Jump to content


Car Repo, Paid around 80% of the original cost.


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3153 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

I'll start with a bit of background information so you can help as best you can.

 

Basically at a very young age I fell for the whole credit thing and ended up quite deep in to debt. Instead of declaring bankruptcy I decided I was going to get out of the mess myself so I quickly signed up with a debt consolidation company, the only debt I couldnt add to this was my Hire Purchased car. If I added this then the car would have been taken.

 

With my other bills lowered I have managed to pay off around 80% of my cars debt 3 and 1/2 years out of 4. I have fell behind 2 months and a total of £531, then today I receive a letter stating that my debt had been passed to an authorised debt collection agency to arrange a repossesion, also a £300 fine would be added to the debt for their troubles.

 

Ive read that this is illegal if you have paid over 1/3rd of the original amount but when it comes to me vs them on the phone they tell me it can easily be arranged.

 

I have £250 here that I am willing to give to them today and then I will settle the rest as soon as I possibly can, but this doesnt seem to please them.

 

I really cannot lose this car as it is my transport to work, my work is my livelihood that is paying for the rest of my bills.

 

Any help you can give me will be appreciated

Link to post
Share on other sites

Hi there, do you have a copy of the original agreement? is it hire purchase? if so then they can only repossess the car with a court order.

 

Who is the lender? you could write to them offering to pay the arrears over the next few months and reminding them they need a court order to take the car (if you need help with a letter please let me know and I'll draft one for you) - if they took you to court the judge would say the same thing - given you have paid for 3.1/2 years you should be given the opportunity to clear the arrears.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

Im sure I do have the agreement somewhere I will attempt to find it now,

 

The borrower is PSA (Peugeot)

 

My problem is, is that they have only given me until the 7th of this month to make the payment in full ( I only received the letter today) I will be making a phone call to them tomorrow evening I will offer the £250 as a payment for this month but the arrears will still be just short of £300.

Link to post
Share on other sites

Are you able to make the normal monthly payment + something towards the arrears going forward? If so, write to them by recorded delivery making your offer - if they do take court action (I doubt it), you would be able to show the judge you have tried to come to a reasonable arrangement.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

Normal monthly is £216 + late fees £12 I can pay £250, so it is a small dent in the arrears, I think this is why they are unhappy.

 

I am trying to arrange more money to give to them.

 

I cannot speak to them until tomorrow as their offices are closed now but, I will phone them tomorrow, is there anything in particular I should say to them, any legal terms I may not know?

 

thanks for your help on this it means a lot.

Link to post
Share on other sites

To be honest you should really write to them - it's better to have a paper trail, you can never prove what was said over the phone, and they are liable to pressurise you into paying more than you can affoird.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

You won't lose your car when you have paid so much of the loan. If you send the letter tomorrow by special delivery they will get it on Thursday which is the 6th.

 

If you need help with wording the letter please let me know.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

Hi, ok will draft a letter for you and affix to the next post. Are you OK with editing Word documents?

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

Hi, how many months payments are left on the agreement - you would need to repay the arrears over the remaining months.

 

You say you have had some charges on your account? have you paid these or have they been added to the outstanding amount?

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

How much is the total you have already paid in fees ?

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

It's not a good idea to ring them - you won't get anywhere with them if they are only interested in getting payment out of you. Do you have any annual statements from them - the charges should be shown on there?

 

I've affixed the letter you need to send - I have put XXX's in the letter where the amount of arrears charges should go - if you can't find the amount just take out the £sign and the xxx's so it reads refund of arrears charges.

 

Add your address and their address and date . When you print the letter out make sure your printer is set for A4 paper (not Letter size) so it all stays on one page. Send by special delivery and keep a copy for yourself. Check on the royalmail website in a few days time to print off the signature receipt then staple it to your copy of the letter - keep in a safe place in case you need it.

Stephen 16 letter.doc

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...