Thread: Finance company trying to increase payments.

In 2005 i leased a company car but a year later my business began to fail and closed. I could not afford payments or the insurance so I ended the agreement, stopped paying and gladly let them collect the car as they told me it would be taken to their local dealer, checked and sold. When the guy collected it he informed me that it was going to my local auction. Anyway a month later they sent a detailed Breakdown of costs including missed payments from when i handed the car over until it sold, the total the car went for and how much i owed.etc. I told them i couldnt pay the £7000 and afer 4 months of offers they accepted just under £50 a month. Ive been paying for a year and now they want more, another £5 a month and if they dont get it they will take legal action. I did intend to pay this off with bank charges refunds but because of stays i am still waiting. I know they will take a reduced sum when ive got the money because they have already offerered a £1000 discount. I cant really afford to increase payments and if i do they will be trying to increase it again maybe in less than a year next time.
Any advice or guidance would be a great help.

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I see your point loyalbrummie, I do worry that they will go and make me bankrupt. Can they do that

Tell them 2 p off

I'm also trying to find out more information on "Finance Lease" as I used a local supplier of company vans and cars to find the vehicle and also to advise me on the best option for me. If I can find out if either them or the finance company they arranged this with have done anything wrong then it could help me get a reduced figure. I have also been defaulted even though the arrangement company said that as this is for a business there will be no link to my personal finances. I now know this not to be true.