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I bought a car in October with Approved / Funding corporation, I have paid every payment.
However I have got promotion at work and will get a company car. But the problem now means I have a car which wont be used, but because of the high interest rate I wont get no where near enough if I sell it.
Any advise, can I just give it back to them and cancell the agreement ?
However I have got promotion at work and will get a company car. But the problem now means I have a car which wont be used, but because of the high interest rate I wont get no where near enough if I sell it.
Do you have to take the company car? Many companies have an alternative car allowance for people entitled to a company car, but want to use their own.
Your salary will take a massive hit from income tax for a company car anyway.
My company is a blue chip one, and they do a different scheme so it does not effect your tax. Talking to others who have been on the car scheme for several years they love it. they get to choose what car they want, and can contribute extra to get a better car. (the amount of BMW in the car park is bizarre)
I calculated that I would be around £300 a month better off, as I would get a fuel card which I would contribute £70 a month too, all the rest the company pays for, I wont have no tax or insurance (again company pays) and it be fully maintained.
if you give me the exact make and model of car the company are offering I will work out your P11D and benefit in Kind for fuel etc. That way you can compare if it is actually more cost effective to keep your own car. One point tho, just make sure you insure your car for business use if you choose to go down that route.
My company is a blue chip one, and they do a different scheme so it does not effect your tax. Talking to others who have been on the car scheme for several years they love it. they get to choose what car they want, and can contribute extra to get a better car. (the amount of BMW in the car park is bizarre)
I calculated that I would be around £300 a month better off, as I would get a fuel card which I would contribute £70 a month too, all the rest the company pays for, I wont have no tax or insurance (again company pays) and it be fully maintained.
This sounds like you are getting a nominal car allowance that is clawed back to pay for a personal lease plan for which your company has arranged favourable terms. The 'extra' contribution that you can make will effectively be the difference between the 'car allowance' lease cost and the extra true cost for the vehicle you choose.
However, unless you can demonstrate to the satisfaction of the tax man that the £70/month pays for or exceeds the cost of all your personal mileage fuel (including commuting) then you will be liable to pay income tax on the value of the excess private fuel. You will need to keep a meticulous mileage log. Similarly, you are liable to tax on the insurance if the employer pays this for your personal use also.
You are not liable for tax on the insurance if it is arranged to be bundled into the lease cost (but this is rare). You are not liable for tax on the VED as this will be bundled into the lease together with maintenance.
Another thing that you need to look out for is since this is PLP, what happens if you leave the company for any reason during the life of the lease - there is insurance available for this, but it wouldn't cover retirement on grounds of age for example. You also need to check that there is GAP insurance in case the car is written-off for any reason. this will cover the difference between the insurance pay out and the leasing company's charge.
Lastly, as the company is providing the motor insurance, it will in all probability be a company-wide fleet policy. You need to make sure that the excesses are within you means (it may be £500 or more) if you have a claim.
Don't be seduced by the choice of a brand new car - you need to look very carefully at all the risks and costs
I basically cant afford the car, I have sent them a letter to Voluntary Terminate the agreement. But they are saying I cant because its not a HP agreement, and that they want £14,000 paid up....
The car is only worth around £3,500, and I have had it for 9 months and have been paying £255 per month.
Please really need help...
There advise was not to pay, they will send letters then repossess the car and then still chase me for £14,000 plus costs.
Basically, I cant afford to keep the car, I want to return it, but they are saying that they will repossess it and I got to pay them £14,000 for the car....
I tried the Volunatary Termination notice, and felt I would be liable for 50% but they are saying that its not a HP agreement so the VT does not mean nothing.
i'm in the exact same siruation as you and i'm getting a car from work which works out a lot cheaper, reading through all the replies you got, none were really answering your query...i also want to know what to do about welcome finance, i want to give their car back but i dont want to owe 13000 quid?? what to do???!!!???
Well to update you all on the situation, and its not good, a lot is down to me where I was working away and didnt keep my eye on the ball so to speak.
Any way I was referred to a solicitors who felt I had a really good chance, but I was declined for legal aid, mainly because I did too much overtime, and I couldnt afford the potential 7K legal fees.
The next thing is that I received a letter from the courts stating it was ruled in there favour, and my car that was purchased for 5k had now been awarded to them for 15k !!!!. They repossed the car and sold it on for £1.5k.
Now I just received a letter from the land registry, stating the Funding have put in an charging order, and I just received a letter from Funding about a court date to award them that they can put a charge on my house (30th June)
Can I ask that the court be transferred to my distric and argue my case. Or is it too late.
It was Stephenson's, who did indentify the BOS was not correct, but unless you can afford to employ them its not much use, and your caught in a cycle, which I think made me put my head in the sand from frustration. CAB where no help they couldnt give a toss, and said I should I read the BOS carefully before signing it..
So everyone thats going to purchase a car from Approved read this and be warned. They repossed the car, sold it on for just 1.5K and now I having a charge against my home for 15k.
Nope, on the Legal aid form they felt they had a 90% chance of winning, but when I was rejected, and I mean it was literally just because last year I did a lot of OT.
But after that it was a case that it would cost around 7k to fight it, to which as much as I want to fight it, I cant afford to and cant raise those funds, if I could I wouldnt of had to go to a company like Approved in the first place.
If you now have a company vehicle, and only contributing £70 to the fuel card account each month, were you not making enough savings to be able to afford the vehicle, as you were doing so prior to taking the company vehicle, or was it a case of "I want a company vehicle, a BMW will do nicely"?
You've not said what if any of your circumstances changed for you to be no longer able to afford the repayments
I have paid every payment.
As you have already said, your not entitled to legal aid, then the only other option would be to cough up the £7,000 or what ever the legal costs are going to be, or represent yourself, you don't have to be legally qualified to represent yourself either, and doing so the judge will *usually* make sure that the claimants explain everything in court in a manner your likely to understand, ie not use legal jargon, and make it clear as possible for you. Just hope you get a kind judge.
Funny how people get promotions at work, pay increase, better benefits, then suddenly are unable to afford existing debts when was managing fine before.
Thanks
- Hobbie
-------------------------------------------------------- Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.
Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.
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I would certainly issue The Funding Corporation with a Subject Data Access Request for a start. This will tell you if there are any unfair charged added to your account.
If your BILL OF SALE was invalid at the time they reposessed your vehicle then there maybe something that could be done.
Approved / Funding Corporation
rate I wont get no where near enough if I sell it.
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Originally Posted by TimeToStandUp
