Immienent car Repossions

[fleckie2010]

Hello, As the title says I'm in a bit of trouble regarding car finance on HP. I'm hoping I could recieve any of the excellent advice that has been passed on in this forums and to hopefully help me decide the best way forward. I have trawled through the post and have found some very usefull info but things are starting to get a little bit hazy, cluttered and confusing so could do with some help.

 

Little bit of history - I took out car finance in August last year, ran in severe financial difficulties (wage arrestment) at end of November and have fallen into arrears (3 payments) I am now in a position to make an overpayment this month and to clear these arrears by end of March and see no reason why I would not be able to continue original montly payment thereafter. I was contacted last week by a repo company asking to arrange to pick up my car, on contacting the finance company I was told that agreement was terminated and only way to stop repossession was to pay full amount, just over £20000.

 

I am looking for advice on what is the best way forward to deal with this with the following.

- How to deal with the Finance company

- Dealing with the repo company

- I'm in the middle of writing a letter outlining my offer to bring account up to date but should I apply for a N440 time order form aswell

- Should I inform Finance company of my intention to apply for a N440

 

Any help would be much appreciated, Thanks in advance

[fleckie2010]

Anyone Help??

[Guest repo threat]

Hi,

 

It looks like you have possibly only paid one or two payments in total. Have you received a default notice ? have you received notice of termination ? I you comply with the default notice, you should be able to rescue the arrangement, though clearly, at such an early stage of the agreement, if you could ever get a court to intervene, the judge would need to satisfy himself that you are able to pay in the future.

[fleckie2010]

Thanks for taking time to reply.

 

I had only made 3 payments when the arressment hit make right out the blue (council tax bill from old address, messy spilt from ex, thought everything had been sorted there) I have received a default notice but no letter of termination. Time has obviously passed to comply with default notice but I am in a position to clear all arrears by end of march, hence wondering if going for a time order is the thing to do.

 

I have a good job with very few commintments each month so should be able to satisfy a judge that there would be no problems paying in the future

[Guest repo threat]

have you explained your position to Black Horse pointing out what has happened. If you state that you will clear the arrears and pay on due dates in future, or alternative is to apply for a time order, they may well capitulate in your favour.

 

have a hunt on policy for arrears handling, Black horse has a licence and is regulated by the Financial Services Authority. I appreciate that you probably don't want to throw good money after bad, but lets face it, if they sue, you have to pay anayway, you may want to extend an olive branch by paying the arrears and then demand that the agreement has not been terminated as no notice received by you.

[fleckie2010]

Its not Black horse but I've explained the situation but they are not being too helpfull to be honest. I have sent another letter and email of the same today outlining how I propose to bring the account back up to date.

 

Just not sure what the ins and outrs of the time order is.

 

Will have a look for arrears handling on policy.

[fleckie2010]

Just had Finance company on the phone, they are saying the agreement is terminated and as I'm not handing back the car, they are handing it over to legal department.

 

Should I cut my losses and just hand the car back or what is next step????

[Surfer01]

If you hand back the car now, it will be sold on auction for whatever price they can get and you will then have to pay in the difference between what is now outstanding and what they sold the car for, i.e. outstanding amount is £10,000 they sell the car for £5000 you still have to pay in £5000 for a car you have not got.

[fleckie2010]

As far I can see that is my only option unless there is anything else I can do that I'm missing??

[Surfer01]

Other options is to get a loan to pay for the car or to try for re-finance with another company like Hitachi. Try and find a broker that can arrange thsi for you as I am sure you do. Another option is to request permission from Black Horse to sell the car privately advising them that after sale you will pay them directly and also any difference. We were able to do this with our caravan.

After we got permission, we informed all buyers that were actually viewing the caravan that it was on HP with BH and they could pay BH direct the outstanding balance with you paying in the difference. This gives the buyer security. Don't forget that doing it thsi way makes the settlement figure a lot lower than what is outstanding on the finance.

If they don't bite at that one go back to pleading to pay arrears and for new DD top be set up if you can keep the car. Hopefully someoen else will be along who cna offer better advice than myself. I just don't want to see you lose the car then still owe the morons £10,000 which they will be chasing for in full and in a lump sum after the sale of the car. What is the market value of the car at present?

[fleckie2010]

Where would I find these brokers that could sort out refinancing for me???

 

Going by past conversations with this company, I could never imagine myself getting permission for them to allow me to sell.

 

Reckon market value to be around the £10000 mark

[sequenci]

Hello there, you have two options;

 

a) Apply for the time order as you've already considered

 

b) Apply for a Debt Arrangement Scheme, this can include your HP arrears and other debts too.

[bluedogx]

More info on time orders here

 

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=06_time_orders

 

DAS payment plans here

 

http://www.moneyscotland.gov.uk

[fleckie2010]

24th February 2011 19:13

sequenci 24th February 2011 21:48

bluedogx

 

Thank you for your responses and helpfull links.

 

Sequenci - Option A is really the only one I am interested in presuing, I want and I will be in a position to bring the account arrears fully up to date by end of March 2011, it's just that Finance company will not help me through my temporary finacial difficulties whatsoever.

 

Anyway it's a time order that I'm going for. Quick question regarding applying for a time order to court.

 

I believe at this stage I should be using an N440 form - is that correct and also must I use the srvices of a solictor to fill out form???

 

Thanks for all your help and support so far.

[bluedogx]

You can get the form from from your local sheriff court. You won't need a solicitor if there's a money adviser near by - CAB or council. You'll need to enclose a financial statement.

Shelter Scotland have a good advice section on this too.

 

Good luck.

[Gaston Grimsdyke]

Apply for a time order, you will get it. Reading between the lines you have not yet paid more than one third of the total purchase price of the vehicle, so they can repo it without a court order even though you are in Scotland. That would be the nuclear option so you need to avoid it.