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mahtalj147
Junior Member
United Kingdom
179 Posts |
 Posted - 08 April 2008 : 10:00:02
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Dont know if im even in the right place but I need advice as im stuck.
i have a car on finance with Ucan car credit and have fallen behind by about 3 months and am finding the repayments crippling and know I will not be able to afford them. When I took out the agreement I was sure I could afford it but now it seems I was wrong.
I have not had the car 2 years so im not half way through the agreement, I just want to give it up now....
Any advice on what I can do |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 April 2008 : 10:14:59
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Hi and welcome to the forum
It would be helpful if you could post the following info
purchase price
part exchange value ( if any)
monthly payments
length of agreement
total payable ( including deposit)
depending upon your agreement there may be a provision to hand the car back if you have paid over 50% of the total agreement value.
look forward to the answers
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 08 April 2008 : 10:21:58
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purchase price 7,000
part exchange value ( if any)2000 guess 03 plate corsa
monthly payments £220
length of agreement 4 years
total payable ( including deposit)10,500 |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 08 April 2008 : 11:12:34
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| anybody?? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 April 2008 : 11:16:15
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hi sorry i wasn't clear about the part exchange value
did you put a deposit down or use another car as deposit - if so what was the value of this on the finance agreement.
On the face of it if you haven't paid 50% then you cannot hand the car back so if you have already missed 3 payments (nut have paid over 33% of full value) they can go to court to seek the right to reposess the car.
They would then pursue you for the balance - what the car sells for.
If you can check the hand back clause you may be financially better off to borrow a smaller amount from family / friends to reach the 50% threshold rather than be liable for the full balance
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 08 April 2008 : 11:23:42
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do i just let them reposess the car, this is better than handing the car back surely.
what is the worst that can happen if the reposess the car |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 08 April 2008 : 11:36:32
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If they reposses the car it will be sold at auction.
It is more than likely that the sale of the car will not cover the outstanding finance, therefore they would come back to you for any shortfall.
Hope this helps
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
Edited by - Helpful Advice on 08 April 2008 11:37:34 |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 08 April 2008 : 11:36:53
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I think this is my only choice
what is me next step and what is the outcome.
all answers are grateful |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 08 April 2008 : 11:44:21
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So my options are loan from family and pay half the total cost and I can hand the car back and thats it or I can let the car go and pay the difference which is likely to be bigger than the difference between what I have paid now and 50%..
If they did sell at auction and lets say I owed £3500 can I pay a minimum back |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 08 April 2008 : 12:04:56
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| ? |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 08 April 2008 : 22:59:49
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If there was a shortfall to the finance company i am sure you could come to an arrangement to pay this shortfall over a period of time, which could be the better option.
I hope this helps
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 09 April 2008 : 09:46:44
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Thanks for all your replies I have come to the decision the repo is the best way forward please can you answer the following questions so I can get the ball rolling.
1) Do i need to get in touch with the company and tell them what I intend to do as they sometimes call to my house.
2) Do I just not pay them and wait for the default notice and then all the letters they send regarding sols
3) There will deffo be a shortfall, lets just say about £4,000 can they send bailiffs to my house and take any goods
4) Would they accept £50 a month
5) I also have a loan with the same company which I will continue to pay fine, will this matter |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 09 April 2008 : 11:41:02
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| BUMP |
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mahtalj147
Junior Member
United Kingdom
179 Posts |
Posted - 09 April 2008 : 13:31:34
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| look forward to your answers brett |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 April 2008 : 09:19:15
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Hi,
In answer to your question.
1. you could contact the company and hand the keys back for them to sell the property.
2. As question 1, but the decision is yours.
3. They would have to take you to Court first, but it is possible.
4. You would need to contact the finance company first and negotiate, but I would say they are much more likely to accept a payment plan than incur further costs by taking you to court.
5. No this won't matter these are separate issues, however you could arrange for the shortfall to be added to the loan at the same interest rate and pay this over a longer period.
All the best
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
Edited by - JulianDonnelly on 10 April 2008 09:20:43 |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 10 April 2008 : 20:04:02
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Sorry,
I was struck down with the dreaded man flu, buy I have nothing to add to what Julian has said,
Good Luck with your negotiations,
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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Please help!
