Finance company wont accept clearing arears

[dave1509]

Hi there

 

I bought a car 18 months ago then lost my well paid job

 

I paid the finance each month until I ran out of money. I am about 10 months in arrears.

 

The finance company is Mercedes Benz finance and I phoned them today to say I have got the money to pay my arrears and start the payments again as I have a new job

 

I was told by a very snotty 'Terminations co-ordinator' the usual 'this is a very serious situation, tant amount to theft, be very careful, I need the car now' etc etc etc

 

They want the car back, they have terminated the contract and I can either hand the car back (they sell it, I owe the difference between settlement figure and what they can get for it at auction- probably about 20k) or pay the settlement £44k

 

I wouldnt tell them where the car was as I want to keep the car, pay the arrears and start payment again but I have to write to the manager of the department and plead my case

 

Any help would be most appreciated

[Conniff]

Is this HP or a personal car loan?

[dave1509]

Hi Coniff

 

It's HP,

 

Dilema I have is, I dont want to give the car back as I will owe £20k+, have no car and struggle to get credit to get a car

[Toulose LeDebt]

10 months in arrears after 18 months of an agreement is an awful lot and tbh leaves you little bargaining power.

 

I assume they have served you a valid default notice and a valid termination notice?

 

I'm not sure if it would be worth applying for a 'Time Order' LINK

You might be over the limit on the value of your car if it was taken out prior to April 2008.

 

There's a lot of info on your dilemmma on the national debtline website here

[dave1509]

Not the best situation but I had to move out of my flat (where the car is registered) so I havent physically received the notices but I have been sent them

 

And a number of letters from people acting as DCA's I would imagine as I know of 2 who are chasing me

[harrassed senior]

Have been in a similar situation many years ago, and when I took the car in for service etc. it was snatched back from my local garage. I think there must be a list circulated which may have to be compulsorarily checked by service stations etc. You can't 'hid' it forever. Have they been to Court for a Possession Order, or have you paid less than one third?

 

Is there anyway you could get a loan to cover the bulk of the amount outstanding, and it may be possible to get them to accept a full and final settlement.

[dave1509]

I have paid less than a third and I dont know if they have a repossession order, I have 1 solicitor and 1 private investigator on my case at the moment plus a few months ago a car collection firm

 

Fact is, if they take the car back, I lose the job and any chance of paying back any money to them

 

It's taken me 18 months to find a job since last march! Ive been schlepping around spending a few weeks in different friends spare rooms, I just thought things were looking bright again..........

 

I feel completely desperate

[dave1509]

The latest on this is that I asked my accountant to write to MB finance asking for a settlement figure (a friend has agreed to lend me the money and I will pay him back)

 

I had a letter from one of the DCA's saying they will report the car as stolen if I dont contact them in 7 days

 

Is this legal?

[harrassed senior]

Wouldn't have thought so:confused:

[postggj]

I had a letter from one of the DCA's saying they will report the car as stolen if I dont contact them in 7 days

 

Is this legal?

 

 

 

pure crap

 

who is the dca

[dave1509]

Eurodebt recovery

 

 

6 Target, Chartermark Way,

 

 

Colburn Business Park, Catterick Garrison, DL9 4QJ.

 

 

The letter (Emailed BTW! after many many phone calls to my ex-employer) reads thus

 

"We are legal agents and fraud investigators for our client Mercedes Benz Financial Services UK Ltd.

The above vehicle is subject to a finance agreement and is the legal property of our client.

This agreement is now terminated and we have been instructed to collect the vehicle immediately.

Failure to contact us within seven (7) days will result in the vehicle being reported as STOLEN, all details regarding this case will then be passed to the appropriate authorities for further investigation

This matter requires your immediate attention to avoid the action outlined above.[/font]