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MONEYBARN - THREAT TO REPOSSESS CAR


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Hi All,

 

Grateful for any views or advice. 

 

I have had a HP car loan with Moneybarn over a 5-year period. 

 

At the start of Lockdown 1 I lost my work (self-employed trainer) pretty much overnight and have struggled to keep head above water subsequently.  I am just about surviving but have been unable to make the last few payments on the loan.  In total I have paid £22,000, and owe just £2500 to clear the arrangement.  Moneybarn are now threatening to terminate the agreement and repossess the car.

 

My question is can they do this? 

Having paid the vast proportion of the loan off, I was under the impression that in effect I own the car and that although they might take me to court for the remainder, they can't actually repossess because the balance of the asset (the car) is mine.

 

However, I may be completely wrong that!  Any help gratefully appreciated.

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no they can't... after 1/3rd payment the car (the goods) becomes protected goods

they would need a return of goods order from a court to do so and no judge would allow that to happen once he received your proposals for the payment of the remaining sums due.

 

should they take the car without one, then they would void the whole agreement and you would be entitled to all you payments back to date and the car for free, or suitable recompense for the value of today.

 

sadly as you'll read here if you type in moneybarn in our search top right of the red banner

you'll see they make the rules up as they go along and have been fined and castigated numerous times by their regulators for such actions toward customers

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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either write to them outlining your payment proposals and DO IT without awaiting their permission or OK.

or which might be the better option...

get a time order done and dusted.

that nails MB firmly in their box

 

whatever you do don't converse on the phone as they will LIE.

everything from now on in writing by royal mail only bothways.

 

have they sent a default notice to date?

.

 

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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On 11/03/2021 at 14:42, dx100uk said:

have they sent a default notice to date?

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 2 weeks later...

Yes- they have sent a default notice.  It's a comprehensive document and it dies set out all their potential options, including the possibility of refunding me all of my money, which I do not believe!

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and what have YOU done since you came here is more the point now.

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Emailed them several times looking for a copy of the contract, making an offer of payment, asked for a payment break as per their own published policy.  No response yet, funnily enough.  Next step is to bang in the time order as advised in this forum.

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you mean hp agreement, 

good as long as you are on top of them and keep to what you have said you'll pay and when..you don't need their permission just do it

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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