voluntary repossession of car

[debster300]

Re: voluntary repossession of car

Thank you and yes I will as since I sent the letter I have not heard a peep from them. Thank u again 👍

[debster300]

Re: voluntary repossession of car

R0b this is what they have said

In response to your letter, I can confirm we will not accept the vehicle back until the account is brought up to the half way mark. While your points are noted (section 99), please see section 100 quoted below -



‘Where a regulated hire-purchase or regulated conditional sale agreement is terminated under section 99 the debtor shall be liable, unless the agreement provides for a smaller payment, or does not provide for any payment, to pay to the creditor the amount (if any) by which one-half of the total price exceeds the aggregate of the sums paid and the sums due in respect of the total price immediately before the termination.’



We are within our rights to ask for supporting documentation to support the fact the finance agreement is no longer affordable. We can set up a payment plan to bring the account up to the half way mark based on your income and expenditure. Please see below -

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Should I proceed the thing is I cannot keep the car I am more than willing to settle the remainder with an installment plan but why wont they just take the car

[R0b]

Re: voluntary repossession of car

The fact is you can terminate at any point, this does not mean you carry on with your monthly payments To make up the halfway point. This means the agreement is terminated and they are entitled to up to half the amount. Therefore you need to request how much is owed in order to bring it up to half the Amount. If he doesn't then you proceed to cancel the tax and insurance.

Regardless of the fact that they don't wish the collect the car that is their problem. If he doesn't wish to give a final amount outstanding then that's his problem but you are not longer liable for the vehicle and is their responsibility if they refuse to collect.

I'll knock something up later to send back to him.

[debster300]

Re: voluntary repossession of car

Thank you and yes they have told me I owe £1226 to the half way sorry cut the end of the email off I will repost for you. I don't debate that I have to pay half way but they are refusing to let me return the car which they know I cannot afford he said I need to pay half before they can take car. Thank you so much.
I cant even cover the insurance past this month this is how dyer my situation is. Here is the full email

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Good afternoon,



In response to your letter, I can confirm we will not accept the vehicle back until the account is brought up to the half way mark. While your points are noted (section 99), please see section 100 quoted below -



‘Where a regulated hire-purchase or regulated conditional sale agreement is terminated under section 99 the debtor shall be liable, unless the agreement provides for a smaller payment, or does not provide for any payment, to pay to the creditor the amount (if any) by which one-half of the total price exceeds the aggregate of the sums paid and the sums due in respect of the total price immediately before the termination.’



We are within our rights to ask for supporting documentation to support the fact the finance agreement is no longer affordable. We can set up a payment plan to bring the account up to the half way mark based on your income and expenditure. Please see below -




Amount paid So far - £2452.80



Half way mark - £3679.20



Amount left to Pay - £1226.40




Kind regards,

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Thank you once again in advance

[R0b]

Re: voluntary repossession of car

Sorry maybe I've missed the whole point of this thread but can you afford to pay £1226.40 right now or not?

[debster300]

Re: voluntary repossession of car

No not at all

[R0b]

Re: voluntary repossession of car

Right I see, sorry I was under the impression you could. I'm afraid then if you can't make the payments then he is right and can't collect the car as you need to bring the amount up to the halfway mark.

Do you have a drive or garage? you could cnacel the insurance and tax and SORN the car instead and then come up with re-payment plan to make the payments until the halfway point.

[debster300]

Re: voluntary repossession of car

I'm afraid at this moment in not even eating its at that point I get 109 a week.... I may just let them repossess the car thank you so much for your help

[R0b]

Re: voluntary repossession of car

If they repossess the car you are going to be liable for much more so have a think before you decide to do that and potentially make things worse for yourself. Speak to the lender and see if you can come up with a repayment plan, If you can provide them with a letter of how much you are getting per week then that will help to reduce the monthly amounts. If you do breach the agreement and fail to make payments, they cannot recover the vehicle without an order of the court. if they do then they will be liable themselves if you have paid at least 1/3 of the total amount.