Hire Purchase Loan gone wrong

mdoy79

Sorry if this is in the wrong thread.. its kind of a loan I suppose

I should add I am a bit embarrased about this, I made every wrong decision and buried my head in the sand. Bought a car from dealers, got a 6.5k loan and paid every month until lost my Job and disaster hit.. didn't know what to do so did the worst possible thing and ignored it, hoping when I got work I could pay the arrears. The loan company were swift in tearing up my agreement and taking the car from me. In the end I voluntarily gave it up, a small company picked it up and told me it would be auctioned and the cost would be deducted from the total.. in a way I though, might not be a bad thing, worst case scenario I have a small sum to pay to clear the balance. I owed about 5,5k at this point. for a while I heard nothing.. nothing from either company then suddenly a demand from Santander consumer finance saying they had sold the car and a sum of £530 had been deducted. I was gutted.. 5k left to pay and nothing to show for it.. how could they justify that? So my question is, have I been played for a fool? Is there anyway I can dispute the cost or will I just have to pay the lot.. could there be any negotiation?

The thing that has annoyed me is the silence from Santander in all this. I had to chase them continually to ask what was happening all to get call centre agents who didn't seem to have a clue. another Month went past with no communication but the debt is still sitting on my credit file. I pressed them to find out what was happening and they informed me the debt had been passed to there lawyers who to this date have never contacted me.. I have not received a single letter. It just seems like due process hasn't been followed here perhaps and at this stage I just want to contact whoever the hell owns the debt and make an arrangement to get it paid.

gik

You ignored it...yet you chased it?

mdoy79

Yes, when I found employment and had an income I wanted to try and get my account up to date

PasturesNew

There will have been lots of fines and other costs once you stopped paying. A fine for defaulting (each time), probably a big admin fee for each letter/threatening letter they sent. Court fees in order to come and take it away. The little man to come and take it from you will have cost a lot; getting it to the auction rooms would have cost a lot; the auction fees would have cost a lot.

And maybe it sold for just £2k.

Gaz83

mdoy79 wrote: »

It just seems like due process hasn't been followed here

That's probably what the HP company thought.

TBagpuss

Have you written to them? Often you find you get a response to a paper-and-ink letter where you don't with telephone calls.

As Pastures New says, it is probable that there were various fees deducted - you will have been charged for admin, for the cost of the car being towed away, etc, plus interest. However, you can ask for a statement setting our details of what has been charged and on what basis.

fermi

footballmanager88 wrote: »

This is the closest thread I could find to my issue. I hoping someone can help.

Moved to a new thread. --> https://forums.moneysavingexpert.com/discussion/5159471