Debt Collector sitting outside my home

Josie_Jump_3

As they have claimed the car back (as it were), are you still liable for the loan or does repossesion cancel the loan ? I only ask because if you are having financial problems perhaps in the long run it may be better to get rid of the car now and have no debt. You mentioned in a previous post that you were going to borrow the money to pay back the arrears, borrowing money to pay off another debt is never a good idea and you may find yourself in a worse position further on down the line.

VEE_2

HI Josie

Sadly you are liable for the agreement, rough estimates mean i will owe 5-6k at best and have no car.
I would have agreed could i have ended the agreement without owing but sadly thats not the case.

Josie_Jump_3

VEE wrote:

HI Josie

Sadly you are liable for the agreement, rough estimates mean i will owe 5-6k at best and have no car.
I would have agreed could i have ended the agreement without owing but sadly thats not the case.

God that's awful, so you loose your car yet still have to pay for it. Thats just wrong, I hope the CAB can help you out they're good people.

Good luck

VEE_2

Hiya

Yes it really is terrible i will owe a lot for nothing but there wasnt much i could do really. I'm sure CAB will get me a reduced payment and then maybe i will have to consider bankruptcy at some point in future although i had really wanted to avoid that if possible, still i'm sure i will come up with something.
Thanks,

Luvly.cuppa.T

Vee, did you have any insurance with the credit agreement so that if you were to be out of work then they would cover you?
Please look into this, at it may have been something that you were paying for that you were unaware.

I'm so sorry that you have been treated like this, I think it is outrageous and something needs to be done about the system. Where are the police in all this with their upkeep of the laws? MAdness.

Let's hope that there is still a way out of this for you.

Dumbledore55

I think, unfortunately, in cases like this its classed as a civil dispute and so the police can't do anything to stop the DC's collecting the car. But they could and should have done something about the threats to your Dad.

I'm sorry to hear how it turned out for you, Vee but I'm sure the CAB will do all they can to help you and to avoid you having to go bankrupt. I don't know the rest of your financial situation but the debt with the car alone shouldn't push you to that and a court will say they have to accept a reasonable offer from you consistent with your income (or lack of).

Best of luck.

DD

crystal_clear

VEE i am so sorry it came to this for you and i tell ya if it were me and had no assetts i would file for bankrupcy like straight away but hey thats me and very hot headed at times but at least i would benefit knowing that i wasnt lining the banks pocket any longer given there treatment of you over the last few months and the DC treatment of your dad I cannot believe the that these companies still trade in this manner :mad:

VEE_2

Hi Everyone,

Thanks very much for all of that.
I have lots of other credit cards which are currently on a reduced payment plan because of my employment status, another 5/6k might make it necessary to consider bankruptcy. Although i have a mortgage there is no equity in my home etc.
I will wait and see how things go though but bankruptcy might be an option although i'd like to avoid if at all possible.
Sadly i didn't take any insurance or anything on the car.
I still haven't received any letters or notices from capital bank or the debt collectors though, i just think it's awful that they can just do that at the snap of their fingers, still it's done now.
Thanks again everyone.

tinalives

Deleted post as i asked a really stupid question!!

jen_jen_2

Hi VEE sorry to hear about the terrible behaviour of collectors.

all the info says they have illegally uplifted the car, i would consider each of these actions:

make a small claim against the collector for taking your car illegally - this may cost you money and be too much hassle for you to cope with

what i think is a better solution when Capital bank ask you for the shortfall offer to pay nothing and say because their agents uplifted the car illegally you should not be responsible for the sortfall, they should have gone and got a court order. I expect the courts will be very unhappy about the way the collectors have ignored their authority.

when capital bank take you to court for the shortfall defend the action with the above. you should get a chance to put your side forward and argue that you should not owe the debt because they did not follow the law.

i prefer this second action because it will only happen if they take you to court and you dont have to pay out, also starting a claim you have to ask for an amount of money and its difficult to know until they tell you.

in the meantime i would also write a compliant letter to Capital bank as the collectors are their agents capital bank are responsible for their behaviour and also refer to Office of Fair trading guidelines on debt collection, complain to oft if no luck from Capital.

the guidelines are on the oft website. perhaps a copy of this thread too to remind you and show the court/oft how concerned you were at 9pm