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Car Finance Charges is there a cap PLEASE HELP
Hi, My son fell 3 payments behind with his car finance and a repossession order was put on the vehicle ( hasn't gone to court) i have just paid the arrears and brought the account up to date for him. But along with the payments were nearly £500 in charges, is this right?? can the finance company charge this amount ??
I have now brought his account up to date but wanted to see if this is right, can anyone help?
Are they regulated?
I have now brought his account up to date but wanted to see if this is right, can anyone help?
Are they regulated?
0
Comments
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I forgot to say that he had paid nearly half of the total finance..0
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Yes, they can charge him for the costs of dealing with his failure to pay what he owes.
Yes, that can quickly get up to £500 or so.
He'll never learn if his mother clears up his mess all his life.0 -
What does his agreement say about missed payments. To get to the stage of a repossession order the finance company will have incurred costs - is it not fair they be reimbursed for them?0
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May he should hand the car back to the finance company now.0
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