Assest finance debt help

[Nutty_lulu]

Hey there folks.*
Based in Scotland. Me and my hubby got a catering trailer 2 years ago on assest finance. He's a sole trader and I went on the agreement also.*
So last year we weren't using the trailer and the contract fell through so we contact assest finance and told them of our situation. They terminated the agreement and we were working with them to come to a payment deal and looking to sell the trailer. So end of November there I sent then income/expenditure sheet and bank statements. Then I got an email back saying they had passed the agreement to the recoveries department as they might have contact to buy the trailer.*
Called them this week as not heard anything and now they have passed our agreement to a lawyer's in Edinburgh and now I have to deal with them. I called them and told the debt recovery manager that I did sent emails to the assest team ect. ..she wanted the emails and would get back to me.*
I am actually worries sick that they will come and take my house away. I am very willing to set up a payment arrangement for the outstanding debt which is about £21000 and this would take 3 and half years to clear paying back £500 per month.**
So I am wanting to see what they say about the emails and then do I propose the payment shedule? With the trailer being sold the debt will reduce down also making the term shorter.*
Any advice x*

[Amethyst]

Was the agreement secured on your home as well as on the trailer ? Was the loan for anything else or just a loan to purchase the trailer ?*


*

[Nutty_lulu]

Hey there.
The loan was just to purchase the trailer only, so they still own it. The loan is not secured on the house at all.*
Lucy*

[Amethyst]

Good. They should repossess the trailer and then you'd have to make up any shortfall - you've offered £500 a month to the 'recovery dept'?

Do you recall how you came to go on the finance agreement as well ? Do you have a copy of the agreement at all to check the terms on default *?

*

[Nutty_lulu]

Hey there.*

I am still waiting back to hear from their* lawyer. The lease agreement states that the full statement of the trailer was payable on termination of the contract, but we have been in contact with the finance company back and forth arranging and proposing payment agreement. The last I heard was we sent income/expenditure and a proposed payment to them at the end of November then there was an email back stating that they passed the agreement to recoveries as they may have a contacts to buy the trailer. Then when I called them to find out what was going they said the agreement had been passed to lawyer's.*
So I made contact with her and forwarded the copies of the emails ect that had been sent and waiting to hear back from her.*
So..just a waiting game the now but should I make contact with the lawyer and make my payment proposals clear?*
Thanks for help.*