Car Repo HP Finance.

RobW1977

HI I hope every one is staying safe at the moment. 
My financial situation has been a bit crap lately and didn't pay my car payments. It got passed onto AngliaUK. 
I had a knock on the door yesterday but wasn't in, A letter saying i must pay £1500 by today or its going back to Mercedes finance Solicitors to take legal action
I've paid off more that 1 Third so i know they have to get a court order. 
With the current situation i know im going to loose the car, i have the money to pay it (just about) but id rather keep the money in the bank as we just don't know whats going to happen. 
My question really is how long have i got, how long between them applying for a court order and being granted one do they come and repro,
i need to drag it out a bit to give me time to at least sort another car i can afford 
Will the current situation delay it at all, not wanting to use it as an excuse as my dad is at serious risk.. Thats other thing that surprised me that they'd knock but guess thats there own decision. 
Thanks in advance. 

foxy-stoat

Timescale is anyone's guess.  If it were me I would pay it, at least you will have transport and you know its completely yours and your credit file rebuilding can start from when you settle the default and clear the finance.  

Waiting for them to repossess a £1500 car, then having to buy another £1500 car and the prospect of still owing £1500 + costs + interest + charges could see you in a much higher bill and your credit file will always be trashed, the interest will continue to be added and they may well secure a CCJ against you and take whatever car you end up buying.

Pay it if you have the money.

RobW1977

Sorry i wasn't clear, its not a £1500 car, £1500 is due, 3 months payments payments plus interest. 
I won't ever buy a new car, my wife will have to get one. 
I still owe £28,000 on it. 

caprikid1

Ultimately they cannot repossess what they can't find !, think of where you can keep it.

Mercdriver

caprikid1 said:

Ultimately they cannot repossess what they can't find !, think of where you can keep it.

So your suggestion is for the OP to commit what could arguably be a criminal offence.  Sensible advice....not.
Your suggestion would make things extremely messy for the OP.

RobW1977

Mercdriver said:

caprikid1 said:

Ultimately they cannot repossess what they can't find !, think of where you can keep it.

So your suggestion is for the OP to commit what could arguably be a criminal offence.  Sensible advice....not.
Your suggestion would make things extremely messy for the OP.

I have no issue losing the car, i wouldn't anything dodgy, im aware its inevitable, but they have to follow correct procedure, i just wanted to know the time frame that they start court action and get to repro, and what the process is. Thanks

Mercdriver

RobW1977 said:

Mercdriver said:

caprikid1 said:

Ultimately they cannot repossess what they can't find !, think of where you can keep it.

So your suggestion is for the OP to commit what could arguably be a criminal offence.  Sensible advice....not.
Your suggestion would make things extremely messy for the OP.

I have no issue losing the car, i wouldn't anything dodgy, im aware its inevitable, but they have to follow correct procedure, i just wanted to know the time frame that they start court action and get to repro, and what the process is. Thanks

Indeed following proper procedure is a must.  Hold on to it for as long as you are legally able to do.  It's probably too early in the crisis for you to get any sympathy from the finance co, but it costs nothing to ask.  Anyone following Caprikid's advice would be to attempt to deprive the owner of its property which would fulfil the legal definition of theft.  

AdrianC

RobW1977 said:

I have no issue losing the car, i wouldn't anything dodgy, im aware its inevitable, but they have to follow correct procedure, i just wanted to know the time frame that they start court action and get to repro, and what the process is. 

Just get on the phone to them, and arrange handing it over asap. The longer this drags on for, and the more action that has to be taken, the higher the eventual charges will be.

Remember, simply taking the car back isn't the end of it. That simply stops you running up more debt for missed payments and stops the clock on the settlement costs. You owe them money, too... And that's going up rapidly.

EdGasketTheSecond

The longer you hang onto it, the more you will owe and still have to pay back even after reposesion. So if you are not using it much but need the money; let it go sooner rather than later.

The_Rainmaker

Let it go now, whilst there may still be a market for it.

The_Rainmaker

RobW1977 said:

 i have the money to pay it (just about) but id rather keep the money in the bank 

You really are digging a hole for yourself going forward.  You credit rating is going to take a real bashing just at the time when you want it to be tip top.