MoneyBarn - 4 Months Arrears/Breathing Space & Time Order

[Matt113355]

Hey everyone,

I hope you're all doing well. I wanted to reach out here because I'm facing a bit of a challenge with my car finance through Moneybarn, and I could really use some advice.

Long story short, I've hit a rough patch financially, and I've fallen behind on my car payments. Currently, I'm four months in arrears. It's been tough, especially considering I've already paid off three out of the five years on my finance agreement. 

Car initally was £9,050, finance was for £19,500!  I have £8,500 left on it (arrears included).

I'm really keen to keep my car because it gets me where I need to go, and I've made significant progress in paying it off. After doing some research, I've learned about something called "breathing space" and a "time order." From what I understand, these options could provide me with some much-needed relief from paying the arrears and a structured way to catch up on my payments without losing the car.

I was wondering if any of you have had experience with Moneybarn or similar situations? If so, I'd love to hear your thoughts, advice, or any tips you might have.

In two days I will actually have 4 months arrears because I am unable to pay this months payment.  I am thinking to email them the day before the missed payment, telling them I am happy to pay as normal from next month and tell them I am applying for breathing space from the arrears and also I want to see about a time order?

Current payments are £336 per month and I would like to get this down by having longer to pay it off or by the court reducing the high interest.

I am also reading that because I should not have been given the high loan to start with due to not being financially great people are getting compensation?

I just do not want them to take the car back after I have spent 3 years paying it off, I only have 24 payments left from 60 so I want to own it after that.

Do you have any advice on how to go about this? 

Once I miss this payment, making it 4 months total of arrears (not 4 missed payments in a row though) that they will terminate my agreement and take the car back. 

They are asking me to explain my income and expenses which is fair enough but I dont want them to say I can no longer afford it and terminate it. 

I want to pay it all off, but at lower payments and keep the car.

Thanks in advance for your help and advice.

 

[dx100uk]

moved to the moneybarn forum.

i suggest you go read a good few like threads below and get upto speed as some of your thinking's are a bit amiss, esp regarding them just taking the car.

Moneybarn Issues - Consumer Action Group

as you have paid more than 1/3rd under the consumer credit act regarding HP agreements, the car is deemed 'protected goods'.

this means they will HAVE to apply to the civil county court for a 'return of goods order' of which the court will advise you if one is raised.

if they take the car before 'they win' in court (Fat Chance!!) . it will VOID the whole agreement.

should that happen, as long as you do not co-operate, nor sign anything, under the CCA you will be entitled to aLL you payments back AND the car or it's current trade price. 

so moving on....

pers..i would do a time order NOW for an affordable monthly £PCM. 

that will nail moneybarn in their box.

i would not be filling out MB's I&E or giving them any pers info other than raising a time order ASAP.

Breathing Space in MOST cases is a very good idea and gives 60 days buffer, but it allows the provide to nose into your pers financial details as you can't 'just' do it for one debt. they will want to know everything, all your debts etc...inc your inside leg measurements, and as these providers that enable breathing space are funded by the banks, the finance industry and the DCA's, i'd not want that floating around their partners.

do a time order ASAP.

but please READ a good few 10's of MB threads FIRST.

dx

 

 

 

[Matt113355]

Thank you very much for that information there.  Ok so maybe I should not do the breathing space.

Should I tell MoneyBarn I am doing a time order via email?  Will I need to attend court for this?

[Nicky Boy]

Read through the info in the link >> time order << then ask questions.

We are also self help at CAG.

[Matt113355]

Thanks I have already read through that and I have the time order fact sheet, and I still need my questions answered lol its all a lot of information.

[dx100uk]

nope dont inform MB...they'll soon findout...

1. How to apply before court action

You need a claim form called an N1 which you have to fill in with supporting information called the ‘particulars of claim’ You also need a full personal budget sheet and details of your circumstances. This should be taken to your local county court.

 

[Matt113355]

Brilliant thank you I will do that.

 

I will do the 60 day breathing space so they cannot hassle me, and then in that 60 days I will apply for a time order.  I will tell them about the breathing space but not the time order.

[dx100uk]

cant see the point of the BR myself as i explained.

 

[Matt113355]

Well because

A they will hassle me if I dont, and threaten to terminate the contract and take the car back (even though they need to apply to court, they will still email lol)

and because if I do not do that, I will have to pay next months normal car payment as well as an agreed arrears payment on top so it would give me some space from the arrears payment.

It is also to stop all action being taken, IE they cannot go to court during the 60 days....but I can for a time order.

How long does a time order take to go through?

[dx100uk]

you'll get harassed anyway.

if you've read a few threads yet, MB just make up their own rules as the go along regardless.

the time order could have been done today, but you've wasted that.

get it done tomorrow before the w/end.

if will be far far quicker that BS which can take over a week as they have to write to all creditors etc etc then put it before the up on the govt website, then get it ratified,

once the time order is registered at your local county court, it will negate everything they try and do.

dx

[Matt113355]

Ok got you, I wont do the BS, I will just get the time order done - tomorrow. 

Thanks for your help today

Hi, when you said an N1 form, did you mean an N440 form?

[dx100uk]

correct i dont know why the sticky says n1 that i copied it from.