Hire Purchase -ADVICE REQUIRED

k3lvc

Lolly18 wrote: »

If you’ve paid over 50% of the total amount borrowed it is your legal rite to voluntary terminate the agreement. You do not have to sign anything you simply give the car back and that’s the end of the agreement. They will not be very helpful with this so expect a up hill battle.

I hope you get everything sorted and please update on your situation

Good luck!

Lolly

Do you have her T&C's from the finance company in front of you ? Most mainstream lenders won't entertain a VT if there's been a default or agreed payment plan - the chances of a sub-prime lender accepting VT in this case is likely to be minimal

antrobus

Perhaps some posts have been deleted?. But I currently see only one rude and judgemental poster on this thread,

System

There is only one rude and judgemental poster on this thread, but I wasn’t going to personally name him. However, there have been a few ‘SO YOU DONT WANT TO PAY BUT KEEP THE CAR’ remarks
.
Which is not for a second a thought in my mind!

Also remarks about how I got in a situation of purchasing a car in this way in the first place from a sub prime lender.

Which again- not really helpful.

I stayed very clearly at the start car cost was £6800. INTEREST WAS Over £7000, totally was over £14,000 and I’ve paid nearly £9000 already!

If I genuinely was out to rip a finance company to shreds or not pay my debts I’d have done it before paying £9000.

And the person who told me to hand the car back or find a job, I have a 5 month old newborn, have been diagnosed with cancer and having to now have major surgery- JOBHUNTING NOT MUCH OF AN OPTION RIGHT NOW!

mustiuc

Snowflake, people here are trying to help you. If you came here to get ONLY what you want to hear, we do aplogise for that. There is no need to attack those who are fair with you. Firstly you need to be fair with yourself and your life/finances. When you earn under 2k a month you never ever buy a 14k car on finance. How on earth you can stay on a 7k interest, 6k remaining on a 1.8k car value? Can you understand what I mean?
When you signed that contract, you've been ok with all terms. With the interest,with the lenght of it and depreciation of the car. You should'be thinking if something bad with happen to "good hard working people" they need to sort their way out. You absolutely ignore it. Beside that, that bad finance company(as you said) already did an exception to lower your payments. How many exceptions do you want?
Let me be straight with you. You either will keep that 1.8k car and pay monthly 230(which you can't afford) or loose the car and still need to pay the rest of the HP.
I hope, if your ego will let you, to see you in about 6 months posting and asking for "free advice" in Debt free wanna be forum.
All the best

Dettol

Emispring18 wrote: »

Thank you so much to the people who have offered factual advice without judgement.

To those of you who have been rude, judgemental, condescending, i say again... you have no idea what people are going through. Be kind. Don’t tell me that I come here asking for ‘Free advice’ so basically deserve whatever !!!! you throw at me. YOU DONT HAVE TO GIVE OUT FREE ADVICE! And for the person who stated this earlier- I suggest if your tone is as condescending to all as it was to me, I really wouldn’t bother! It’s not valuable when laced with a smack of your sarcasm. IF THE ANSWER WAS GENUINELY- Hand the car back, there’s no reasoning with these companies, that’s your only option. THATS FAIR ENOUGH!

I was NEVER looking to get out of paying for a car I took finance on. Circumstances have changed, sometimes awful things happen to good HARD WORKING people.

For those vile posters who’ve been so rude, NEVER DO THIS TO ANYONE AGAIN! Think about the way you speak to people. Thank fully im of sound mind, and an amazing child and husband to live for that keep me sane, but I felt incredibly bullied on here today.

IN FUTURE others who come here desperate for advice in their darkest moments of panic about finances may not have a good enough reason to live for, maybe feeling wracked with guilt that they can’t pay a debt, that their life is over due to their credit file being ruined which could cause the loss of a job in some occupations, sometimes BAD !!!! happens to good people!

DONT BE THE IDIOT WHO PUSHES SOMEONE CLOSER TO THE EDGE!

State facts! WITHOUT JUDGEMENT

KEEP YOUR PERSONAL FEELINGS OUT OF YOUR ADVICE! ALWAYS REMEMBER- You have no idea what personal battles people are facing, or what has brought them to this stage.

SOME OF YOU SHOUKD FEEL ASHAMED OF YOURSELF.

Shout as much as you like..call people all the names under the sun..the fact is youve come on a public forum and asked a question.

Rather naive to expect only the answers that you want to hear...then attack those who disagree with you.

My advice is call the HP company and start screaming at them and see how far that gets you,you scream at people on here for not knowing how it feels to be in a situation like yours,well i for one can tell you ive been much worse off...and im pretty sure theirs good people on here that have been far worse off than me in all kind of ways.

I think you need to calm down and have a word with yourself regards your appalling attitude.

Brock_and_Roll

The OP originally wrote:

"These are exceptional circumstances"

...but of course that is not the case.

1) OP gets pregnant - it happens to 2% of UK women every year
2) OP has health problems - equally common
3) Family experiences reduce income - very common

These are normal reasons that the finance company will have seen for customers defaulting.

The contract is Hire Purchase - this means that the car remains 100% the property of the finance company until the nominal purchase option is exercised at the end of the contract.

From the finance companies perspective they will simply be looking at "loss given default" models, working out whether they are likely (based on past performance across their portfolio) whether they will lose less money by repossessing now and pursuing for the shortfall or allowing reduced payments. It is absolutely nothing personal.

Bet bet for the OP would be a VT - must be close to having paid 50% of the total payable (albeit fees & rolled up interest from reduced payments might add to the total)

Nearlyold

Best bet for the OP would be a VT - must be close to having paid 50% of the total payable (albeit fees & rolled up interest from reduced payments might add to the total)

Agreed VT seems the way to go - you can still VT if you are in arrears or have been (as long as no default has been issued) - but you have to clear the arrears even if this would take you over the 50% of the total amount payable VT threshold.

molerat

If still available VT is the only sensible option.
Paying another £6K for a car which is currently worth under £2K is madness (as was paying for a car over 5 years).

Buying a £2K car at 33% apr over 2 years is going to cost £115 per month, total of around £2800.

Gaz83

Emispring18 wrote: »

I was NEVER looking to get out of paying for a car I took finance on.

Emispring18 wrote: »

We can not afford to pay the car.

I don’t want to hand the car back.

:whistle:

[10 Characters]

System

Seriously Gaz83, stop commenting, you e literally not given any constructive advice what so ever. You’re just on attack.

Happy New Year to you, I really hope you find some happiness somewhere other than being a keyboard rat spouting your sarcasm and venom. I also hope you never find yourself in a bind and really need a listening ear and some sound advice from people who are a little more in the know that what you are about a subject.

Thank you for all of those people who have given sound advice without Criticising or judgement. You have been extremely helpful and I’m pleased to say I have resolved the issue with the company today.

So it’s a great weight off my mind and I can go forward in to what’s set to be a tough year in a positive way.