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DG Collections and LBL repossession imminent


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My vehicle is due to be repossessed as a result of default on an LBL loan. my fault and lesson learned but i do need to know what happens after the repossession in order that i get the balance of monies back to me after the sale of the vehicle at auction. what paperwork should the guy from DG give me when he takes the car and how will i know what it was sold for and the "true outstanding balance" on my account? :(

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My vehicle is due to be repossessed as a result of default on an LBL loan. my fault and lesson learned but i do need to know what happens after the repossession in order that i get the balance of monies back to me after the sale of the vehicle at auctionlink3.gif. what paperwork should the guy from DG give me when he takes the car and how will i know what it was sold for and the "true outstanding balance" on my account? :Cry:

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Think you may be in the wrong place, hit the Red Triangle to the left and ask the Site Team to redirect you possibly to - Vehicle Repossessions/Log Book Loans.

 

Good Luck

 

PT

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do you want them to take it or would you rather keep hold of it ?

 

It depends on the type of contract, how much you have paid etc, but this is what happened to me.

I was charged repossession fee's (about £500), I was charged auction house fee's (another £500), they added all the interest on till the end of the agreement £8000, and then deducted the amount that the car sold for (less than trade price) and then took me to court for the whole lot

 

Have you defaulted once ? Have they sent you a termination notice ? or a defualt notice ?

Any advice I give, is given with the best intention of helping. I am not legally trained, so it is probably best to just ignore me;)

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Also need information on the repossession of goods in a public place, we have not a letter saying they going to take them. the took them from our own stoage box with out, when we had ask not too.

 

we are paying them a smaller sum of money each money as we can not afford the sum argeed, I the item for my business with out I can not trade. I did tell how can give them any money when by taking item they have stop mw earning.

 

Please help any advice would be welcome as I had not notice they were going to do this.

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At the moment i have agreed to them taking the vehicle and have asked for a settilement figure which they have given me of 1400 the value of the car is about 3000 and i have asked them to clarify that the balance will be returned to me

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At the moment i have agreed to them taking the vehicle and have asked for a settilement figure which they have given me of 1400 the value of the car is about 3000 and i have asked them to clarify that the balance will be returned to me

 

 

I would be cautious, as there is nothing to stop them selling the car at less than market value, and you get nothing out of it, Also at the moment, you have nothing in writing.

 

 

 

Would you like to keep the car if you could make a reduced payment every month ?

Any advice I give, is given with the best intention of helping. I am not legally trained, so it is probably best to just ignore me;)

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have you agreed in writing to them taking the vehicle? do you have confirmation in writing that any excess value will be paid to yourself? is them taking the car what you really want?

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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