help

[gekko]

We have taken out an agreement with rbs for a car ...

36 payments of £222 have been paid . in our ignorance we thought that was it and the car was ours ,but we were billed for a balloon payment of £3000 .After a call to them we were told that the agreement had now entered a second period ,the balloon was due and e would also have to pay £222 every year until the car was returned or not worth anything !

After trying to agree a monthy figure to spread the £3000 i was told they need it in full ,i approached my bank and tried to set up a new accout and have a £3k overdraft to pay it off ,they said ok and put the process in place .

I then had a visit from a bailif to ask for the payment or the car ,i told him about the bank and i should be able to get a cheque to him within 7 days ,he seemed ok and left .

The cheque book arrived ,i wrote the cheque and sent it .5 days later j got a call from him to say the cheque had bounced ,to which i told him i would contact the bank . i phoned the bank who informed me that ,despite a promise of an overdraft on the new account it had been turned down and i had no overdraft (would have nice to have been infomed )

I phoned the bailif to tell him this and that i would issue a buisiness cheque once i returned to work ( this was left on his answer machine and on 22nd december ,the day i finished for christmas,and only start back today )

On the 29th of december ,i was at the pictures with my son when a team of bailifs turned up at my home and demanded that my wife clears the car in 5 minutes or they would just lift it ,she told them i would be back in an hour but they told her the 5 minutes had already started.

They took the car and said we had till today to pay and collect ,no doubt with more costs or the car would be sold at auction '

 

Thats were we are today ,can anyone help ,i want to just let them sell it and say sod them but fear it will be sold for a pitance and they will come after me for the balance .

Has the agreement now ended now they have the car back?

What rights have the debt collectors got to just turn up and demand ?

Does the balance that will be owed (car worth about £2500) have to be advised to me in writing as everything seems very unoffcial.

 

 

Sorry if this has been long winded ,any advise please

[Ragtaggeorge]

Not my area of knowledge. No doubt someone knowledgeable will post soon. They will all ask to see a copy of the agreement so blot out the personal details, scan it and post it up for an opinion.

[rory32]

Really it would be useful to see the agreement to know the type of agreement it is e.g. Hire Purchase or a Low Payment Plan (which sounds the case) or a Personal Contract Purchase. The type of agreement will effect your consumer rights.

 

Has the agreement now ended now they have the car back?

 

This will depend on the type of agreement it is, although it sounds unlikely that it has now just ended. If they were to try to pursue you for any shortfall they would need to demonstrate to the court that the car was sold for market value rather than just sold to the first bidder.

 

What rights have the debt collectors got to just turn up and demand ?

 

Again that will depend on the type of agreement and how much of the loan has been paid.

 

Does the balance that will be owed (car worth about £2500) have to be advised to me in writing as everything seems very unoffcial.

 

Yes.

[gekko]

hire purchase i think ,will scan and post tonight ,thanks so far