Clydesdale Financial Services - Hire Purchase TV

jodenice

My boyfriend, a year ago (when he was a- in the midst of depression and buying randomly and b - earning more money, bought a TV on HP (I didn't realise it was HP and he lied about how much it had cost).

Anyway we need to find £1980 by the 11th of January. Not a CHANCE. However, if we don't pay by then it goes up to nearly £4K :eek:

He is about to embark on a DMP or bankruptcy (we are still discussing with CCCS).

I might be able to get the money together if they would hold off until February. I don't know how to approach them. They obviously don't give a flying fork about our finances and just want their cash but if he goes on a dmp, they can whistle for their money until the bigger loans get paid. OR if he goes bankrupt he has to give up any HP anyway and they can, again, say goodbye to the biggest wack of it.

If they don't help me then he can give it back, bear the charges, go on a dmp and I'll buy a new TV with my money (its not in my name and I'm only helping out as I love him).

Can anyone help me? I don't even know who to contact and the web page doesn't load..

jodenice

I have emailed them basically what I wrote above (although its only an email through the website) - is there anyway I can get hold of an actual email address do you think?

CCCS_Matthew

Hi there,

Has your boyfriend checked the agreement that the TV is definitely HP? In my experience not many places these days offer HP arrangements for items such as TV's, it tends to be mainly vehicles. In most cases, consumer goods tend to be a normal credit agreement (i.e the finance is not directly attached to the item, and could repossess it if he fell behind on payments).

Either way, I’m a little confused to why the company in question are demanding such a large amount in one go. What are they suggesting if you don’t come up with the money by the 11th? I’m more concerned about the fact is that they say the full amount owed would be nearly £4k, that seems a lot of money for a TV.

I would be very careful before paying out any sort of money to them before deciding what option he is going to look at. If the TV is on HP and he decides to go bankrupt then the Official Receiver could enforce the agreement to be stopped in which case he may have to hand the TV back and any outstanding monies could be included within the bankruptcy. If the TV isn’t on HP then the amount would be included within the bankruptcy and rarely would be classes as an asset unless it’s worth a huge amount of money

If he decides to go on a DMP then the cost of that TV should have been included within the income and expenditure if it is on HP, and if not it should be included within the list of creditors.

I think the best thing to do is for your boyfriend to check the agreement and find out either way, and then get him to get in contact with us to discuss this in more detail so we can see how it affects his overall situation, because as I’m sure you appreciate it’s difficult to give in-depth advice via this forum.

Hope this helps for now,

CCCS

jodenice

Ok I think the confusion is my terrible explaining. He bought it as a 'buy now, pay one year later' deal. As that first year is interest free if you go over that - even by a day, then you pay double the amount but on a monthly basis. Do you know the type of deals I mean? So in fact he doesn't have to find £4K straight away but over a period of time.

Its the way I tell em, sorry.

CCCS_Matthew

Hi jodenice,

In that case the TV is just on a normal credit agreement, so the finance is not "attached" to the TV.

Because of this, your partner should hold fire with offering any sort of payment before he decides how he wants to deal with his situation. As I mentioned in the previous post, if he chooses bankruptcy as an option the debt would be cleared in full anyway. Alternatively, if he decides on a DMP then the debt should be included to ensure some sort of a payment is being made on a month to month basis.

Feel free to encourage him to get back in contact with us to look at his options again if he isn’t sure which route to go down.

Hope this helps,

CCCS

jodenice

Its just that if he can't pay it and it shoots up to £4k its a lot more than we'd planned, it just seems financially, everything is piling up. I emailed them asking about payment but they've ignored me. So if its a normal credit agreement they can come and get the TV back?

CCCS_Matthew

If it's a normal credit agreement then they would not be able to take the TV.

I understand what you mean about the interest shooting up, it can be very frustrating. This is why I suggest that perhaps before deciding on how much to offer in terms of payment towards the TV, he should really consider the options he has been given to deal with his finances as it could have a big impact on how to deal with the TV situation

CCCS