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Hi All,
I have a big problem with my car finance company.
I have had the agreement since about May 2013 and since about May this year I have had problems keeping up the repayments because I lost my job and the agreement as of last Friday, has been terminated I received my letter saying that I need to return the car.
I haven’t paid over a third so I know they can repossess when they like.
They've actually been quite good in the past and understanding so I can't really fault them as it was of my own making that I am in this mess.
Saying that, they are however adamant that they will not reinstate the agreement going forward now and that I am to return the car.
The only option I have is to pay the full arrears by Friday £1550 and they will allow me to keep possession of the vehicle but said it still won’t be a full reinstated agreement it will be something setup with their legal team and will be on a rolling monthly repayment and if I miss one the car will instantly be called on for repossession.
My circumstances have changed in the last month or so and I am now earning good money again and the usual monthly installment comes to a tenth of my take home salary, I can easily keep up the repayments going forward but it’s obviously too late in their eyes which is fair enough.
Is there anything I can do, I have offered to pay £1000 straight up today and the remanding £550 plus the month’s installment on my payday at the end of the month but they are unwilling to do that.
Can I still apply to the court for a time order even though I’ve not paid under a third?
Really stressing me out as I am finally straight in terms of income but they have given me till Friday to raise the money or it will be passed to recovery agents then.
Thanks all
Darren
I have a big problem with my car finance company.
I have had the agreement since about May 2013 and since about May this year I have had problems keeping up the repayments because I lost my job and the agreement as of last Friday, has been terminated I received my letter saying that I need to return the car.
I haven’t paid over a third so I know they can repossess when they like.
They've actually been quite good in the past and understanding so I can't really fault them as it was of my own making that I am in this mess.
Saying that, they are however adamant that they will not reinstate the agreement going forward now and that I am to return the car.
The only option I have is to pay the full arrears by Friday £1550 and they will allow me to keep possession of the vehicle but said it still won’t be a full reinstated agreement it will be something setup with their legal team and will be on a rolling monthly repayment and if I miss one the car will instantly be called on for repossession.
My circumstances have changed in the last month or so and I am now earning good money again and the usual monthly installment comes to a tenth of my take home salary, I can easily keep up the repayments going forward but it’s obviously too late in their eyes which is fair enough.
Is there anything I can do, I have offered to pay £1000 straight up today and the remanding £550 plus the month’s installment on my payday at the end of the month but they are unwilling to do that.
Can I still apply to the court for a time order even though I’ve not paid under a third?
Really stressing me out as I am finally straight in terms of income but they have given me till Friday to raise the money or it will be passed to recovery agents then.
Thanks all
Darren
