MoneyBarn Car Finance Issues

AndyBo88

Hello all,

Ive heard nothing but good words about the solid advice on here so thought id ask for some advice.

Basically I financed a vehicle for 4 years through MoneyBarn.

The vehicle was £9250, I put £2000 deposit down and the rest was financed by money barn.

After 1 year I got into financial difficulty's and handed the vehicle back.

They sold the vehicle at auction for £5,500 and along with payments and my deposit I paid just over £9000.

Moneybarn are now chasing me for £7000 which is what the complete 4 year agreement would of returned them.

Any advice on this, as surely they cant chase me for another 3 years worth of interest and payments for a car I no longer own?

Much appreciated.

Nearlyold

Can you clarify the figures, how did your payments and deposit come to £9,000? This would mean you paid £7,000 in payments (£583 pm) in the year before you got into difficulty. What was the interest rate and how much were your monthly payments.? Are you including the sale price of the car (£5,500) in the £9,000?

AndyBo88

Sorry I meant once they sold the car for £5500 and the money I paid in the year eand the 2k deposit I put down came to 9k.

It was £261 a month over 48 months.

I put 2k down.

Nearlyold

That's clearer, so you were due to pay £3132 in the first 12 months but only actually paid £1500. Unfortunately you only get a rebate on interest due on early settlement, if you default (which I'm assuming you did) then the finance company is entitled to all the monies you were due to pay under the agreement plus late fees etc. You best hope is to try negotiating and see if they will accept less.