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Moneybarn Claimform - car finance


beachcomber60
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Hi BC

 

Sorry to hear of your problems.

 

Can you post more details or even a copy of the agreement if poss (after removing your personal details).

 

It would appear to be a lease rather than a HP agreement & is it to yourself or your business?

 

Is it governed by the Consumer Credit Act?

 

TIA

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  • 3 months later...
  • 3 weeks later...

This morning I received a default notice from MB Finance written on the 4th February and post marked 9th February giving me until 5pm tomorrow to pay two missed payments (£1100), failure to comply in full will result in the car being taken away.

 

It is an unregulated agreement, and should I not pay the two payments the car will be collected, I will still have to pay the arrears + all the remaining rentals due under the agreement (£21K).

 

I did try and terminate the agreement last November but they wanted the car PLUS £22k being the total remaining rentals, so I have been trying to keep the agreement going as there is no way I can find £21k, I am actually one payment behind as I have already sent one which has obviously crossed in the post.

 

Help urgently required as I just dont know what to do.

Edited by beachcomber60
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I found this for you on a legal website:

 

Car Repossession explained

 

If you feel you are struggling with you car on finance you should let the finance company know as soon as possible, as they may be able to help you.

Your lender has the right to take back the goods if you don't keep up your repayments. You'll be sent a notice first, giving you the chance to put things right. But you will have to act quickly - within seven days.

If you haven't got the money to put things right, explain this to the lender. If they won't agree to less than full payment, they may take you to court. You can ask the court to give you extra time to pay if you really want to carry on with the deal.

If you've paid more than a third of the total cost of the HP or CS (not including any insurance), your lender will need a court order to take the goods back. If you've paid less than this, the lender still can't enter your property to take the goods without a court order, unless you give them your permission to.

If you are having problems keeping up with repayments it may be cheaper in the long run to hand the goods back.

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Why is it an unregulated agreement?

 

Is it in your name or a companies name?

 

What was the original credit amount?

Edited by ncf355

omnia praesumuntur legitime facta donec probetur in contrarium

 

 

Please note: I am not a member of the legal profession, all advice given is purely my opinion, if in doubt consult a professional

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Pinky,

 

U are correct the cost of the car was over £25k which is why its unregulated, I have sent one payment which means I'm 10 days late on the second payment.

 

I cannot understand, and I am pretty sure that the default notice has not been issued correctly :-

 

Issued 4th Feb., posted 9th, received by me 10th giving me until 5pm 11th to pay.

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Thanks Pinky,

 

Intend challenging them on that point & see if I can reshedule the one payment I'am behind. Failing that they can have the car back, what worries me is that they still want all payments due under the agreement (about £20k) in addition to the car - surely this cant be right? If I'm struggling to find the monthly payment how the heck am I supposed to find £20,000.

 

Have tipped your scales

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  • 4 weeks later...

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

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Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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  • 3 weeks later...

Your problem needs specialist advice with it being an unregulated loan. Maybe you'll get a better response if you posted it in Vehicle retailers and manufacturers - The Consumer Forums

Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

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17 Port & Maritime Regiment RCT

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It's such a specialised area that's the problem, I know it's not covered by the CCA prior to this month when the limit of £25,000 was doubled, but I doubt whether the change is retrospective.

Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

[sIGPIC][/sIGPIC]

17 Port & Maritime Regiment RCT

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