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Hello everyone,
I have been in serious financial troubles and as a stupid applied for a logbook loan(hire purchase agreement) with loanonyourcar.com on 12th February 2024. The loan was for £2000, and the monthly repayments were £230 for 36 months( i know this is stupid but i had no other choice and took this). As i still couldn't get out of my debt issues i missed payments in March and April. They served me a default notice on 12th April and a contract termination notice on 30th April and sent a external car recovery agent to my home on 2nd. I contacted them and explained my debt issues and the agent was hesitant and asked me to pay a total of £3200 or the car will be taken away and sold at auction. At this point i didn't know what to do and asked the recovery agent to give me 2 weeks time to try and see if i could make the payment. However i couldn't arrange the funds and im in fear that they will come back and try and take my car away this time.
What are my options?
1) I read that in Scotland they need a court order to repossess any property, is this true? If yes should i cite this to them so that i can ask for a time to pay when i get that court order?
I also saw this in the agreement and does this mean i could challenge them to get a court order before repossession?
REPOSSESSION: YOUR RIGHTS If you do not keep your side of the agreement but you have paid at least one third of the total amount payable under this agreement, that is £2,782.47 the Creditor may not take back the goods unless he gets a court order (in Scotland he may need to get a court order at any time). If he does take the goods without your consent or a court order, you have the right to get back all the money you have paid under this agreement.
2) Apply for a Time Order at sheriff court. I am planning to do this, however I'm worried that the agent would come before this is enforced and they can still take my car away.
Can your please suggest what i can do in this situation as i need my car for my work and it might cause me serious issues
I have been in serious financial troubles and as a stupid applied for a logbook loan(hire purchase agreement) with loanonyourcar.com on 12th February 2024. The loan was for £2000, and the monthly repayments were £230 for 36 months( i know this is stupid but i had no other choice and took this). As i still couldn't get out of my debt issues i missed payments in March and April. They served me a default notice on 12th April and a contract termination notice on 30th April and sent a external car recovery agent to my home on 2nd. I contacted them and explained my debt issues and the agent was hesitant and asked me to pay a total of £3200 or the car will be taken away and sold at auction. At this point i didn't know what to do and asked the recovery agent to give me 2 weeks time to try and see if i could make the payment. However i couldn't arrange the funds and im in fear that they will come back and try and take my car away this time.
What are my options?
1) I read that in Scotland they need a court order to repossess any property, is this true? If yes should i cite this to them so that i can ask for a time to pay when i get that court order?
I also saw this in the agreement and does this mean i could challenge them to get a court order before repossession?
REPOSSESSION: YOUR RIGHTS If you do not keep your side of the agreement but you have paid at least one third of the total amount payable under this agreement, that is £2,782.47 the Creditor may not take back the goods unless he gets a court order (in Scotland he may need to get a court order at any time). If he does take the goods without your consent or a court order, you have the right to get back all the money you have paid under this agreement.
2) Apply for a Time Order at sheriff court. I am planning to do this, however I'm worried that the agent would come before this is enforced and they can still take my car away.
Can your please suggest what i can do in this situation as i need my car for my work and it might cause me serious issues
