Debt Collector sitting outside my home

tinalives

Well, it's certainly an option that I'd consider in those circumstances.

VEE_2

Hiya Crystal,

Thanks very much for your suggestions.
I wish i could do that,in fact a few weeks back i was going to and got a price for the car that would've only been £2000 of a shortfall. I was hoping they would let the dealer buy the car and let me pay the £2000 over time. But it's illegal to sell the car when it's on a hire purchase agreement, the only way it can be sold is if someone is paying the full amount or if say i had the £2000 in cash to give to Capital Bank.
You are right about the no win situation for sure.

crystal_clear

Vee i understand the bit about it being lower than the original settlement but just to clarify one thing ? the Debt collector is this a capital DC or has the debt been sold to them because if sold to them i think they can take full and finals were as a capital DC wouldnt and you would be under the same terms as the contract stated i think. Please take further advice on this first when you know who the DC is from ie: private or appointed and if private CCCs or CAB should be able to clarify if then possible to negotiate with this DC company and if its still a breech of contract to sell and get full and final ??
gotta be worth a try still

VEE_2

Hi

I am due to call the CAB later this afvo so will let you know what they say.
I think the debt collectors act on behalf of capital bank, because it's a hire purchase agreement its different to say credit card debt. They dont sell the debt on because they have the car they can take back type thing? So what happens instead is when they get the car one way or another they sell it and you are left to pay the outstanding amount plus the interest for the full term of the agreement.
I'm pretty sure its not allowed to sell at all as i checked previously but i'm gonna triple triplecheck as you say anything's worth a shot at this stage.
Possibly if they take the car and then i end up owing say £6000 i would be able to go on a payment arrangement and then maybe one day they would accept a lesser amount than the £6000 as full and final but i'm not 100%

Cheers

VEE_2

Oh forgot to mention. I called the police about the tyre.. and wish i hadn't.
I just asked if they would consider logging the incident in case there is any future damage to the car. They wont and i was told so quite firmly.
Unless i can prove someone was tampering or that the damage has been malicious there is nothing i can do.

tinalives

I wouldn't have expected them to have that attitude - even if there's nothing they can do.

Turning_into_scrooge

I'm sorry i'm confused here. If Capital Bank gave the finance for the car how can you still owe them 5/6k if they repossess the car? surley its balanced? Is this GE Capital Bank we're talking about, I've never heard of Capital Bank?

VEE_2

Hi

Yes it's Captial Bank not GE Capital but they are both part of Bank of Scotland.
The car plus interest in total was approx 14k. So far with my deposit and payments plus a reduced settle interest i owe approx 10.5 k. Meaning on the agreement if i settle now i owe 10.5k approx.
However the best estimate at auction for my car [if im lucky] is 7k. When u have ur car taken or give it back you are liable for the interest on the full amount not the settlement so i would be liable for the 14k minus whatever i get at auction.
I am hoping for as much as 7k but capital advise it could be any amount.
Hope that makes sense?

VEE_2

Just as an update for everyone.
It seems that no matter what i do they are coming to take my car, possibly even tonight.
I have spent all day on the phone and despite being advised by lots of different sources that they cant take the car without a court order because its on a private residents car park, capital bank and the debt collectors insist they can and they will... imminently.
I have offered to pay the two months payments in arrears [by borrowing money] but they wont waive the charges and that's adding up to a few hundred.
They wont consider any kind of arrangement and the debt collector wont accept anything less than the full amount plus all the charges which i simply dont have.
Looks like i will just have to let them repossess the car [oh the neighbours and the shame!].
They say they might have to damage the car if i dont give them the keys but i'm not going to as that would be voluntarily surrendering the car.

Anyway thought i'd update. Cheers again.

Vee

rchddap1

Just a note...if they have to damage the car to take it away then it will be worth less at the auction...increasing the amount that you will still owe them.