Car finance mess

Teaandbiscuits21

Hi everyone I’ve had a text today quite surprisingly it reads about the court order payments been substantially in arrears, I need to contact them and they need addressing in the next 7 days basically or else they’re gonna come for the vehicle it pretty much says. 

I am pretty concerned, there’s no way I can clear the arrears so I think I’m doomed I feel sick as I haven’t told anyone I haven’t been paying it . Please help 

DrEskimo

Have you established what the value of the car is, and how this compares with the current finance settlement?

Once you understand the shortfall the next question is how you will finance the difference, along with a small additional amount for a run about replacement. 

Andyjflet

You really need to arrange to make payments or an agreement, if it goes to auction then it will be sold below market value more than likely and you will be responsible for the balance after payments you have paid. 

Teaandbiscuits21

Hi so I’ve been badgering them for a settlement figure the plan is to just get rid of the car to WBAC and find the remaining balance from somewhere, family I think just to get me out of the agreement. I’m really rock bottom with it I’ll be honest.

so mysteriously this afternoon I have a missed call from a 0333 number, google it and it’s vanquis , on hold for ages for someone to come back to me and say account with them has been passed on to Lowell, ring and speak to them???? So I did have a vanquis account however it was sold to Lowell a very long time ago and plan in place with them. Spoke to Lowell they confirmed this and said no new debt been passed to them that they can see??

obviously moneybarn is part of the vanquis group?? Any ideas? Seems strange. 

Grumpelstiltskin

Never phone these people, if there is anything important they will contact  you by snail mail. As you have found out you just end up being very annoyed with them.

Teaandbiscuits21

Won’t give a settlement figure over email conveniently say I have to call them so I’ll do that in the morning due to work this evening, could be stuck on hold for some time tonight otherwise 

still confused regards the vanquis call 

Teaandbiscuits21

Bump …….. ..

DrEskimo

I think that is the best course of action - appreciate you need another car but getting rid of this and if you can get capital to settle any outstanding balance and settle this debt, and buy a cheap run about, you can focus on budget, other debts, emergency funds, saving for replacement car.

Teaandbiscuits21

Hi guys ultimately I left it too late.

car repo guy has been this morn.

he says i have 7 days it goes into storage for then u could potentially get it back? Anyone know how this works before i get in touch

thanks 

ManyWays

How large are the arrears on the car that has been repossessed? 

What are the two "small loans" that you have been paying, are they now cleared, who were the lenders? Same question about the credit cards you are up to date with?
I am sorry that no one gave you the obvious advice that you need to stop paying these non priority debts and sort out the car finance.

Can you borrow enough money from family to buy a cheap runaround? You could look at some affordability complaints, against Moneybarn (winning that would clear the arrears) and against other lenders (to help repay family?).