Handing back my Car?

[Birmo0803]

Hey guys. I got a 04 fiesta on finance. Settlement figure is about £4000. Im looking to get a new car (its booring) and ive seen my car advertised on ebay for over 5k (many adverts)... My friend was talking to me saying that i can hand my car to a dealer, they will/can agree to settle it with Ford then sell it on maybe for a profit.

 

Im looking to get a Civic for around £4500-£5500. Am i able to offer the dealer a settlement figure which he can handle then pay the extra £~~.~~ cash / finance..

 

or if anybody can explain this whole process to me in english i will kiss you! haha

 

Rob

[Birmo0803]

nobody have any clues?

[Birmo0803]

Allo! Allo! - I got a Ford Fiesta 2004 1.4 silver. I took the car out on/around 11 Jan 2007. Ive been currently paying £163.53 on a 4 year deal. Realising i am paying a whopping 30% apr. (me being yound and wanting a car i didnt care - regretting now)

 

Anyway. I was looking to hand my car back after ive paid half the ammount. Something like £4300 (a daft ammount) I recall the salesman saying i can hand it back after 2 years also. But after looking into it, im not too certain how it will affect me. Will it leave a bad mark on my credit Record or will it be clear as i have adheared to the T&C's by paying half?

 

Any help will be greatfull.

 

ps. Im after a civic type-r

 

Rob

[Guest wino]

You would be doing a Voluntary Termination (VT) by handing the car back. It has no effect on your credit rating. It should state in your T&Cs how much you need to pay first.

[gyzmo]

give it to me if you want!

[Guest wino]

give it to me if you want!

 

[Birmo0803]

give it to me if you want!

 

 

ha, lol. Its yours pick it up on the weekend!

 

It is a nice car, Full Black leather, Chrome Wheels, Angel Eye head lamps, ST spoiler, a/c CD player.

 

i was young and in a rush. I want a type r now

[Birmo0803]

I just noticed this thread, I have got PPI with my Ford Credit agreement, Im paying about £10-15 /month. I dont even know what it covers me for, Jobloss/sickness etc, And i dont want to contact a helpline becasue they will preassure me into something.

 

does anybody have any knowledge on this?

 

thanks

[dx100uk]

Have a read of the notes for claimants stickie at the top of this forum and get reclaiming

 

It's PPI in sheeps

clothing I bet .........

 

Ex

Edited January 11, 2010 by dx100uk

[Birmo0803]

Hi, Im looking into starting to claim back PPI which I have on my ford credit agreement for my Fiesta. I took the agreement 31st January 2008.

 

There are 2 issues I want to raise before I start this claim, One being; When i purchased the agreement to take Finance over the £6400 vehicle, the salesmen clearly stated that 'due to the cost of the vehicle you really should take this' - and me being a mug... I did.

 

Secondly, I have a friend who works in debt recovery at Gladstone Brooks (PPI reclaiming company) and I mentioned to him that I was looking to start the claim and I mentioned when I took the agreement (I just finished college) and my job at that time was only and 11/hour weekly contract (but i was doing overtime 25+hours week). He was uncertain but he said, ' I thought they cannot even sell PPI if your contracted less then 16hours /week. (again we was slightly drunk so I dont hold him to that information).

 

But on the grounds of the sales rep stating I do need this, This is enough to start a miss-selling claim. I have read lots from Martin Lewis ETC and he states we just have to send a letter, But I am wondering are there any templates floating about which I can get ideas from?

 

Thanks rob

[dj1971]

Rob,

 

The PPI on your agreement will be totally useless to you and even better that the salesman told you it necessary.

 

There aren't any templates in terms of a letter, but something along the lines of I believe the PPI sold to me in relation to my loan agreement no. ............... and therefore a refund in full including all interest applicable.

 

You should also do a calculation of how much you are claiming and attach it when you send the letter. Just post a copy of your agreement, remembering to remove all personal information which could identify you and someone will be along to help.

 

Good luck

 

DJ

[Birmo0803]

Thanks Man, Il have a dig around for all my paperwork, I think I pay £12/month and ive had the car now for 3 years (and there would be interest on it) I know its not a huge ammount to claim back, But its a nice monthly bonus

[dj1971]

Birmo,

 

Is your money regardless of the amount.

 

Get the details and I will help do the calculation for you.

 

DJ

[Birmo0803]

Hi, Im literally $hitting my pants now...

 

I fell behind heavily on my Ford Finance agreement (due to forking out £1800 solicitor fees in) and I have had a call from a company called Link Financial asking me to call.. So I did as at the time I did not know what they wanted.

 

I called them and spoke to an advisor, Nicky who stated my agreement was terminated by ford and they are now legal owners of the car, Even though i have paid over half the amount?

 

They were seeking repossession of the car and stated I will have to pay the remainder of the agreement which comes close to £4500. I do not know what to do! i dont know what/when they are going to turn up?

 

I am lost, I dont know who to talk to - Where to go, Can somebody who has experience please try and guide me, Feel like im going to die =(

 

Thanks

 

==edit===

 

I have just found some paperwork stating, Repossession Rights..

 

'If you do not keep your side of the agreement but you have paid at least one third of the total ammount payable under this agreement which is £3,129.93 we may not take back the goods against your wishes unless we get a court order. (in scotland we may need to get a court order at any time). If we do take back the goods without your consent or a court order, You have the right to get back any money that you have paid under this agreement.

 

Now, Would this still apply? as it is with Link finaincial and not with ford anymore??

 

thanks

[sequenci]

Hi there, it would still apply. Would you like to keep the car? if you do you could consider a Time Order application:

 

Read my blog about them http://www.consumeractiongroup.co.uk/forum/entry.php?186-Time-orders-A-Guide-For-The-Rest-Of-Us

[Birmo0803]

HI tere, thanks for the reply.. Yes I love the car, I wanted to make a payment of around £350-500 today and pay double everymonth. I still want the car - I just dont know what to do, I know im going to loose it now though thanks

[sequenci]

You're not going to lose it.

 

As youv'e paid more than 1/3 if they want the car they'll have to apply to the court for a 'return of goods order'. When you get notification you can either

 

a) Ask the court to pay the regular instalment + a bit extra so you, in effect, catch up with the instalments at some point; or

 

b) Consider asking for a time order, which the blog explains in a bit more detail

 

if you do either of those then the car is safe.

[Birmo0803]

Hey, Thanks glad you know what your talking about sequenci. I have read your blog and its fantastic!

 

I have one question though, Ford have Totally terminated the agreement... I was willing to make a larger payment today and double to get back up to date - but the advisor at Link said this is too late now and it will be repossed and I will need to pay the outstanding.

 

If and when this goes to court, Can I ask as you say To make double payments (or more, which will allow me to catch up in 3-5 months) Would the agreement be re-activated? i.e back with ford?

 

(i know i sound sill, Im not the sharpest tool in the shed)

 

Ive read your blog also about the Time order, If I apply for this - Will it allow me to keep regular payments and keep it too? I do want to pay and keep it you see.

 

Thanks rob

=edit==

 

Also, do you think I can call ford as i have a definate proposal of payment or is this all too late now? I called ford and they have closed my account and sold it to Link Financial (the people who want my car and £4000+)

thanks

Edited February 2, 2011 by Birmo0803

[sequenci]

If and when this goes to court, Can I ask as you say To make double payments (or more, which will allow me to catch up in 3-5 months) Would the agreement be re-activated? i.e back with ford?

 

You can ask the court to do that for sure, I'm not sure if it would be passed back to Ford but it's possible. Remember that if you stick to the terms agreed by the court it would be difficult for Ford or Link to do anything.

 

What you must not to is 'hand the car back' no matter what Link, or their agents, say. If you've paid 1/3 or more then the car is 'protected'

 

The best thing to do is to deal with Link in writing only. Make them a proposal and state that if they don't wish to accept it you'll ask the court to put it in place at the return of goods order hearing.

 

Just keep us updated at each step, we will see you through it all matey

 

Here is a good fact-sheet on HP:

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt

[Birmo0803]

 

The best thing to do is to deal with Link in writing only. Make them a proposal and state that if they don't wish to accept it you'll ask the court to put it in place at the return of goods order hearing.

 

Thanks! Im feeling a bit better about it now. One final question, As they now own the Debt / agreement and there is £4000 outstanding. If they accept me to make continual payments, As it is now terminated with ford - Would this have to be paid in full once accepted/granted by the courts?

 

Or once its set up, Can I make payments and place a voluntary termination with link? (I know silly question, I dont think I can as the original has been terminated, From what I have read - If granted, I will need to keep to the payments for the full arrears to keep the car?)

 

Thanks rob

[sequenci]

Thanks! Im feeling a bit better about it now. One final question, As they now own the Debt / agreement and there is £4000 outstanding. If they accept me to make continual payments, As it is now terminated with ford - Would this have to be paid in full once accepted/granted by the courts?

 

They may wither be the owners or the debt, or simply work on behalf of ford (my gut feeling is that it's the latter)

 

Or once its set up, Can I make payments and place a voluntary termination with link? (I know silly question, I dont think I can as the original has been terminated, From what I have read - If granted, I will need to keep to the payments for the full arrears to keep the car?)

 

 

I'm not sure you'll be able to voluntarily terminate as I think you mentioned that the agreement is now defaulted & terminated - which means you lose your VT rights. If you hand the car back they will sell it and take the sale proceeds away from the balance that is outstanding.

 

if you get an arrangement agreed and keep the car you are likely toi have to pay the whole amount back on the agreement.

[Birmo0803]

OK thanks dude, You helped me A LOT Im going to get a letter wrote up now and sent to link advising of a Payment offer and if not, Applying at the courts.. God I hope they grant it for me.

 

Im just going to offer 6 payments of £320 and then every month of £200, Which is a lot more which I paid PM with ford. FYI I called ford and they have sold it to Link.. Buggers

 

rob

[Birmo0803]

Ill Send them something along the lines of this

 

Reference No. #####

Registration. MA## F#Z

 

Dear Sir/Madam,

You have recently acquired the outstanding balance of my Ford Financial agreement with FCE Bank plc. I write to you in proposal of a payment offer which I would like you to accept in regards to clearing the outstanding balance. I offer to make; 6 continual payments of £300, then recurring payments of £200 per month until the balance is clear. I hope you will consider and accept this offer. Please note, if you do not wish to accept this offer of payment I will request the courts to put this in place at a return of goods order hearing.

 

I look forward to your reply.

 

Yours sincerely

 

They are demanding the whole balance this is what I am mainly worried about, Should I also CCA them?

[sequenci]

When did you enter into the agreement? I not sure what a CCA request would achieve, I guess it might slow 'em down a bit at least!

 

It's common for creditors and collectors to demand the full balance. I could demand that every Cagger gives me a tenner, I doubt I would get it though!

[Birmo0803]

you would have a very nice bank account then if you was successful. I took the agreement out just over 3 years ago, 31st January 2008. Im going to send it recorded delivery, Fingers crosses they accept it so courts are missed.