My understanding and maybe i am wrong is that when a rate increases you should be given the option of refusing and closing your account paying off any balance at your old rate.

yup pretty sure your right but

Yer gunna put all that in the letter citizenb. i understand what your saying about the rate been increased it been a "rate for risk" as i know it. but at no time was i informed of a new rate / apr so only thing i can think of is its always be that high or i just missed it in the fine print when credit wss increased

tell ya what they really do pester when you miss a payment my phones not stopped

Yup just checked its a third 1 stand corrected my bad but the rest is correct

As Gaston mentions it really does depend on how the sale took place, and whether or not it was purchased in good faith.

 

 

Er? Not sure that's correct either, sorry.

 

 

 

 

That's incorrect. Once 1/3 of the finance has been paid (including any deposit) a court order [known as a return of goods order] would be needed for a repossession.

yer the repossesion can still take place regardless of circumstances ive seen it happen a couple of times

if the buyer wanted to they can report it to trading standards who can prosocute the seller for false advertising also seen a case of this and they won car was not as described

as for the term before repossesion ill check in the morning but sure its a quarter but i might stand corrected on that fact (was the third on the old finance system ?)

great advice here

( appreciate westfields concern and the advice from dx )

im thinking the writing to them seem s like the best option

oh and had the card about 2 or 3 years

hey guys so fast in replying

ok i owe £2300

i do work full time

never missed a payment until now so no late payment charges

cancelled the ppi with them last year before it was known i could reclaim

credit history not bad (equifax) no ccjs 1 default but getting paid

not much credit agreements

rented house

inside leg 32"

council tax in arrears

Hi All need advice

i'll cut to the point

Vanquis credit card payments just too high

i called them said too high its £120 a month and bill not reducing they said pay more

been paying that for over a year i asked them whats apr am i paying and its 69% i went off it

for every £120 a month i pay £3 comes off my debt rest is interest

ive cancelled the direct debit and now have a missed payment wow they like to call you but ive not answered any of the calls received

i want them to whistle for the balance but know its my debt and need to pay it off but refuse to pay anywhere near that amout and need the interest freezing

please help

and no the bank wont give me a personal loan

bang goes my credit score

really sorry but......

the bottom line is yes they can and will still repossess from the new keeper

the circumstances dont matter they will still take it

you can also be prosecuted by trading standards for selling the car knowing it has finance outstanding

legally it wasnt your car to sell even if a private sale this still counts

then you may find the new keepers asking for there money back

my advice

reach an agreement on the remaining credit (dont let them bully you)

get an early settlement figure and pay 1 lump sum

here's my tecnhical bit

car finance changed about 2 years ago and is now governed under EU law BUT you took out finance 4 years ago so someone else will have to let you know if this next bit counts

under EU law

if you make regular payments for the first quater of your agreement your car cannot be repossessed

half way through your term you can give your car back to the finance company and they will settle the finance but be carefull with this some will charge you a fee for this and may effect your credit score. You will lose all payments made so far but you will also get out of the agreement its like having a lease car

at any time you can ask for an early settlement figure this should be less than the full amount of credit agreed for example if you borrowed over a 5 year term and settle after 3 years your interest should only be for the 3 years not the full 5 years interest (plus fees)

but you need someone with more experience than me sorry