Car on HP account with Link

[bladeboy]

Bit of advice required please since my knowledge of HP related matters is poor.

 

Took a HP agreement out with Ford Credit back in 2006 - payment history up till recently has bee excellent and well over a third of the amount has been paid. I still have the vehicle.

 

Total sum was in the region of £15,000 or so, £4,000 (including penalty charges which haven't be specified) is currently being claimed.

 

Recently missed a couple of payments and had the original creditor (Ford) on the phone. Explained I was in financial difficulty and that I would be continuing to make payments. Continued to make payments, as recently as October this year, but there are arrears of roughly £900 or so.

 

Thought that would be then end of it due to my continuing to make payments but then received a default notice from Ford and then a letter saying that they had 'sold' or 'assigned' the debt/account to LINK Financial.

 

Link have sent a latter requesting the return of the vehicle or payment of the £4,000 outstanding.

 

I am aware that the goods/car have protected status so presumably they'll need a court order for the return of the vehicle.

 

Also heard somewhere that I can apply for a time order?

 

OK, given that I might like to keep the vehicle (although haven't decided fully yet) what's the best way to play this one now?

 

I had thought of a formal request for the CCA and breakdown of charges etc via SAR - this should slow things down a bit.

 

Given that LINK have probably bought the account for far less that it's worth would it be possible to make them an offer of, say, 50% of what they claim now with a view to obtaining a full and final settlement and keep the vehicle?

 

Any tips would, as always, be gratefully received.

 

Ta

[bladeboy]

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