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car loan been sold to link "help"
hopeless_case_2
Posts: 556 Forumite
Hi all my hubby has a car loan with ge money which we owe £368 it was supposed to be paid off last year but since then we have had drop in income and are struggling,so i have just been paying off in £10-£30 when i can.They have now sold the debt to Link financial services who are demanding that we pay it all in full by 29th February or they will reposess the car.The car is worth £3000 approx so obviously i do not want that top happen. I am going to take ge to court over charges as I have paid £300 or so in the last 5 years but obviously this will take time.Any advice anyone?
Make £11,000 in 2011 / ebay £600
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Comments
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Can't offer any advice, just bumping u up to the top again....'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde0
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Unfortunately, they can repossess the car until the loan is settled in full. So you only owed £368 prior to the charges?
Why have you paid £300 charges over the past five years?
When your income dropped, did you write to them and inform them and offer a fixed payment per month? Or have you just been making random payments when you can?No longer using this account for new posts from 20130 -
The car can only be repossessed by the finance company if you have an Hire Purchase or Conditional Sale agreement. This is where the finance is directly secured to the car, and repossession could be the result of the agreement being broken. If this is the case, they would only be able to repossess the car with a court order if 1/3 of the finance has been paid by yourselves.
If the car is not HP/Conditional Sale then they would have no power to take back the car, and the only they could enforce to collect the remaining balance would be a CCJ if they are not happy with your current offer of payment.
It's important your husband checks the original agreement that he signed to find out what kind of finance it actually is.
Hope this helps for now,
CCCSI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.0 -
Sorry Matthew, is that 1/3 or less repaid?Karma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £20000
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Sorry, should have made that a little clearer. If a third or more of the overall balance has been paid by the debtor, the HP company would not be able to simply take the car back without a court order.
If less than a third has been paid, then the HP company could simply come and take the car.
Hope that helps
CCCSI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.0 -
Have paid £15000 over 5 years. Dont know if they are just trying to be forceful in making me pay up.Make £11,000 in 2011 / ebay £6000
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