Moneybarn problem

[Gomes]

I have a problem with moneybarn. I urgently needed to know how I should proceed after they collected my car.

[Gomes]

I financed a card with maneybarn in July 2022. At that time I was in my car, going through a huge depression. And I signed the contract without reading it well, because I also didn't know Ungle and I didn't even understand what they were saying on the phone. I just agreed and accepted the terms.

I paid some installments on time, but due to depression and the use of medication, I had to go to work only a few times and failed to pay about 4 installments, but always notified Maneybarn.

I even tried to pay the arrears as best I could, but in recent months due to the depression and then going through a divorce, I was unable to pay the December installment, when Maneybarn started to charge me for partial payment of the arrears.
I already wanted to return the car because I couldn't afford to pay such a large installment. I asked maneybarn to lower the installments so I could pay, but to no avail.
It was when in March they gave me 7 days to pay if the contract wasn't going to end and they would pick up the car, I tried to negotiate with my English, but to no avail, I had to pay £1700 within 7 days which was worth the amount I had delay.

I said that I couldn't come and collect the car that I could no longer pay for if I coughed like that, I would return the card voluntarily.
But apparently they ended the contract and sent me an email saying they were coming to collect the car due to non-payment
They collected the car and sent me an email saying I owed almost £20,000 and the total value of the car I signed was £24,000. They say they will withdraw the payments I made and this is my worth, they will put the car up for auction for a much lower value than what was valued online and after deducting the charges I think I will have to pay around £18 million back. a crazy fountain that was making me feel worse depression and making me want to end my existence because it wasn't fair.

Could someone help me with it please

[R0b]

Hi,

First of all, you say that the contract was valued at £24,000 which should be the maximum liability you should be responsible for, so I am not sure how you go from that amount to £18 million. I assume that is an error otherwise I find that impossible to believe.

Second, whilst I sympathise for what you have been struggling with in terms of your depression, and depression can take various forms some of which are worse than others, some might say that you have to take some responsibility for your actions in agreeing to this contract even though you admit that you did not understand what you were actually being told over the phone.

Finally, you are asking for help but you haven't told us what outcome you are seeking to achieve. Are you looking to reach a payment plan or avoid liability altogether or something else?

[atticus]

The reference to £18 million is exaggerated.

[Gomes]

Hi Rob

Contract
We have set out below some of the key financial elements of the agreement, including the number and amount of the repayments you will need to make. Please consider these details carefully.
Purchase Price:
Amount of credit:
Amount of monthly payments: Number of monthly payments
Your income and expenditure
£13,300.00 £12,744.00 £399.98
5 9
Initial payment: Term:
Total amount payable:
£556.00 06 months £24,154.82
We've based our decision to offer you this finance agreement on estimated income and expenditure information obtained from you or from other third-party sources.
Your total current net
£1,600.00
Your total non-
£913.94 monthly income is not
discretionary* monthly
less than:
expenditure does not
exceed:
*Non-discretionary expenditure only includes housing cost, utilities costs, council atx and living costs, plus vehicle costs.
fI your actual commitments are significantly higher and you think you wil struggle ot make the payments, you should not enter into this agreement.
Budgeting for your new agreement - It si important that you make sure you can afford the agreement you are entering into and wil be able
to make the monthly payments without difficulty. fI you are unsure of your budget, we recommend that you use a budgeting tool such as the one provided by the Money Advice Service at www.moneyadviceservice.org.uk to calculate what you can afford each month.
Is the proposed finance agreement right for you?
The proposed finance agreement si known as a Conditional Sale Agreement. It has some features that might make it unsuitable for certain customers. These include:
• The agreement is specifically linked to the supply of the vehicle detailed above.
• You have no right to cancel the agreement, but once it has been signed by us but you can withdraw from it (see overleaf) .
• You wil not become the owner of the vehicle until al conditions of the agreement have been met, and ni particular, the final payment has been made.
• As you wil not own the vehicle until the final payment is made, you cannot sell the vehicle until you have settled the finance on the
agreement in full.
• The vehicle may not be used as a taxi, minicab, for the instruction of pupils learning to drive, or in any form of private hire. You must let us
know fi you wish to take the vehicle abroad for more than 15 consecutive days (at any point).
• fI you are ni an Individual Voluntary Arrangement you wil need your supervisor's agreement before you can enter the agreement.
• fI you are expecting to enter an Individual Voluntary Arrangement, aDebt Management Plan, or bankruptcy you should not enter into the agreement.

I know my responsibilities, I tried to get payments for the 4 outstanding installments, but there was no agreement that I could pay. That's when I said I couldn't keep the car and they sent me to get the car. And now I'm left with a debt of £19k and they still keep my car.

last letter I had

порєпісаї

Agreement number: 747780

Dear Mrs Santos

Notice of Sums in Arrears

This is a Notice of Sums in Arrears letter issued in compliance with section 86(B) of the Consumer Credit Act 1974. This notice may relate to arrears agreed as part of a payment break or other arrangement. If you've previously contacted us to address these arrears, this notice is for your records only and there is no need to contact us again.

We have sent you this reminder notice, in accordance with the rules set out by the Consumer Credit Act, because you are in arrears (or have a 'shortfall' amount you owe us on the above agreement.

What do you need to do?

We want to speak to you, so we can understand your situation and offer you support. If we can get a solution in place to address your arrears this will help you to avoid any unnecessary charges.

Please get in touch using the details shown at the top of the letter if you have not already done so.

The important figures you need to know

The previous total outstanding balance (shown in the previous notice dated 09/10/2023) was £19,006.06

The current total outstanding balance under the agreement at the date of this notice is £17,994.92 (this is

the total amount you currently owe us).

charges become due).

The current shortfall amount giving rise to this ne tre in t7,994,92 (this matches the current total outs canding balance figure, because following the termination of your agreement, an ourrent ta payments

I wanted to understand why they are charging me this entire amount and also for the car. It's like I'm paying for the car and not having it.

[Gomes]

Do they want me to pay this entire amount? as? that's great? I don't see the point and I have no assets, nothing of value, I am a self-employer

I don't have a fixed salary, I'm living on universal credit money at the moment because I'm away from work. I want to resolve this situation, but I don't know how.