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my car was repossessed


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Hi im new and i dont spell very well so please bare with me. The story starts like this.

I purchased a car back in Dec 2006 at a cost of £29k I split up with my wife in January 2007 but it was all friendly (or so i thought) any way i continued to give her the payments for the car and she was suposed to be paying the as normal along with the morgage, well to cut to the chase she did not pay the payments. I was the one that had moved out the house. the HP company sent a default notice after 2 months ( i was unaware of this) it was sent to the house where she was living, because they had no reply they went to court again i was unaware of this the court awarded them possession of the car in default. they then got the court balliff & there own collection company to take the car back as i was currently not at my home address the balliff came to me at work to take the car this was the first i had heard about it and i got stright on the phone to the finance company to find out what was going on they told me no payments had been made the was about £3k in payments and charges unpaid i tried to resolve this and said i would pay the arrears and 3 months payments up front wile i was on the phone to them but they would not have any of it so i had to let the balliff take the car.

I then spent the next week trying tto resolve the problem with them but i could not refinace due to the problem with this HP agreament so it looked like the only option was to let them sell it at auction there was £19800K left on the finace and they told me they would be putting a £19800k reserve on it witch they did it did not sell so my farther said he would buy the car he arranged the finace with the same finace company as he had been useing them for 28 years to buy cars this all went through ok and was approved. I spoke to the guy in charge at the finace company and told him that my father was going to buy the car and settle the finance he told me it was aginst the law well i was gob smacked to say the least so i argued with him on the phone for about 20min and i told him i would go to court to chalenge this, the following day the car was sold at auction for £16400k far below the reserve it turnes out that it was sold to one of the finance companys own dealers.

 

Did the finance company act fairly.

1. The balliff came to my work

2. they did not help at all to resolve it

3. car was sold to one of thier dealers (through the auction)

4. The car was sold for £4k below the reserve after i argued with the boss

5. the judgment was in default the they judge was told i had put no deposit on the car when i had put a £12k deposit

6. I have writen to them and asked for details of the auction & why they refused to sell it to my father and why after i argued with the boss was it sold so cheap but they have not replied.

 

The car in question still sells now for £20k+ they sold my car 18 months ago at the time they sold my car they were on the dealers forcourts for £27k

 

Sould i go to a solicitor or do you think Im wasting my time.

 

any help or advie would be great

 

Thanks

 

Tom:)

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Your situation isn't uncommon, and the trick is to head off the things that happened to you before they become a reality. From what you describe, this is a pretty standard outcome.

 

Your real complaint - the auctioning of the car for a basement price is usually referred to a 'fire sale' and is well known as the best way to pick up a bargain. To sell it to someone you want requires you to make these arrangements as part of the settlement negotiations - not as a defaulter.

 

You could argue that it is unfair, and I'm sure nobody would disagree, but that won't get your money back - this is a production line with everyone making money from hapless motorist for the services they provide, with their costs all coming out of any residual value. With the cost of legal action running to 4 figures, and no guarantee of any success - it may be pragmatic to add it to experience, and realise car finance is something where the end user will always be disadvantaged, even when they agreement is completed with no adverse effects.

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