URGENT, car finance Repo

dingy1234

I would be grateful for advice with a big problem I am currently having.
I will try and keep things simple and straight to the point so will arrange it all below.
1. I took out car finance on a vehicle in feb 2016 for the sum of around 34k.
2. Payments have been paid monthly of @560 to vw finance.
3. I am in a job which does not allow much time at home in uk and as I work offshore do not have any method of communication via phone mail etc and by the time I return home in September will have only spent 7 days or so in the uk.
4. Until recently my job was stable and over the last few months my salary was fluctuating wildly and although It was differing on a monthly basis the payment for the car was always made even if it was a couple of weeks late. As I was offshore I was not aware that this was causing a problem as all I knew was the money was being paid from my account.
5. Earlier this month i received a phone call from my mother who had opened my mail to tell me my car was going to be repossessed if the latest payment wasn't made within 10 days. This was obviously a shock and it was paid as soon as i found out which was the 8th day.
6. I then had my fianc! contact vw finance on my behalf to sort out the issue to be told that nothing could be done and they were issueing a default notice against me and wanted 34k outstanding payment paid within 7 days to avoid repossession.
7. My fianace has power of attorney over my affairs so can deal with any problems that may arise.
8. 2 months ago i changed employers to a company that can offer a lot more stable work over a long period of time and a much improved salary, as the previous company was causing difficulty. Having said this my salary date every month fluctuates by a couple of days due to currency exchange etc, but will still afford 15k into my bank monthly.
9. As 34k was out of the question i offered to pay 17k upfront now and 3 monthly payment to clear the outstanding 17k this was refused.
10. obtaining finance for a car already on finance is very difficult and especially now vw have lodged a default against me.
11. i do not want to surrender the car as it is well within budget for me to keep it and continue to pay on a monthly basis or buy outright as per my offer.
12. I am finding vw finance a nightmare to deal with and are just not sympathetic in any way at all.
13. As i only have until Monday to settle it i am now grasping at straws for advice. i have currently got my fianc! to forward me court forms requesting more time, but am unsure whether this will help.

Arleen

The car is gone unless you can find the 34k before Monday, sorry, there is nothing else to do. Out of curiosity, as you apparently have 17k laying around, why didn't you make the payments on time from that fund, rather than waiting for unstable salary?

But that's just something for the future, as there is no complaint to lodge here or appeal to make other the ones you've made. They don't have to be sympathetic and trust me that it's not in their best interest to repossess a year+ old car that had a very high sticker price, for them to do that they must have deemed the account as hopeless.

dingy1234

The account has always been paid every month but as I am paid in foreign currency it sometimes takes a while to exchange before it appears in my bank. The 17k I have is in a savings account and as I was not aware there was an issue I didn't see the need to pay out of this money. There reasoning is that they could never get hold of me to tell me there was an issue, even though my fianc! has power of attorney they wouldn't speak to her when she tried to explain payment may be a few days late. The account is not in arrears nor has it ever been, yes payment may have been a few days late but never to excess.

BrassicWoman

dingy1234 wrote: »

. The account is not in arrears nor has it ever been, yes payment may have been a few days late but never to excess.

Late payments = arrears. You've proven unreliable, and you have a depreciating asset - I'd be repossessing too I am afraid, sell quick for as small as shortfall as possible....

Blackbeard_of_Perranporth

dingy1234 wrote: »

I would be grateful for advice with a big problem I am currently having.
I will try and keep things simple and straight to the point so will arrange it all below.
1. I took out car finance on a vehicle in feb 2016 for the sum of around 34k.
2. Payments have been paid monthly of @560 to vw finance.
3. I am in a job which does not allow much time at home in uk and as I work offshore do not have any method of communication via phone mail etc and by the time I return home in September will have only spent 7 days or so in the uk.
4. Until recently my job was stable and over the last few months my salary was fluctuating wildly and although It was differing on a monthly basis the payment for the car was always made even if it was a couple of weeks late. As I was offshore I was not aware that this was causing a problem as all I knew was the money was being paid from my account.
5. Earlier this month i received a phone call from my mother who had opened my mail to tell me my car was going to be repossessed if the latest payment wasn't made within 10 days. This was obviously a shock and it was paid as soon as i found out which was the 8th day.
6. I then had my fianc! contact vw finance on my behalf to sort out the issue to be told that nothing could be done and they were issueing a default notice against me and wanted 34k outstanding payment paid within 7 days to avoid repossession.
7. My fianace has power of attorney over my affairs so can deal with any problems that may arise.
8. 2 months ago i changed employers to a company that can offer a lot more stable work over a long period of time and a much improved salary, as the previous company was causing difficulty. Having said this my salary date every month fluctuates by a couple of days due to currency exchange etc, but will still afford 15k into my bank monthly.
9. As 34k was out of the question i offered to pay 17k upfront now and 3 monthly payment to clear the outstanding 17k this was refused.
10. obtaining finance for a car already on finance is very difficult and especially now vw have lodged a default against me.
11. i do not want to surrender the car as it is well within budget for me to keep it and continue to pay on a monthly basis or buy outright as per my offer.
12. I am finding vw finance a nightmare to deal with and are just not sympathetic in any way at all.
13. As i only have until Monday to settle it i am now grasping at straws for advice. i have currently got my fianc! to forward me court forms requesting more time, but am unsure whether this will help.

dingy1234 wrote: »

The account has always been paid every month but as I am paid in foreign currency it sometimes takes a while to exchange before it appears in my bank. The 17k I have is in a savings account and as I was not aware there was an issue I didn't see the need to pay out of this money. There reasoning is that they could never get hold of me to tell me there was an issue, even though my fianc! has power of attorney they wouldn't speak to her when she tried to explain payment may be a few days late. The account is not in arrears nor has it ever been, yes payment may have been a few days late but never to excess.

So you pay £15,000 into your account every month? Yet cannot afford a car payment of £560. As the finance company are wanting their car back, I would suggest that better money management course would be beneficial. Finance companies do not just turn up to want their goods back.

By the way, how do you blow £15,000 a month?

Pixie5740

Blackbeard_of_Perranporth wrote: »

By the way, how do you blow £15,000 a month?

It's not as difficult as you'd think. When I started contracting in the oil & gas sector 6 years ago two older contractors gave me some advice. The first said, "Pixie it won't always be like this so put something away for a rainy day." The second said, "don't listen to him, blow your money on drugs and hookers." There are plenty of oil & gas contractors struggling during the current downturn despite years of rockstar wages which could have built up a nice safety net.

I know what it's like to have your pay date fluctuate by a few days or even weeks so I keep a float in my current account which was enough to cover all my bills for a month or two.

As for not having any form of communication can you not get online? I understand not being able to receive post offshore but usually there are phones and internet.

Have you paid off more than a third of the car finance? Do you know if VM Finance have a court order allowing them to repossess the car?

Blackbeard_of_Perranporth

Ah. If its oil and gas. Middle East. Them Ruskie hookers do like the dollar. Just like the hotel on the docks when I was a kid!

Fool



























Money

AndyPix

Jesus - I realise this is no help now -
But on that crazy salary, why didnt you just save up for 3 months and buy the thing outright ??!!

vacheron

AndyPix wrote: »

Jesus - I realise this is no help now -
But on that crazy salary, why didnt you just save up for 3 months and buy the thing outright ??!!

Also why did you buy a 34K car on finance when you are in the UK so little?

The thought of a £34K depreciating liability sitting on a driveway while you pay interest on money borrowed to buy it despite a five figure monthly salary... it gives me shivers just thinking about it!

robber2

Sorry but the fault and responsibility for this problem lies entirely with you. I work offshore and have made arrangements to either get online access to accounts or for family to deal with my affairs. I also keep a decent float in my current account to avoid exactly the sort of mess you have allowed yourself to get into.

Its going to be an expensive lesson for you in think.

Herzlos

With that kind of money you should be able to get an unsecured loan for the remaining £17k, pay off the car, and then work on keeping a slush fund of at least 2 months bills in GBP to avoid things like that in future.

Or let them reposess the car, pay off the arrears and buy something else with cash later.

Though even if your salary turns up within a few days variance, make sure everything comes out 2 weeks after the latest it can do.