Car finance Debt

Jordantaylor89

Hello

In need of help currently in 6m arrears in car finance (HP) and got up to the stage were i cannot clear the arrears and will be reposed shortly. I spoke to the guy from the company asking what happens now, he said basically the car get sold at auction the outstanding balance gets sold to a solicitor we use and you arrange payment plan with them.
My other debts i pay token payments and have done for some time had no ccjs and its all been okay.Just wondering if i should be concerned that a solicitor will own the debt? Will they issue me with ccj?
Really would appreciate anyones advice here
cheers

[Deleted User]

Any of your lenders could seek a CCJ. There is nothing special about a solicitor.

However, solicitors don't buy debts. It will be sold to a DCA.

Jordantaylor89

Just saying what they told me
they said they do not use a dca  they sell to a solicitor

[Deleted User]

Yep, and I'm just answering the question for you. They'll sell it to a DCA, but solicitor sounds more impressive.

It makes no difference who they sell to - the DCA can seek a CCJ just as much the original lender.

sourcrates

Lots of debt collectors masquerade as solicitors, same office, same staff, just under a different trading name.

There correct title will be a "debt purchaser", and they should be open to a payment arrangement the same as anyone else.

Jordantaylor89

Ahh thank you
just how they said it on the phone.
Guy was saying solicitors are better to deal with then dca etc

macman

Are you in a position to VT rather than have it repossessed? Have you paid 50% of the total amount borrowed?
Repo is the worst option, as the auction price will be much lower than what would be achieved otherwise, and so the debt will be larger. And the fees for collecting and towing it will be added on.
DCA's have no more powers than any other private individuals.

Andyjflet

Auction prices are through the roof at the moment, sell it yourself to WBAC and they will clear your finance.