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Hi this is sightly lengthy, I’m currently in arrears with my car loan the Conditional purchase is for £12,000 over 5 years I am just under 4 years in I have paid nearly £9000. I stopped using the vehicle in 2018 and it has been sat in a garage since due to 2 mechanical faults which will cost £4,500 pounds I’ve been struggling and paying the repayments up until recently. Barclays partner finance have passed over to DWF to chase me for the outstanding payments. (Not sold the debt on they work on behalf of them it’s their legal team) I will post my email in response to them chasing me and there response.
First of all I would like to apologise I haven't been in touch sooner.*
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But as you are about to hear this isn't straight forward. I acknowledge that the last few payment s have been missed as I have suffered job loss as well as a family bereavement which has subsequently number one put me in financial hardship and two the bereavement has made me bury my head in the sand a little bit. The good news is I will be starting a new job at the beginning of March.*
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I don't know where to even start with this car it has been nothing but an absolute drain on my life. I haven't actually used the car since June 2018 as it has many major mechanical faults and is in actual fact a non runner, so not only have I been stuck with the repayments I don't actually have a car that works! I have taken it to 4 different garages (via recovery truck) before I could actually find out what was wrong with it, in the end I had to take it to Peugeot directly and pay £90.00 for the to diagnose the problem as the dealership I bought it from could not help me even though I have paid and extra £800 for a 3 year warranty. Once the garage diagnosed the issues the total bill was over £4000 the car wasn't even worth that ! and not to mention I did not have £4000/£4500 to spare having speaking to the dealership (The Car People) they totally wrote me off and said they could not help me because the service was overdue that would void the warranty! Bearing in mind whether or not I had a service this car still had a major Mechanical fault* but they would not listen nor did they have a complaints department. I had no where to turn nobody would help me. So since June 2018 it has been in a garage undrivable* and SORN. I even tried to see what the car would be worth to see if I could sell to pay off the outstanding finance but the car is only worth £270.00 Scrap.*
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I am aware of the 1/3 and halfs rule and considered voluntary termination but to do this the car must be in reasonable condition.*
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I am at a loss as to what to do I am not even sure whether it would be worth just letting it be repossessed at least that way I will be out of the situation.*
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I have attached the bill I received from Peugeot to prove the mechanical faults.*
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If you could advise I would be grateful
Thank you for your email and for advising of your circumstances.
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Please accept our deepest condolences during this difficult time. I am glad to hear you will soon be back in work.
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With regards to our process, we hold all files for a 30 day, 5 stage process and we are currently at the fourth stage. If we come to the end of the cycle in which we hold the file and there is no formal resolution in place, your agreement will be terminated.
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It is therefore imperative that you consider the below options and let us know how you want to proceed, as soon as possible.
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There are 4 options available to you:
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1.*******************Payment of arrears in full:**If you are in a position to clear the arrears of £1,020.65 in full, we can set up a promise to pay for your preferred date. Once they are cleared your file will be handed back to Barclays Partner Finance and you can revert back to paying your contractual monthly instalments.*
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2.*******************Payment arrangement:**This option allows you to clear the arrears over a period of 3 months whilst also maintaining to pay your contractual monthly instalments of £204.13 due on the 31st*of each month. Once you have made all payments under the arrangement, your file will be handed back to Barclays Partner Finance and you can revert back to paying your contractual monthly instalments.
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3.*******************Voluntary surrender:**This option means that you will hand the vehicle back to Barclays Partner Finance. Barclays will then sell the vehicle at auction for the best price on the day and then credit any net sales proceeds towards the outstanding balance however you will then be held liable for any shortfall that is left on the account following on from this. Barclays will contact you after the sale to confirm your liability and allow you to clear any shortfall in an affordable repayment plan.
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4.*******************Voluntary termination:**This option means that you will terminate your own agreement and return the vehicle back to Barclays Partner Finance. Once returned you are then liable to pay 50% of the total amount payable from when you took this agreement out plus any outstanding arrears on your agreement. Please note that you are liable for any damages on the vehicle. Barclays will contact you to confirm your liability and allow you to clear any shortfall in an affordable repayment plan.*
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I’m not sure the options they are giving are correct.*
Can anyone pint pint me in the right direction*
response*
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First of all I would like to apologise I haven't been in touch sooner.*
*
But as you are about to hear this isn't straight forward. I acknowledge that the last few payment s have been missed as I have suffered job loss as well as a family bereavement which has subsequently number one put me in financial hardship and two the bereavement has made me bury my head in the sand a little bit. The good news is I will be starting a new job at the beginning of March.*
*
I don't know where to even start with this car it has been nothing but an absolute drain on my life. I haven't actually used the car since June 2018 as it has many major mechanical faults and is in actual fact a non runner, so not only have I been stuck with the repayments I don't actually have a car that works! I have taken it to 4 different garages (via recovery truck) before I could actually find out what was wrong with it, in the end I had to take it to Peugeot directly and pay £90.00 for the to diagnose the problem as the dealership I bought it from could not help me even though I have paid and extra £800 for a 3 year warranty. Once the garage diagnosed the issues the total bill was over £4000 the car wasn't even worth that ! and not to mention I did not have £4000/£4500 to spare having speaking to the dealership (The Car People) they totally wrote me off and said they could not help me because the service was overdue that would void the warranty! Bearing in mind whether or not I had a service this car still had a major Mechanical fault* but they would not listen nor did they have a complaints department. I had no where to turn nobody would help me. So since June 2018 it has been in a garage undrivable* and SORN. I even tried to see what the car would be worth to see if I could sell to pay off the outstanding finance but the car is only worth £270.00 Scrap.*
*
I am aware of the 1/3 and halfs rule and considered voluntary termination but to do this the car must be in reasonable condition.*
*
I am at a loss as to what to do I am not even sure whether it would be worth just letting it be repossessed at least that way I will be out of the situation.*
*
I have attached the bill I received from Peugeot to prove the mechanical faults.*
*
If you could advise I would be grateful
Thank you for your email and for advising of your circumstances.
*
Please accept our deepest condolences during this difficult time. I am glad to hear you will soon be back in work.
*
With regards to our process, we hold all files for a 30 day, 5 stage process and we are currently at the fourth stage. If we come to the end of the cycle in which we hold the file and there is no formal resolution in place, your agreement will be terminated.
*
It is therefore imperative that you consider the below options and let us know how you want to proceed, as soon as possible.
*
There are 4 options available to you:
*
1.*******************Payment of arrears in full:**If you are in a position to clear the arrears of £1,020.65 in full, we can set up a promise to pay for your preferred date. Once they are cleared your file will be handed back to Barclays Partner Finance and you can revert back to paying your contractual monthly instalments.*
*
2.*******************Payment arrangement:**This option allows you to clear the arrears over a period of 3 months whilst also maintaining to pay your contractual monthly instalments of £204.13 due on the 31st*of each month. Once you have made all payments under the arrangement, your file will be handed back to Barclays Partner Finance and you can revert back to paying your contractual monthly instalments.
*
3.*******************Voluntary surrender:**This option means that you will hand the vehicle back to Barclays Partner Finance. Barclays will then sell the vehicle at auction for the best price on the day and then credit any net sales proceeds towards the outstanding balance however you will then be held liable for any shortfall that is left on the account following on from this. Barclays will contact you after the sale to confirm your liability and allow you to clear any shortfall in an affordable repayment plan.
*
4.*******************Voluntary termination:**This option means that you will terminate your own agreement and return the vehicle back to Barclays Partner Finance. Once returned you are then liable to pay 50% of the total amount payable from when you took this agreement out plus any outstanding arrears on your agreement. Please note that you are liable for any damages on the vehicle. Barclays will contact you to confirm your liability and allow you to clear any shortfall in an affordable repayment plan.*
*
I’m not sure the options they are giving are correct.*
Can anyone pint pint me in the right direction*
response*
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