Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
hi, im hoping someone can offer some advice,
we bought a car on finance about 3 or 4 months ago, as our old one died,
and now unfortunatlly our financial situation is dire and we cannot afford the car.
I know we shouldnt have bought it in the first place, but at the time we were desperate.
We called British Credit Trust earlier today to explain we are struggling, and asked if they could extend the credit and reduce the payments.
They advised that there is nothing they can do, and if we fall behind the car will be repossessed and sold at auction and we will then have to pay the difference back to them.
Can anyone tell me if this is the case, or is there anything else we could do?
Welcome to the site.
Will move your thread to another forum where hopefully you will get some guidance.
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Extending the credit term and reducing the payments might seem a good option, but credit companies can add a huge amount of interest onto this sort of thing (experience of this with The Funding Corporation and their "rescheduling" of a loan). Call again asking to speak to someone in their credit/payment centre rather than general customer services who tend to give you the general scaremonger speel to avoid you not paying them. It is basically not worth the trouble for the company to take back the car, sell it at auction and then chase you for the money when you have already told them you are struggling. Try telling them that your current financial situation is temporary i.e. for 3-6 months and could you reduce your payments for that period of time, telling them you want to avoid any action and thereafter the cancellation of your agreement. They may agree to this with a view to reviewing the situation say after 3 months. By saying 3-6 months you have room for negotiation and most of the time companies will try to accommodate - most of the time it is getting to speak to the right person. Good luck
please ask them for a letter of confirmation on the temp payment proposal
if not, you may get a shock in the future
seen it to many times, agree on the phone, then deny it later
Trouble Paying Car Finance, Please Help!!!!
and we will then have to pay the difference back to them.
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