Loans2Go - Car Repossession

Roisin1992

I've got behind with my repayments to Loans2Go on a loan secured on my car. They have said that I must pay them £335 by the end of today or my car is up for repossession. I am making some smaller payments to them and have asked them to give me until the end of the month to clear the rest, but they have said no and said my car will go for repossession.

I want to continue to try and make the payments and get my account up to date. My question is if I lock my car away in a friends garage am I breaking the law and what can they do about it ? If they are unable to take the car and I get my account up to date can I get the repossession cancelled ?

Thank you for your help.

TadleyBaggie

You clearly can't afford it. Letting them take it might be the best all round.

SeanG79

They have a bill of sale, which basically means they legally own your car.

If you have breached the contract (not paid on time), they are probably within their rights to report the vehicle as stolen with the police.

Roisin1992

I understand what you are saying, I really don't want them to take my car and want to get the account up to date.

I have been searching on the internet and have read that the police class this as a civil case not ? is that not right ?

I'm not ignoring them, I am speaking to them and making payments

SeanG79

If they are not prepared to accept your payment terms and you are currently in arrears, I am not sure what else you can do.

Do you have any family who can help you with the £335?

You don't mention how many payments you have missed, have they issued a default notice?

Roisin1992

I am 2 payments in arrears & yes they have issued a default. They text me last Thursday to say they could help & yet are not ?

SeanG79

When was the default notice issued, because you should be given 14 days from that date to bring the account back up to date

Roisin1992

It was probably about 2 weeks ago ?

SeanG79

once the 2 weeks pass, if the agreement is not brought up to date, the lender can terminate the agreement, demanding settlement in full or to repossess the car and chase you for any shortfall...

Hiding the vehicle doesn't mean they will stop looking for it and given that you require another month to bring the account up to date, they may only agree on a full settlement...it may be in your interests to return the vehicle to them, before they start the recovery process. In their info sheet, they state the following:

Until we have terminated the loan agreement you may return the vehicle to us in full
settlement of the debt to us, provided that instructions have not already been issued to
an authorised person to recover the vehicle and you act in good faith and the vehicle has
not been maliciously damaged.

Roisin1992

I'm waiting for a payment to go into my bank today so that I can call them & make another payment of £125 I will have paid roughly half the amount they have asked for then & hope they will see I am making every effort to get my account back up to date & hold off. I will do everything I can not to have my car taken it belonged to my Father.

SeanG79

Good Luck.