Hi there I wonder if anyone can help me with a possible prolem I may have please. We are planning on going BR in August 2011 and are starting to plan ahead and get things in place.
We had one of these rental purchase schemes for our car that finished a few days ago. We couldnt renew it for a newer car (not that we would have wanted to do that mind) nor could we get a loan to buy the car (value 4400) from the finance company. Cant even get a smaller loan from anyone because of our credit rating. This has left us in a bit of a pickle really as we both need a car for work. I phoned finance company today who said that its ok we can extend your agreement for a maximum of 6 months for 770.00 per month. Ha ha ha ha ha ha oh gosh I fell off the chair laughing.
So the nice lady said if we dont hand the car back and we dont buy the car from them, in effect we are defaulting against the agreement. Therefore the debt would get passed to a collections company and we could set up an agreement with them She then said they would probably be happy to accept the payments we were originally making in the rental purchase agreement.. Sounds ok doesnt it?. This is the route we will have to take but can I ask if anyone will know what will happen when we declare BR. Does that all go out of the window and the OR will take the car and include rthe o/s debt in with BR. The car company valued the car at 4400 which is what we would have had to buy it for, however I doubt it will be worth anywhere near that when we come to August, in fact as as today it is worth 3700.
Can anyone offer any advice or information about this please
The car is registered to me. I have a lease car through work which I only pay 35.00 per month towards. This car is registered to my employer so I dont think this will be a problem in BR (well I hope not anyway) and I have had this for a couple of months and use this for work. The other car, my hubby uses for work. We need two cars as we both work 20 odd miles from home in the opposite direction.
Question about rental purchase agreement
Posted - 10 March 2011 : 18:35:26
