soon as you can.

Apples2

You don't mention the term of the agreement but if you are in your final year, it's reasonable to assume the car is now "more yours than theirs".

This means they can repossess the car, but only having obtained a Court order to do so. This takes time so they will make lots of threats beforehand.

You should not ignore it though, your credit file will be filling up with negative markers and the car is there for the taking, if they decide to apply to the Courts.

Apples2

Bah! always Tixy.

Clive_Woody

Apples2 wrote: »

Bah! always Tixy.

Type faster....

DCFC79

Apples2 wrote: »

Bah! always Tixy.

Nice try but not fast enough.

MSE_Eesha

The best thing to do is to contact Santander and come to some sort of arrangement with them.
The worst thing you can do is to ignore the letter and continue to miss your payments as this will effect your credit rating.

If you feel that you need a couple months breather talk to Santander and they may be able to arrange a payment plan that suits you. They could refinance your loan so you pay less every month for a longer period of time, but you will need to contact them.

Hope that helps you and you get back on track.

MSE Eesha