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T O P I C R E V I E W |
MrandMrs |
Posted - 17 December 2008 : 08:43:46 Hi
Hubby had a secured loan on my car, which was taken out 5 years ago. I contacted the company in July and asked when the final payment was and was told November, so after that payment I cancelled the DDI (we are sorting our bank accounts out in prep for his bankruptcy in January).
We had no contact from them, until a phone call yesterday. I've been told that I was given the wrong information and the final payment is January and therefore they will issue a default notice unless we paid them over the phone. I explained the situation and that we cannot pay it as OH is going BR, they said he would have to voluntarily surrender the car! Are they kidding? They can only own the windscreen wipers - we've been paying £180 a year for the past 5 years.
They refused to enter in a plan to pay off the last £360 over an extended period of time and just kept saying we will have to voluntarily surrender the car and that they were a priority debt and we should miss a mortgage payment to pay them.
Can anyone advise please?
working towards the first day of the rest of our lives |
3 L A T E S T R E P L I E S (Newest First) |
Needafriend |
Posted - 17 December 2008 : 13:29:31 Hi M I would say it would be considering the current climate with the car market.
Ask them for a copy of the agreement and say its so that you can check the terms and conditions of the agreement.
Explain that you have mislead the information and you are quite within your rights to ask to see a copy so that you can double check the terms.
Let me know how that works out.
Jo x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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MrandMrs |
Posted - 17 December 2008 : 12:54:24 We aren't sure where the agreement is. In fact we don't recall recieving it, although he obviously remembers signing it at the garage. I would suspect he hasn't recieved it as we are very good at keeping everything neat and tidy.
I just can't believe they can take the car back for £360, especially after they admit I had a conversation with them in July although the computer records just say 'Mrs called to discuss balance'. Surely, it is in their best interests to agree a reduced payment?
working towards the first day of the rest of our lives |
Needafriend |
Posted - 17 December 2008 : 09:54:10 Hi M&M
What does the actual contract/loan agreement say.
I know my old car loan which i gave back to the company had a final payment which was double the monthly payments.
No they cant force you to give back to car and no they cant force you to stop a mortgage payment to make the payment to them.
You have paid enough that the car does not have to go back to them.
Who was your finance co?
It is not intirely a priority debt but it is secured. You will need to have a read through the T&C of the agreement and see what clauses they have in place.
Let us know if anything comes up with that.
Jo x
19 Weeks down
33 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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