Hello wannabe,

Ive been reading this thread with great interest.

Advantage Finance are hurting my brain. I wondered if you could help.

The Story....I bought a car online through advantage Finance in 2008. the car was valued at £5000 I used teh car for 5 months and the engine blew up, I lost my job and fell into arrears with , well. Everything!.

Pamela Sizer got involved and at the time I tried to wrestle a settlement figure out of her as she demanded repossesion and threatened court action. The settlement figure was £6500 ( over and above what I had already paid £2000 ) I said that was ludicrous and decided to just stop paying and see what happens.

Lots of empty threat letters and a attachement of earnings threat arrived over a period of 6-8 months.

I managed to get a better paid position at work and instead of continuing with the death threats I started to pay my regular amount. Ive been paying £200 from June until November 2010when they sent me a letter stating my monthly payment is going up to £260. Due to arrears. Ive paid this since then and today decided to call them and see if I could settle.

My settlement figure is the remaining balance £5680. so Ive paid in total £4900 for a £5000 car that I havent driven since 2008 and now they want another £5680 on top to finsih the loan.

I just want out of this mess and im considering throwing it to the wire and seeing how far I can get.

My credit rating is a mess although I do own my own house.

What can they do to me now?

any help is greatly appreciated.

sorry for jumping on this thread but you guys have worked very well together.

Hi RusselSmart,

I'm not sure what to tell you, from the thread you can see how mine has played out - I still get the odd arrears notice from Advantage showing a monthly charge for arrears management, but no demands for payment have ever been received, and Mrs Sizer has long since given up on me as I'm as awkward as she is.

If I were in your shoes, I would stop paying them and take my chances. If you credit record is already screwed you've nothing to lose really. I would think the worst that they can do would be to take you to court.

Tell me, how many missed payments were there before the car was repossessed? i.e. was it taken from you legally?

Hi sorry for the delay,

That was my thinking too. Just to stop paying.

The car is still in my possession but its practically worthless at its non driveable and has been since 2008.

I own my own house and I work in the public sector so I was thinking the worst they coudld do would be attachement of earning order?

My hope is that they take me to court I file unreasonable atcion on there part as Ive effectivley paid the loan of and all tehy are after now is the interest.

Honestly if their credit department wopuld have told me that to get out of the loan would cost £1500 I woudl bite there hands off.

Woudl a court be in my favour??

Hi sorry for the delay,

 

 

That was my thinking too. Just to stop paying.

 

The car is still in my possession but its practically worthless at its non driveable and has been since 2008.

 

I own my own house and I work in the public sector so I was thinking the worst they coudld do would be attachement of earning order?

 

My hope is that they take me to court I file unreasonable atcion on there part as Ive effectivley paid the loan of and all tehy are after now is the interest.

 

Honestly if their credit department wopuld have told me that to get out of the loan would cost £1500 I woudl bite there hands off.

 

Woudl a court be in my favour??

Have you paid 50% of the agreement? If so under the terms of the agreement [regulated by CCA] you can hand the car back and walk away.

even if the car is worthless?

Hi there,

as it happens I am over the halfway mark in my agreement.

This throws a little curve ball my way.

The car ( worthless as it is ) would be worth £4k if I repaired the engine costing me £700.

I dont want to hand anymore money over to Advantage and would love to be able to recoup my loss....is there anyway I could sell the car, break the agreement and still be a winner or should I just count my blessings and let it go?

Russ.

Just an update from me, currently Advantage are chasing me by letter and telephone to which I have been ignoring.

Im keeping my fingers crossed that they will just disappear. If it goes to court ill take my chances.

They can't take what you haven't got Russell.