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Winovator

MoneyBarn Notice of Termination & Court order

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Hello,

I took a loan for £13,000 in May 2017

I fell behind in my payments and was 4 months in arrears.

I was send a default notice and agreed to provide a financial update by November 8th.

I made a one month payment of £416.00 on November 6th and tried calling calling but cold not get through. I did so on the 6th, 7th, and 8th of November.

On the 9th of November, I wrote them asking them to contact me ASAP. 

When they returned the call it was to inform me that the contract was terminated. They said it could not be reinstated unless I get a consent order from a judge. (BS!)

 

I was sent a termination notice stating that I have to pay the full balance of the loan + interest  (circa £14,200)

 

My financial situation has now changed and I am solvent once again!

 

They have now agreed to allow me to keep the car if I accept a court enforced agreement (Consent Order) which effectively refinances the outstanding balance of £14,332 into monthly payments

of

12 x 606.80

17 x 416.10

 

The consent order also allows them to repo the car without further legal action if I miss a payment by 2 weeks.

 

Today the car is worth about £8,200.00 and maybe £6,000 at the wholesaler!

Now that termination has been served, Is there anyway out of this mess! I am happy to walk away from the car.

WHAT ARE MY OPTIONS NOW THAT THE CREDITOR ISSUED THE TERMINATION.? VT IS NO LONGER AN OPTION!

AM I ON  THE HOOK FOR THE FULL TERM INTEREST? (SHOULD I KEEP THE CAR AND AGREE TO THIS ROBBERY)?

 

Many thanks

 

Winovator

 

 

 

 

 

 

docs1.pdf

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uploads redacted properly.

 

pers id refuse the consent order and go for a time order 

 

I don't agree with the ruling that allows them to repo the car without further court involvement.

 

 

 


..

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Thanks for your kind reply and further redacting of my post.

 

I have not found reference to a time order for a Vehicle contract purchase on this site (or at least I have not searched properly.) could you point me to on old thread so i can understand how a time order works?

 

Is the time order for the arrears or the total amount of £14,000?

 

RE:  Have I received paperwork from a court?

 

No for the Consent order.

 

They did however apply for an enforcement order on the 29th of October to reclaim the full amount and the vehicle (before the termination notice).

 

I was given 2 days notice to appear in Court.

 

When I confronted them, they told me it was an error and they cancelled the hearing

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