Hire purchase agreement terminated.

Huddy776

I have a car on finance and in Apr 2018 I had difficulty in making payments. As a result the lender applied a default and stated the agreement was terminated. I brought all payments up to date and have never missed a payment since and I have kept the vehicle. My question is where do I currently stand? Under the course of dealings the old agreement should be in force but surely they have accepted the account had missed payments rather than defaulted. I am really confused about where I stand on this one 🤷!♀️

[Deleted User]

You'll need to pay the outstanding balance.

The account defaulted because you missed the payments.

Where is it that you want to stand?

Huddy776

They agreed to let me continue the payments and keep the car so my understanding was the finance agreement would continue as normal.

[Deleted User]

Once the default is applied, it stays defaulted.

It was kind of them to let you keep the car.

Huddy776

Great help thank you.

[Deleted User]

Can you let us know what answer you would like and someone can provide it for you?

Xbigman

I think the OP is querying the fact that the agreement was terminated but they are still paying and still have the car. In this case the agreement is still live in that both parties are still meeting their obligations.
I would strongly suggest the OP gets an up to date settlement figure as that should make the position clear.


Darren

DCFC79

OP you posted on the 13th a pretty much same thread, wht gives ?

molerat

You still owe the money.
You can keep the car.
You have lost your right to VT.

bris

Basically you have a new agreement. The old agreement is gone, it was defaulted and terminated.


However no further action on this agreement will be sought as you are making payments. So the new verbal agreement is keep paying and we will take no further action and you keep the car.


You have to separate these two, the first is gone and will be on your file.