RCI Finance! Help needed Urgently!!

[missy220099]

Hi,

Bit of background. I entered into a pcp agreement with RFS in 2006 for a car and continued payments for around a year before I went through a bit of bad time in my life and began to defailt on payment as a result of losing my job etc. I received correspondence from them to say that the agreement had been terminated as a result of this and I was now not entitled to be in possession of the car. I sent an email explaining my situation to RFS asking whether I could arrange a payment plan and not hand the car back etc. I received a holding email and then heard nothing further. I called them a couple of weeks later advising that I had moved address and then waited to hear. In the meantime I had spoken to my then ex-boyfriend who said he would sort the payment for the car out and to leave it with him. I did and then heard nothing and so thought it was all sorted. In 2009 I spoke to him and then he asked what i had done with the payment with the car so quite obviously didn't settle the payment! I was petrified at the thought and have buried my head ever since and I still have the car but have never heard anything in 4 years! Today I have received a letter through my parents door which has been hand delivered with a leaflet saying 'I have called today on behalf of RCI Finance and was unable to contact you, please call blah blah urgently'.

I have no idea what to do! I am quite prepared to hand the car back and explain the situation above, but I am frightened that they won't let me pay off the remainder (which i imagine is about 7k) in dribs and drabs. If i get in touch with them are they able to demand the car and the money in one go? If so, I haven't got it to give to them. I am completely petrified and really need some advice as to what they can do to me if I do get in touch with them. I am quite prepared to pay the outstanding monies but will have to do it on a monthly basis which i am not sure they will accept.

Any help will be greatly appreciated.

Thanks in advance

[Caspar]

Re: RCI Finance! Help needed Urgently!!

OK - firstly well done, and I genuinely mean that. It would have been easy to bury your head and pretend this hadn't happened, but you're doing the right hting and facing up to it.

You don't need telling the debt will not go away. You are more likely in my opinion to get a sympathetic outcome if you are proactive in dealing with this.

I would suggest you fill in the IE form (link at top of page) so you know what disposable income you have left. Work out from that what portion of this you can pay towards the car and offer that, along with a copy of your IE sheet and see what they say.

If they say no, then we'd have to take it from there, but if you can show them that you're responding to the visit and doing your best to sort out a resolution you are more likely I would have thought to reach an amicable outcome.

[missy220099]

Re: RCI Finance! Help needed Urgently!!

Firstly, thankyou so much for taking the time to reply to my post!!

I am well aware that this is not going to just disappear and am guilty of the old ostrich syndrome up until now I suppose, but i am at the point where I don't want this lingering over my head any longer. I am kind of glad that it has come on top so I am almost forced to do something about it once and for all.

I am just super worried if they do not accept my payment proposal (which i anticipate would be around £300 per month), what would happen then? Would they take me to court? They cannot take from me what i haven't got i suppose so surely they would be more inclined to accept payments from me until the entire debt is paid off, plus the car being handed back, as opposed to going through the courts and getting less??

From research on the net it seems they are an unreasonable bunch too. Too add to this, i do not want the extra hassle for my mum with her address being the only one they have. My dad was killed in a motorcycle accident in August 2010 and this is the last thing she needs. So far I have managed to keep the letters from her but if they call again she might well be in and then it will open a whole world of trouble.

I suppose I just need a bit of advice as to how the court procedure might go should they decide not to accept £300 pcm.

Super scared , worried and quite frankly cannot function with this on my mind!!