Rci default notice help

[Renmeg3]

Hi I have a car on finance with rci financial services (Renault). I took out the agreement in sept 2010 for 3 years.. I owe them nearly £400 in arrears. However on the day I was due to pay my go dad passed away and I forgot all about it until today. I came home to find a letter from rci saying....

We refer to the default notice previously sent to you in connection with your agreement. This default notice has not been satisfied.

due to your failure to remedy the breach on your agreement and as set out in terms and cond the agreement has now been terminated . You are no longer in possession of the vehicle with out consent.

please contact us immediately regarding the collection of the vehicle. Should we not hear from you within 7days an agent will be instructed to visit you to progress the matter further. In the event that we are unable to agree the return of the vehicle with you legal proceedings may follow.

To stop further action, please call the financial solutions dept immediately on 0333 xxx xxx xx.

the letter is dated 29 aug. it was too late to call them today and I will call them first thing tomorrow, however for now I was wondering if anyone could give me advice on what will happen if I call to "stop further action" my nan has loaned me 6k to pay off the final amount plus the option to purchase free and any arrears. So ideally I would like to call them and pay that in return of ownership of the car. Is this possible/likely. I'm afraid they will say I have to pay 6k and return the car.

any advice I am grateful for. Many thanks Thomas.

[Guest]

Re: Rci default notice help

Hi

Firstly if you have paid over one third of the total price on the agreement they cannot repossess the car without taking you to court and getting an order.

You are correct in that if you contact them you should be able to settle the agreement early and keep the car, they should be able to work out a settlement figure for you which should be less than you would have paid if the agreement had run its course, because there will be a rebate of interest not yet due.

If they collected the car they would have to deduct its value from whatever was owed under the agreement and you would then owe them the balance.

[Renmeg3]

Re: Rci default notice help

Thank you very much. And sorry I made the mistake of posting the same thread twice. I have payed over a 3rd and there is only 2 mnths left to run on the contract. They didn't give me a settlement figure in the letter, and the fact that they wrote "to stop further action" leaves me hope I can pay what I owe and keep the car. Looks like a sleepless night ahead. Thanks again Thomas.

[Guest]

Re: Rci default notice help

Thank you very much. And sorry I made the mistake of posting the same thread twice. I have payed over a 3rd and there is only 2 mnths left to run on the contract. They didn't give me a settlement figure in the letter, and the fact that they wrote "to stop further action" leaves me hope I can pay what I owe and keep the car. Looks like a sleepless night ahead. Thanks again Thomas.

There is o need to worry, they cannot take your car without your consent, all you have to tell them is that you wish to settle the agreement early and ask them tio provide a settlement figure.

If you only have two months left on the contract the figure will probably be the same as the total amount still payable under the contract(or there abouts).

[Renmeg3]

Re: Rci default notice help

Cool. Hopefully it will be sorted tomorrow then. Thanks very much andy58. I post the outcome. Thomas