Car finance query.

[kittex]

Yes i know what you mean about not earning .my hours have changed at work and losing money in working tax ...that was what was paying for car...I take it your car wasnt bought on a bill of sale then if theyve not been for the car as they prob would have taken it and sold it regardless of price...the thing that gets me about some companies they dont seem to understand that if you havent got the money..you havent got it and no amount of pressuring and mithering it going to get money....sad fact of life ..me and you wont be the only people in this situation...

[yogibear8]

Too right, there'll be a hell of a lot in the same boat. I've been told, by a mate, that if the payments I've agreed so far are still crippling me, then as I've paid over 50% pf the vehicle, I could legally offer them a tenner a month. Not sure how that would go down

 

Bet it wouldn't be legal either.

 

Looks like we're stuck with the massive payments mate...get the lottery won and it's happy days all round.

[kittex]

Have you done an income sheet? In reality you can only afford to pay what you have got left after priority bills.e

Ive taken some advice from trading standards and going to see cab for them to make appointment with money advisor.I actually wrote to my finance company and offered them £10 for the next 6 months to see if my financial situation improves,,in reply to that they sent me income and outgoing sheet..which when done ive nothing left..

As for winning lottery....lol..i put euro millions on last night ..didnt even get a number....lol....think thats just the way my lucks going at the moment....aaaaa well....someone once told me theres a soloution to every problem...and im sure there is..,,,heres to finding it eh...lol.

[yogibear8]

May have done income/outgoings some time back, may well be worth a revisit. We can afford it, just, at the moment, but that may well change quite soon. Very curious as to how it pans out with the agreement end date looming, and how the arrears situation is handled.

 

As for the CAB, not sure they will help as the car is a secured loan. When things first got tight, they were my first port of call, helped with everything but the car. Sorry about that.

 

Good luck mate, what you like at bank robbery (my next port of call), bet we're not as good as the banks themselves.

[kittex]

How long have you got left before agreement ends? I suppose with arrears that would depend on how much you owe...( im not prying lol ) you could always offer to continue with what your paying now till it ends.depends on how flexible company is really...my finance comp not the best to deal with so i may have a long hard slog on my plate as a bit complicated.

As for the cab im hoping to get some insolvency advice or bankruptcy advice . Pretty scary stuff but ive nothing to lose except maybe pride..!

Now then ..bank robbery...mmm not sure id make a good bonnie.....lol.....but banks...daylight robbery in my opinion....lol

Ive got laugh otherwise i might go mad with all this stress...Good Luck to you

[yogibear8]

Bump. Any advice gratefully taken on board.

[postggj]

thats a bad agreement to see

 

ime sending a pm with my email address

 

can you send as an email atachment and ill give it a going over

[postggj]

ok then, ive had a look at the agreement and i have some issues with the figures but we will leave them for the moment. i see you have the usual micky mouse insurance loaded into the agreement

 

gap £595 ouch, you can get that for about £75

ppi £1882 ouch again

 

mechanical breakdown £495, why when you have gap

 

THESE QUESTIONS ARE IMPORTANT AND CAN GET THIS LOAN WIPED WITH NOTHING OWING AND LITTLE HASTLE

REF GAP, MECHANICAL BREAKDOWN AND PPI DID YOU GET ANY SEPERATE POLICY DOCUMENTS FOR EACH INSURANCE WITH T&C AND WHO UNDERWRITES THOSE INSURANCE PRODUCTS

 

DO YOU HAVE A DOCUMENT CALLED STATEMENT OF MEANS ??

 

THIS IS A DOCUMENT THAT YOU NED TO SIGN AT POINT OF SALE CONFIRMING THIS INSURANCE CRAP IS SUTABLE. FOR INSTANCE ARE YOU SELF EMPLOYED, HAVE ANY OTHER INSURANCE, ANY PRE EXSISTING MEDICAL CONDITIONS, ETC,ETC

 

DO YOU HAVE A DOCUMENT CALLED STATEMENT OF PRICE???

 

THIS DOCUMENT TELLS YOU THE TRUE EXTENT OF HOW MUCH THIS INSURANCE CRAP WILL COST OVER THE EXTENT OF THE LOAN

[yogibear8]

Latest from finance company after I asked them to clarify situation. Doesn't say much. Does anyone know of any advice centres that may be able to help? CAB weren't interested, something about secured loan?

 

Hi Mr********

 

Thank you for your email.

 

The situation with the vehicle is the full outstanding balance is £4998.34, your account will be due to finish in October but will obviously go over this term due to the arrears.

 

If your situation is still the same we can keep you on the reduced payments of £150 per month on receipt of up to date proofs of your situation. Your current card schedule expires on 12th June so we will need to re-set it then anyway.

[twofoot]

If you read what postggj has said you'd be silly not to awswer the questions asked. Postggj is very well versed in car credit and may well save you a lot of brass and heartache.

[bernardski]

Kind of hard to read those pics, try this FREE pdf converter.

 

http://www.dopdf.com/

 

With this you can put it on as an attachment which will be much easier for the guys to read!!

[yogibear8]

Idid, but couldn't figure out (again) how to post them here, so I emailed them direct.

[bernardski]

yeh can be slightly confusing at first had me spun out completely.

 

on reply click "Go Advanced"

click on the icon of the paper clip

then click on Add Files box on the top right

then search for the files on your pc.

 

b

[yogibear8]

Not quite what I envisaged, but any good to you?

 

CAR CONTRACT 1.pdf

 

CAR CONTRACT 2.pdf

 

GAP.pdf

 

GAP 1.pdf

 

GAP 2.pdf

Edited June 2, 2011 by yogibear8

[yogibear8]

Some more.

Breakdown 1 (2).pdf

Pre Contract Information.pdf

Breakdown 2.pdf

Hire Purchase T C.pdf

[yogibear8]

And again, just one to go now.

Breakdown insurance (2).pdf

Breakdown 2.pdf

Credit insurance 1.pdf

Credit insurance 2.pdf

Breakdown 1 (2).pdf

[yogibear8]

And that's that.

Breakdown 3.pdf

[bernardski]

Pre contract information section 3 states you have the right to cancel,

 

Termination: Your Rights

You have a right to end this agreement. To do so, you should write to the person you make your payments to.

They will then be entitled to the return of the goods and to half the total amount payable under this agreement, that is £4309.32. If you have already paid at least this amount plus any overdue installments and have taken reasonable care of the good, you will not have to pay any more.

 

Do you meet that criteria?

 

Anyone know if there is any realistic chance of exploiting this??

[yogibear8]

Pre contract information section 3 states you have the right to cancel,

 

Termination: Your Rights

You have a right to end this agreement. To do so, you should write to the person you make your payments to.

They will then be entitled to the return of the goods and to half the total amount payable under this agreement, that is £4309.32. If you have already paid at least this amount plus any overdue installments and have taken reasonable care of the good, you will not have to pay any more.

 

Do you meet that criteria?

 

Anyone know if there is any realistic chance of exploiting this??

 

Just done a rough count and we've paid some £8,000 off it. The arrears are the problem...as I posted earlier they stand at £5,000 now.

Edited June 2, 2011 by yogibear8

[bernardski]

Hmm surely that, if payed would place the debt to £12,320?

For an original debt just short of £9,000?

 

I would definitly look into the reclaiming of miss sold PPI route if it is at all possible as that is an incredible figure at over £1,800!! (potentially plus interest on that figure too)

Were you forced into taking PPI as part of the finance agreement? (repayment of this would take a decent chunk out of the outstanding balance)

Is it possible to claim charges back on this?

 

postggj is pretty well clued up on this sort of agreements and should be able to guide you in the right direction if available.

[yogibear8]

Total to pay back would be £13,204.80 @ 48 x £275.10. A shed load of money, but that is what these adverse credit companies charge unfortunately. When I was working it wasn't a problem, but it is now.

[yogibear8]

I sent them this yesterday.

 

As I understand it, it will take me some 3 years to clear the amount outstanding NOW, without any interest that is no doubt going to be added on to the arrears, at the present rate. Obviously this is in no-ones interest, is there any other way of approaching the problem?

 

This is the response today.

 

Thank you for your email. The only other way the clear the balance apart from continuing with the repayments is to settle it all in one go, the current settlement figure is £5010.34.

 

Unfortunately this is the only other way to clear the balance if you wish to keep the vehicle. If you do not wish to keep the vehicle you can voluntary surrender it back to us, the vehicle will be sold at auction, and you would be liable for any outstanding balance.

[bernardski]

Have you looked into the possibility of reclaiming PPI. (I believe it is possible to relaim miss sold PPI + interest in the region of 8% on that sum)Were you forced into agreeing to the PPI policy? (miss sold)Were you led to believe / told that you wouldn't get the finance without it? (miss sold)Have you had penalty charges added to the account? Do you have statements of such? (your's were much higher than the banks £25 a time fee's and they were deemed unfair as they were not a true representation of the administration cost involved and since been reduced to £12 a time.)Im not 100% sure if you will be able to put in a claim for miss sold PPI or even Unfair / Unlawfull charges but it has to be worth looking into as a means of reducing the balance if nothing else? You have nothing to lose by resarching this!Do any of the Site Team, Mod's or fellow CAGgers have any experience of claiming against these types of agreements or knowledge of how to go about this that they could share to help yogibear8 with this??

Edited June 3, 2011 by bernardski

[yogibear8]

Going to exercise my common law right to have a half hour legal consultation with a solicitor next week, see what they advise. Cheers all, will pursue the PPI separately (the solicitor offers a No Win No Fee service for this. Any commission will be worth it just to get rid of the millstone.

[bernardski]

Good about seeing a soliciter but please think very carefully before using a "No win, No fee" company to make a claim for PPI.

 

DO NOT DO THIS

 

The reasons NOT to use them are:

 

1) It is something that you can do for yourself. There are plenty of threads on here with advice how. It may take a little longer but costs a cosiderable amount less.

 

 

2) Any refund you recieve will go towards satisfying the remaining outstanding balance and only to you if the payout was more than the remaing outstanding balance.

 

 

3) If your reclaimed amount was less than the remaining balance then you would still owe money to the people currently chasing the debt AND also to the "No win, No fee" cowboys who would then commence recovery action for payment of their fee's so you would have 2 debt collection agencies chasing you!!

 

 

B