Hi, I am hoping someone can help me out here.
I bought a Ford Focus in December 2008 on a Hire purchase agreement.
Unfortunately due to some personal circumstances and a bad time in business, I fell behind on my repayments and my debt was sold to Link Financial Outsourcing (LFO) in January 2012.
This means I had repaid more than two thirds of the debt and so LFO would need a court order to repossess my car.
I rely heavily on my car for work (I run a software consulting firm) and so rang LFO to see if they would accept a repayment plan on a monthly basis
but I was informed this was not possible and I had 6 weeks to repay all the money.
Rather stupidly I said, this was something I could do but the payment date has been and gone and I have not paid.
Today I received a letter (Dated May10th) explaining they were now issuing court proceedings against me
and I had to contact them within 48hrs to prevent it happening.
I've tried calling but to no avail. As today is the 15th, I presume they have already set the wheels in motion.
My question is;
what is the process here?
Am I right in thinking that they will try to take out a CCJ against me and that I will then have 28 days to pay this, before the baliffs come calling?
Or have I got that completely wrong.
I can lay my hands on this money by the end of June (I owe £2,531.86) and would be able to clear the debt in full,
but somehow I don't think LFO would accept this at this stage.
My Credit Report is completely shot anyway so at this point I am not too bothered about getting a CCJ
(I already have one from a failed business deal) which was filed recently so either way it's going to be 6 years before it starts to repair.
I would be really grateful if someone could please explain the process that LFO are now going to go through
and how much time I have realistically to pay the outstanding debt off.
I'd be thankful for any information you can give me.
Please ask for any more information you need.