How did this happen? (Car loan)

Magpye

Back in 2008 we got in a bit of difficulty - I moved to new job and wasn't taken on after the trial period. My husband missed a couple of car loan repayments and we then went onto an agreement with the company, Northridge, where he pays £50 weekly to them on DD.

We're coming to the end of the payment schedule now, and were actually discussing phoning them so we have a more concrete end date to plan our finances around. We have never missed a weekly payment since the DD was put in place, several and it's been years since that was implemented.

However, we've just received a schedule of inhibition from local sheriff officers Walker Love (notoriously nasty to deal with) completely out of the blue stating that we cannot sell any land or heritable property? And stating Northbridge, not Northridge, as a reference, although the address is that of Northridge's office. It also says in the documents that we may be banned from ever dealing with any land or property in Scotland, which means we could never sell our house or move.

I'm completely at a loss as to why we have been served this schedule, my husband has checked and payments are coming out like clockwork and have never been refused or anything like that. I suffer from anxiety attacks and was in medical care late last year for it, and this is causing me serious distress. I just want the whole thing to go away permanently.

Has anyone any experience of dealing with this sort of thing?

dshart

I havent had any experience in this sort of matter but a quick search came up with this link

http://scotland.shelter.org.uk/get_advice/advice_topics/paying_for_a_home/mortgage_arrears/inhibitions

It looks like your creditor is putting a charge on your property to ensure they get paid.

Apples2

Even when you reach an amicable agreement to reduce payments it doesn't mean your credit file is not being affected.

It can happen that an Arrangement to Pay has been agreed but the Interest is not frozen.
A worse case (but all too common) is that the reduced payments are less than the interest being applied so your debt increases every month.

You need to understand how much you owe so get in touch as soon as possible. It concerns me that you think you are coming to the end but they are going for your house. It suggests a significant amount left to pay.

Magpye

TY for replies.

Husband managed to get in touch with company after finding a quiet spot in between shifts and has confirmed that we have no charges added and that our balance is a mere £900 - our loan will be fully paid off in 18 weeks :T

Apparently the inhibition against us was a renewed one as they run out after 5 years but we didn't receive any paperwork for the one which was supposed to have been issued in 2008 (think I would have remembered it), the sheriff's officers were NOT supposed to come to the door or issue a letter as it was not necessary - as I say we have never missed a payment. They were very apologetic on the phone and have promised us that the inhibition will be cancelled upon clearing the debt and that the loan company will pay the fees for doing so. :j

I would still have preferred that they hadn't issued it in the first place but better than nowt and I don't feel so shaky now - was genuinely worried that the money we were paying had been going missing.

longtermplanner

18 weeks - countdown starts now!