URGENT: Car Finance / want to avoid Repossession

Lamplighter

For closure on this - and a further question.


I was unable to get TLT or BPF to write to me to confirm they wouldn't seek repossession if I repaid the arrears, therefore I didn't pay them a penny until the case went to court in May (with 8 months arrears). I stockpiled the amount each month in a savings account, explained my reasoning in court and offered an immediate arrears repayment, and BPF's solicitor told the Judge their client was agreeable. When I asked the solicitor why they couldn't have agreed this in January, the reply was that they wanted the suspended order in their hands.


I note on my credit file that the account continues to show in default, even though the payments are up to date. My HP expires in August 2019, at which time I'll pay the balloon against the car value. The account balance is around £11k, and the default amount around £17k. Is there anything I can do about this, or will the default account stay on my account as unsatisfied until Aug 19? My biggest concern is the potential impact this might have on a future car lease next autumn (unless, perversely, I can agree something with BPF!).


Thanks

Herzlos

I'm not sure I follow - you're talking about paying the balloon payment to buy the car from them, and then starting another lease? Are you hoping to pay the balloon and then sell the car for a profit?

Edi81

You’re going to struggle to get Finance with that history on your credit file.

sourcrates

Lamplighter wrote: »

For closure on this - and a further question.


I was unable to get TLT or BPF to write to me to confirm they wouldn't seek repossession if I repaid the arrears, therefore I didn't pay them a penny until the case went to court in May (with 8 months arrears). I stockpiled the amount each month in a savings account, explained my reasoning in court and offered an immediate arrears repayment, and BPF's solicitor told the Judge their client was agreeable. When I asked the solicitor why they couldn't have agreed this in January, the reply was that they wanted the suspended order in their hands.


I note on my credit file that the account continues to show in default, even though the payments are up to date. My HP expires in August 2019, at which time I'll pay the balloon against the car value. The account balance is around £11k, and the default amount around £17k. Is there anything I can do about this, or will the default account stay on my account as unsatisfied until Aug 19? My biggest concern is the potential impact this might have on a future car lease next autumn (unless, perversely, I can agree something with BPF!).


Thanks

The account, once defaulted, stays that way for 6 years, when it is repaid, the default will reflect that.

As to future car lease, you may want to reconsider that option, its not really worked out well for you in the past has it, there are plenty of motors around the 4-6k mark that are perfectly adequate, and could be bought by saving up for a while, instead of further borrowing, which clearly you have difficulty affording.