Urgent Help - Car Finance/Legal

ajtaylor09

Hi All,
Im looking for some help and advice from this really helpful forum. Before i g
on i am asking for a friend and i mean that genuinely. :-)



My friend took out Car Finance a while back to get herself a car (2/3rds of this have been paid), this was taken out through Link Financial.


In September of 2016 the DD failed and at the time questioned with
the bank, who were unable to disclose the reasons why. (I assume because it was cancelled at source).

No letters of correspondence followed and it was subsequently ignored my friend rather than picking up on the fact and trying to address it early on.


It's now reached the point that a collection agency has turned up seeking to get the full funds or the vehicle, which is somewhat of a surprise without notice.

Having now done alot of chasing around it appears that letters were sent to an old address and a whatsapp (i know, what company does this right) was sent to ask for contact, when replied too nothing came out of it


This is nowall coming to light now. When calling the company yesterday, she offered them a payment plan and after being passed from pillar to post to solicitors.

The have said the only options avaliable are:
1: Pay in full
2: Give the car back.



They have in essence refused the payment plan as its 'too late' for that now a
CCJ has been issued for the collection of the vehicle.



Can anyone help or share some advice?



Anything that can be done?



We heard murmers that if you had paid 2/3'rds of the car then you couldnt be refused a payment plan as per the conversation with the nationaldebtagency.com



Any help would be much appreciated and well received - Thanks in advance.

mcpitman

OP - please read back the above post and retype into a legible format with clarity around the following points.


Do you mean car loan or car insurance?


Regardless of the source of debt, why hasn't your friend paid anything for a year? If the DD failed, your friend should have rang and made a manual payment and carried on as normal. (i.e. paying the debt).

Caz3121

If she has not paid the monthly finance payments for the last 11 months, does she not still have the money in her account for these or did she think that they would forget she owed the money and spent it on something else?
Ignoring it and not advising the finance company of address change has got her into this position

ajtaylor09

@mcpitman - I've amended the initial point. It's in regards to finance for the car (I.e loan)
I agreed that it should have been chased up and paid when realised but it hasn't been. Naivety although that's no excuse.


@Caz3121 - Again, I agree however the money is not in the account as it's been used up on other bills.

Herzlos

How much is the car worth and how much money are they wanting in settlement?

I'd go with whatever is lower - if the settlement is less than the car (unlikely), then get a new loan and pay off the defaulted loan. If the settlement is more than the car, give them the car back.

There is a risk they'll auction the car and chase for the inevitable shortfall, so it may just be safer to get a loan to pay them off before they add any more interest / fees.