adive needed.. hp agreement and cccs

spent_too_much_money

hi, i currently have car on one of those balloon payment schemes, it runs out next year but i can't aford the repayments anymore what with the rising cost of petrol (which i won't even start on or i'll never shut up lol!) anyway i am hoping that if i expalin to fiat i don't have money anymore they will take the car away... however i'm pretty sure i'll still have to owe them a couple of grand, so does anyone know if cccs can add that to my payment plan? I intend to ring them next week but am trying to work out what i can do!! i figure if i get rid of the car and pick up something cheap i can pay an extra 70 quid to my cccs plan... it's all a bit pants tbh right now as my direct debit form never got to cccs and i didn't realise the money didn't go out so noone has been paid this month and they are all threatening court action etc... so really could do with sorting this out!!!

I've had my expenditure up here before under different user name but a friend at work told me that some creditors check out this site and my name was stupidly the same as my real one lol! so have ahd to change!!

I just don't realy understand the whole hp thing... going to write to fiat on monday and offer token payment of small amount and see what happens! Just need to know my rights etc before actually talking to them!! god what a mess!!! thanks in advance for any help

LilacPixie

Here is a little bump.

I am not familiar with 'balloon payment schemes' so I cannot help myself.

Jules

Have a look at you HP agreement, it usually states on it what will happen. It should be on the back somewhere in the small print.

With my last HP scheme like yours with a balloon payment I could hand the car back at any time and provided I didn't go over a certain mileage it didn't cost me anything to hand back. Don't know if Fiat scheme is the same though.

You could ring their customer services and ask a "hypothetical question" without giving any of your details!

Good luck with whatever you decide.

Jules

spent_too_much_money

Thanks! i've tried to give it back in the past having been told when i signed up that i could, but was told oh you'll still owe "and half K!!!! But basically i don't have a choice but to give it back and know that i can't give them all they want in one go anyway!!! Will have to have a hunt for my hp agreement (moved house six times since i got it so may not be where it used to be lol!), prob with ringing fiat is that i neve get the answers i want! thats my other problem is that very soon i'll have hit the mileage allowance and next yr i'll have to pay for expensive service and mot right before handing it back anyway! As my brother said i'll still be paying lots of money for nothing in the end anyay! hmmm will do some investigating!! Out of curiosity who was your agreement with? so i can try and haggle with fiat a little if necessary!!!

Jules

I presume you are on the I-deal scheme. All it says on the website is

At the end of your i-deal agreement you have the flexibility to choose one of three options:
1. Part-exchange your Fiat
We aim to ensure that your final payment should be less than the actual value of your car. This means you should have some equity to put towards your next car.
2. Return the car
You can simply hand back the car and the keys and walk away. You'll just need to make sure that you haven't gone over your agreed mileage and your car is in good condition. Of course, we allow for the normal wear and tear of daily use. It's in your interest to keep your car looking its best inside and out.
3. Keep the car
All you need to do is pay the outstanding amount (balloon payment) and you can keep the car. You can choose to pay this with a loan which can be spread over 12 or 24 months. All loans are subject to credit approval.

Doesn't help your situation now. If you can't find your agreement, if you can go back to the dealer and ask for a copy, I presume they should hold one on file somewhere.
It should detail on the agreement how much needs to be paid before handing back etc and what would happen if you were to default on your payments.

Adding it to your CCCS may be an option, give them a ring and ask.

Don't worry about the phone calls/ letters etc threatening court, they will settle down eventually. I'm 4 years in with the CCCS and every so often my creditors get restless and try to rattle my cage, doesn't work now though!

Get another DD form away to CCCS as soon as you can and make your next payment at the post office until you are sure they have the DD set up.

Things will get better.

Jules

spent_too_much_money

well having spoken to a very helpful bloke at fiat finance I am apparently almost far enough thru to just hand it back.. woo hoo!!! Just need to make my usual payment then pay about £120 and i can voluntarily terminate!!! Mum is worried that i won't have acar (i have to commute around lots of places for work) but i should be able to get my hands on a run around about a month after i hand the car back!! So hopefully if i just explain to my boss that i won't have a car for about a month things should be ok!!! which will free up about 50-100 more ofr my dmp and allow me to afford petrol, food etc much more easily!! thanks for the advice everyone!!