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Found 8 results

  1. Hi, I purchased a car last December using Advantage Finance. I'm up to date on the payments, but lost my job at the beginning of this month. I was employed by my own Ltd company, which lost it's main client and as a result I had no choice but to make myself unemployed. The next payment is due on the 26th of this month (next Wednesday). I'm aware that being in arrears can cause a problem in this situation I need to decide fairly quickly if I need to arrange to hand the car back or to keep it and try to work through the problem. I'm an IT Contractor. It's possible that I may be back in work very shortly, but a former colleague in the same field as me has been out of work for nearly a year. I'm hopeful that I can get some work soon but I need to be prepared for any long term issues. Although there is an image that people in IT are high earning, the realism is that I was earning only just enough to support my family so I didn't get a chance to put any money away. If the car has to be handed back or gets repossessed, my brother has kindly agreed to lend me his car until I can afford a 2nd hand one. So transport won't be an issue for the next few months. I'm aware that I can't VT the vehicle as it's not at the halfway point. However, looking at the figures, the VT figure is £5436, the one third figure is £3624. I've paid £436 plus 8 payments of £286.49 so £2727 has been paid. What would be my best course of action in the circumstances? Should I tell them to just pick the car up and work out an arrangement to pay whatever the remaining figure is, or would it be better to speak to them about possibly arranging to pay the missed monthly payment over the next 2-3 months? What I don't want to do is find myself in arrears and then try to negotiate - I understand the fact I'm up to date at the moment may work in my favour. To add to the mix - as my company has effectively ceased trading it's likely it will be compulsorily liquidated. As a result as I have an overdrawn Director's Loan that I will be liable for it's possible I may be made bankrupt or forced into an IVA - if Advantage Finance do start to get nasty I can just let it happen rather than spend years paying for a car I don't have (the original plan was to negotiate with the Official Receiver).
  2. I purchased a new car on a PCP finance deal through a broker 12 months ago and it has recently come to light that car was pre-registered under a company name and then the broker registered his company as the keeper of the car 9 months into the 4 year contract. Once I was aware of the situation I contacted both the broker and ING (the finance company) to find out why this had happened. The broker has now admitted (in writing) that it was his mistake and informs me he is trying to remedy his mistake with the DVLA. Unfortunately this has now been on-going for over three months and I am still not the registered owner. I am now in a situation where my car tax is due, as is my insurance yet I am unable to do so as i am not the registered owner. Does anyone know if I returned the vehicle to ING, whether I would receive a refund of my £5000 deposit?
  3. Hello and apologies if this is in the wrong forum or has already been posted. I had a credit agreement with Black Horse for a car I bought which had a large residual ballot payment at the end of the term (£11400). Through no ones fault but my own I missed the final payment. I had meant to trade the vehicle against another car, settle the original loan and start another agreement. I had some conversations with Black Horse but after 21 days (I think) they passed the debt onto Credit Style - a company I had never heard of. Credit Style contacted me with all sorts of friendly advice about settling the account and referred to themselves as a company that Black Horse use to work on behalf of the borrower to work out an amicable solution. So far so good. I explained that I missed the deadline and would trade in the car and thus settle the outstanding balance. I was asked by Credit Style to direct the selling garage to go through them. Which I didn't question at the time. I approached a garage, found a vehicle agreed to trade the current car against the new vehicle and clear off the balance. The settlement figure from the new garage was confirmed at £11400. Credit Style then contacted me by text to say that the balance was now £11919 which included their fees. This was news to me. I disputed this with them as I didn't have any agreement with them, nor did I have any visibility of their fees etc. Black Horse will not discuss this with me, nor even the relationship between them and Credit Style. After raising a complaint with Black Horse, and mentioning bodies such as the OFT to Credit Style I have now been offered a deal where they will go back to Black Horse and agree to settle the loan at £10,000 which will include all their fees. Am I right in assuming that they have bought the debt from Black Horse and were looking to screw not only Black Horse but also me before, as it now seems miraculous that if I provide them with a cash sum almost £2000 less than they were originally asking for I am off the hook. BTW I am prepared to pay the original settlement value to Black Horse of £11400 but they won't deal with me now. It seems strange that as soon as the OFT etc are mentioned Credit Style have a change of heart. Any advice on how to proceed will be gratefully received. Mark ps. It's also with noting all the calls with Credit Safe & Black Horse from my office are recorded so there is a full audit trail available should it come to that.
  4. Hi, Hopefully this is the most appropriate subforum for my question but please point me in the right direction if not... I volunteer with a charity and, one and half years ago, that charity bought a minibus/van on Hire Purchase. At the time, the HP agreement was signed by the chairperson of the charity commitee, who is since no longer involved with the charity - when the van was bought the salesperson apparently advised that this was the right thing to do and apparently s/he gave the that the agreement was effectively in the charity's name, rather than an individual's. Fast forward to last week and the charity received a phonecall from the finance company - Close Motor Finance - who said that they had been informed by the DVLA that the person whose name is on the finance agreement is not the registered keeper, cue threats of repossession etc. The person who signed the finance agreement has never in fact been the registered keeper, but the charity did not realise that this was in breach of agreement (presumably an oversight on the part of the salesperson...). Firstly, can someone confirm that the registered keeper MUST be the same person that signed the finance agreement? Secondly, the options would appear to be as follows: (a) Pay off the £3,000 or so remaining on the agreement - problem with this is the charity does not have the money; or (b) Transfer the registered keeper to the person named on the finance agreement - problem with this is that they are no longer involved with the charity and would like to be rid of the financial responsibility/risks involved; or © Pursuade someone to buy the van with a fresh finance agreement; or (d) Transfer the HP agreement - this is not possible, right? Are there any other things that should/could be considered? Thirdly, what's the position regarding breach of agreement/repossession? Is it the same process as for arrears on repayments? (FYI, this is in Scotland.) Thanks if you've got this far. Any thoughts would be appreciated.
  5. In 2007 i took out a hired purchase agreement on a car from Bank of Scotland. I am in my final year of the agreement with only four months left before i have to pay final balance. The strange thing is four months ago they stopped taking payment from me (I have a standing order set up). A few months ago i recieved a letter from Bank of Scotland stating they have transferred this agreement to Lloyds but all payment details will stay the same. Fair enough i thought! Last week i recieved another letter stating that the agreement has now been transfered to Lex Autolease, which is also part of Lloyds telling me to set up a new standiing order with them. I find all of this ridiclous as i do not feel it is my job to chase them to collect my money. This should have been done automatically without any problems. Now, i have recieved a letter from Bank of Scotland telling me that the account is overdue. What i would like to know is what are my rights in this case? Are Lloyds and Bank of Scotland now one? I need to request my original signed agreement but as far as i am concerned i took this agreement out with Bank of Scotland, not Lloyds or Lloyds Lex Autolease. Any suggestions? Could i potentially write this off and keep the car?
  6. Hi Just after a bit of advice and resolution. Car has been taken today by order of finance company. Car has 4 missed payments totally £480 in which struggling to pay as not working, cant claim job seekers as previously self emplyed and wont give us income based as my partner earns £1 past the limit. So now household income just over £700 a month before anything is paid. Had Car for 3 years before today overall agreement on BOS for £9500 and paid off £5800 Rang Finance Company today and they said we had to make payment of £900 to keep car which included fees for bailiffs as such, stated couldnt do this for obvious reasons but I am i a position to pay £300 which was declined, it was full or nothing. In end they drove off, no paperwork nothing. Still have V5 etc here, not even sure whre car is being taken to. I have had ongoing battle with this company "Cygnet Finance" as when my partner at time went on maternity we asked to ereduce payments and change payment date for 9 months she was off work, they agreed, letter also stated that after 9 months we would go back to normal. When time came they refused to increase and move dates back, so we ended up paying less but at very awkward time of the month. The issue was though that they reported our payments on 15th each month late as agreement 1st of the month via standing order. Payments were made each month as agreed (letter to hand from Finance company) but still eachmonth late payment. i let this go onto till December Last year and then told them to resolve or would take legal action. In mean time I was told to check that Bill OF Sale had been certified but after writing letter they replied stating they didnt have a copy to hand it was more than likely misplaced but be assured it was and was all above board. To date after twice requesting still had nothing, even issued them Letter and payment for request of all my information they sen tme it but no copy in there either. The Bill Of Sale was include but no stamp like told there should be SO, if there anything I can do, Police did turn up as I noticed car being removed from drive I phoned police reported car being stolen thats when it all kicked off. What rights do I have, been told by fiance company they can tak eit whenever they want and dont need any form of paperwork regardless how much I have paid, even if there was only 1 more payment left that would be irelevant Anyone any advice or guidance. Wouldnt maind but paid off well over half of this car, to settle it they sent me settlement figure of £1400 beginning of year but situation went bad at time so couldnt settle Would of got in touch with solicitor is known this was to happen but she costs too much and cam eout of the blue and she is on holiday today. So hopefully so me kind folks on here can give me some free advice
  7. Hi there, in 2009 i recieved a default notice for 2 months payments on car finance with welcome. I rang them and agreed a repayment plan for the arrears and at no time was i told the repayment plan would still enforce the default notice in terms of if i wanted to surrender my car which i now want to do as i have paid half, that option now was not possible. I cant find the default notice i got to read the small print but i paid the default as i still have the car but welcome are sticking with their decision. Any advice please gang. Cheers.
  8. Hi, I am new to this so please bear with me. I was a director of a ltd company which failed, the company was not made bankrupt but we stopped trading and closed the company. The company had a car on finance with Lombard asset finance with myself as personal guarantor. I could not afford the car anymore so called lombard to return the car to them. They came and collected the car and now i have recieved a demand for payment of approx 15K. It states they sold the car for £19,200 and and repossesion cost and disposal cost approx 3500 the debt balance is now approx 15k (i offered to return the car, they did not repo the car) A letter has come from Shoosmiths which includes a copy of the agreement signed by me, a copy of the guarantor signed by me and a print out of payments made to the account from the start. The agreement was for 52k and a deposit of 7k was paid so a total of 45k was the agreement. Date of agreement started in 6/2/08. I simply do not know what to do now, i am unemployed and can not afford it. what options do i have. I read somewhere that if 50% of the balance was paid them i was free to hand the car back. at the time of handing it back i had a balance of approx 30k, with the sale of the car this falls well below the 50% does this count or must it be 50% when i give the car back. I am really worried and any advice would be a great help. Is my only option to go bankrupt as they have all the signed agreements by me ? Thanks in advance
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