Hire Purchase -ADVICE REQUIRED

stevenhp1987

Emispring18 wrote: »

I’d like the option of being able to reduce my payments again for a few months. These are exceptional circumstances, however, if they had to do that for me they’d have to do it for everyone, and the unscrupulous loafers of society would take advantage of this and abuse it.

But im wondering where I stand legally.

You stand in a situation where you either hand the car back, or continue making payments.

If you cannot continue making payments, then you should consider handing the car back.

The finance company doesn't have to agree to an extension, it seems as if they are no longer doing so.

That is all your rights. You cannot keep the car without paying for it as agreed.

System

In fairness I own more of the car than they do? That has to stand for something? No?

Gaz83

Emispring18 wrote: »

In fairness I own more of the car than they do? That has to stand for something? No?

Er, no you don't. That's not how HP works.

stevenhp1987

Emispring18 wrote: »

The finance company are advising I hand it back and I’ll still be liable for the remaining debt. Not that I hand it back and case closed.
The car has a book price of about £1800 now, so no joy there.

Have you defaulted on the agreement (has a default issue been issued?).

You *may* be able to voluntary terminate if that is the case, where if you have paid > 50% then you owe nothing further.

Speak to the finance company about your voluntary termination rights and check your finance agreement.

Gaz83

stevenhp1987 wrote: »

Speak to the finance company about your voluntary termination rights and check your finance agreement.

It sounds like she already has, but wants what's behind Magic Door Number 3.

stevenhp1987

Gaz83 wrote: »

It sounds like she already has, but wants what's behind Magic Door Number 3.

Having worked for a car finance company in the past, agents are not always (read: never) forthcoming with VT rights, unless the customer asks for it!

Agents will generally favour regular termination where you are liable for the full balance unless you specifically ask for VT.

Dettol

Emispring18 wrote: »

I’d like the option of being able to reduce my payments again for a few months. These are exceptional circumstances, however, if they had to do that for me they’d have to do it for everyone, and the unscrupulous loafers of society would take advantage of this and abuse it.

But im wondering where I stand legally.

No sorry your situation is not exceptional..millions of people have at some point less money than they need to cover there debts.

You have already used the "exceptional circumstances card" already when you had a previous breathing space.

Its pretty simple..either find work..give the car back or have it repossessed.

System

Thank you stevenhp, is not heard of this. I’ll research now, the finance company have not been forthcoming with this information so this kind of information is very helpful. Thank you

BoGoF

So do you want them to get the court order to reposess adding more costs to you?

msallen

Emispring18 wrote: »

It’s exceptional to me! And my payment history.
AGAIN- you have no idea what people are going through- skip your judgement and just give useful advice.

I was recommended to use this board for advice and you’re all a bunch of judgemental !!!!!!.

Judgemental !!!!!! who were giving you free advice.

It never ceases to surprise me just how quickly new posters who get told the truth rather than what they want to hear resort to the insults and insinuations about whether people work for banks/credit cards/insurers or whatever sort of organisation the poster has broken their side of the agreement with.