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    • 12+2 working days.   a dca can't hurt you credit file any more anyway.   only the original creditor can issue and register a default, on or before the sale of the debt.   what the dca put in the calendar section is immaterial as only you and them can see it it does not extend the 6yrs period whereby the debt shows on your file and after which the 6th defaulted date's birthday causes the whole file to removed regardless to paid or not, paying or not......makes no odds. it still goes, but might still be owed mind, depending upon the contents of the CCA return.   dx  
    • Hello   I agree with dx100uk.   Send them a CCA request which is a request for them to produce the original agreement that gives rise to the debt.  They have a limited amount of time (I think around fifteen days) to send you the document.   Here are the possible follow-ons from that:   1. They don't respond within 15 days and so you are legally entitled to stop paying until they do send a response. 2. They send a letter saying they have gone back to the original creditor to ask for the document and they need more time.  You (legally) stop paying after fifteen days and don't pay them again until they send proof. (This is the most likely first response as they wont have any of your documentation as they bought your debt as part of 1000 others on a spreadsheet on a CD ROM or USB stick). 3. They send you something that looks like a contract or which might be something else that they want you to think is the contract within the time frame.   After either of the above  whatever they send you should be referred back here for an assessment as they will often send you unsigned documents or made up bits of nonsense.  Even if the contract turns out to be the genuine one it still might not be enforceable due to errors made by the creditor at the time of signing.   The only potential downside to the above is that they could try to damage your credit record but probably it is as much damaged as it can be by this debt already so nothing else they can do will make it worse.   Following on from the above you can continue to not pay them.  I would setup an on-line savings account and pay yourself the money instead which has the advantage of creating a resource in case you need to resume payments in the future.   They may send you further letters either inducing you to resume payments by threat or by offering you a deal.  If the document is not valid then the only deal you need to take is the one you unilaterally entered into at T plus 15 days when you agreed with yourself not to pay them another penny.   It is not impossible that they will send you a letter saying the debt is unenforceable (miraculously I have actually seen one!) and asking you to pay anyway which you will of course ignore as you should not be giving any member of this low life industry any encouragement.  
    • I agree and I've no doubt that will happen in the future, but if a court claim is issued and a ccj successfully registered against the debtor then it will never be sb anyway, so are we more likely to see more court claims in the future ?      Can it not work both way though, if the sb date is ultimately aligned to the date of the default notice, essentially giving the creditor 6 years to collect or issue a court claim then regardless of when the debt was last acknowledged / payment made, a debtor could just tell the creditor to eff off after the 6 years is up, figuratively speaking     
    • Received acknowledgement of defence submission from court. VCS now have the option of continuing their claim or not. Watch this space !!!!
    • Yes it doesn't work HB  In Wales someone needed a test on a Sunday, the testing station at Llandudno Hospital was closed, so they could either go to Manchester, 75 miles, or Cardiff 200 miles and a 10 hour round trip.   But as Manchester is England no guarantee on getting test results.
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GAVINB

Car Loan Issues - Advice Needed.

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I currently am 2.5years into a 5 year loan agreement secured against a new car. I am in difficulties and have fallen into arrears on the account.

 

I have been advised to return the car by the bank, and that they will sell it at auction, but that I will be liable for the difference.

 

Is this possible, what are my options - can anybody offer any help or advice.

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Was it a HP agreement or a normal loan? If the latter you would be far better selling it yourself rather than through an auction particularly as the bank will add even more charges onto the debt for handling the sale. :rolleyes:


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thanks - it was hp - and I have offered that - but they are not willing to accept this- saying that the arrears are too much at this stage.

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If you can somehow stop if from going to auction then do. OH purchased a car for £25k. Recession hit OH business, He handed car back to bank approx. 6 months after hp agreement started. They sold the car for only £12k, with deposit and payments made OH has been left with a debt for £21k:eek:.

 

Was it a regulated agreement? As you have been paying for 2.5 years, so long as you have paid a certain percentage you do not have to hand back the car automatically. Don't just do what the banks want you to do, get advice first.

 

I'm afraid I don't know the in's and out's, but I'm sure someone will come along shortly who can tell you all you need to know;)

 

All the best

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Hi there

 

I would suggest that you look into your agreement first of all, to double check the repossession rights. A lot of companies now, are stating that the items are on Hire Purchase, and that the credit is secured on the item, however, it is coming to light that a lot of the credit is actually unsecured, and therefore the item would be fully protected. It is sometimes a way of the creditors getting all their money back.

However, if this is definately secured against your car, you need to negotiate with the company to see if you can come to any sort of arrangement to repay the arrears, to save you having to lose the car - you could explain why the vehicle is important and necessary for you. Normally, if you do fall behind, depending on which company it is, the company would go down repossession proceedings, and auction the vehicle. If there is then any shortfall left, you would be liable for this amount. On the other hand, if there is equity in the vehicle, you would also receive this amount. With you being half way through, and only missing 2 months worth of payments, it is definately worth negotiating with them more, to explain that if you lost this vehicle it would put you out. You could also ask them for any suggestions as to whether you can hand this vehicle back, and then get another which has a lower payment each month? Alternatively, if you cannot afford the payments, you could hand the car back anyway, and then use public transport/someone elses vehicle for the next few months until you have saved up for a new, cheap run around, OR, you could take out another HP which is cheaper with another company.

 

Hope this helps

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