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Hi All,
I am tearing my hair out, and could do with some advice/pointers in the right direction :-)
In 2010 both myself and my husband were made redundant. We managed on savings for around 6 months, when our funds ran out we were advised by a debt charity to write to all out creditors and ask for reduced payments wile we tried to get back on our feet.
Most accepted and to be fair allowed us to pay less each month,and all of these are now clear :-) except Mercedes Benz, we wrote to them and asked what the procedure was for sending the car back (we were one month behind at this point) They sent court forms for repossession. I spoke to the customer manager and said we were quite happy to give it back, we bought the car in 2008 brand new and needed to hand it back in August 2011 They said that they needed to go to court, which they did and got a order for repossession.
The car went back and was sold for 7000 via auction, we felt this was a little low but were in no place mentally to really do much about it. We offered to pay the remaining balance at £65 per month it was all we could afford, and was fair to other creditors so everyone was getting something. They rejected this offer and went to court in November 2012 for a charging order on our property.
Again we were in no place mentally to really know what to do, and we just wanted it all to stop and try and get paying it and put our lives back together.
The charging order was granted and the judge accepted our income and expenditure and allowed us to pay the balance or around £7k at £65 to be reviewed as and when we could afford more.
Fast forward to 2016 we are due to receive a family inheritance and we expected the balance to be around £5k (we asked in 2015 and it was £5400) we asked for a settlement figure and the breakdown is below
Instructed Balance £12,838.65
Less rebate £769.32
Less Sale proceeds £7,000.00
Plus Sale Costs £175.00
Plus repossession fees £266.00
Plus interest granted on Judgment £1,355.54
Plus Issue, Judgment and Final Charging Order costs £854.20
Less payments totalling £1,820.00
Remaining balance £5,900.07.
It really is the gift that keeps on giving, I assumed that the charging order figure was the total amount that they could claim, interest and charges have all been added into the instructed balance? and Mercedez Benz will have received in excess of the orginal credit agreement for the car.
The solicitor also implies that a ccj will be added when the charging order is paid, but there was never a CCJ applied for or showed up on any of my credit reports with the three agencies.
I am just so confused I want to pay them off and never have to think about it again, but rather than going down it just keeps going up, I don't really get what all the charges are and if they are allowed to do this and I doing understand the implication of a CCJ being entered 4 years after the orginal charging order.
Any insights or help would be so very helpful
Thank you in advance
Yorkshire Grey
I am tearing my hair out, and could do with some advice/pointers in the right direction :-)
In 2010 both myself and my husband were made redundant. We managed on savings for around 6 months, when our funds ran out we were advised by a debt charity to write to all out creditors and ask for reduced payments wile we tried to get back on our feet.
Most accepted and to be fair allowed us to pay less each month,and all of these are now clear :-) except Mercedes Benz, we wrote to them and asked what the procedure was for sending the car back (we were one month behind at this point) They sent court forms for repossession. I spoke to the customer manager and said we were quite happy to give it back, we bought the car in 2008 brand new and needed to hand it back in August 2011 They said that they needed to go to court, which they did and got a order for repossession.
The car went back and was sold for 7000 via auction, we felt this was a little low but were in no place mentally to really do much about it. We offered to pay the remaining balance at £65 per month it was all we could afford, and was fair to other creditors so everyone was getting something. They rejected this offer and went to court in November 2012 for a charging order on our property.
Again we were in no place mentally to really know what to do, and we just wanted it all to stop and try and get paying it and put our lives back together.
The charging order was granted and the judge accepted our income and expenditure and allowed us to pay the balance or around £7k at £65 to be reviewed as and when we could afford more.
Fast forward to 2016 we are due to receive a family inheritance and we expected the balance to be around £5k (we asked in 2015 and it was £5400) we asked for a settlement figure and the breakdown is below
Instructed Balance £12,838.65
Less rebate £769.32
Less Sale proceeds £7,000.00
Plus Sale Costs £175.00
Plus repossession fees £266.00
Plus interest granted on Judgment £1,355.54
Plus Issue, Judgment and Final Charging Order costs £854.20
Less payments totalling £1,820.00
Remaining balance £5,900.07.
It really is the gift that keeps on giving, I assumed that the charging order figure was the total amount that they could claim, interest and charges have all been added into the instructed balance? and Mercedez Benz will have received in excess of the orginal credit agreement for the car.
The solicitor also implies that a ccj will be added when the charging order is paid, but there was never a CCJ applied for or showed up on any of my credit reports with the three agencies.
I am just so confused I want to pay them off and never have to think about it again, but rather than going down it just keeps going up, I don't really get what all the charges are and if they are allowed to do this and I doing understand the implication of a CCJ being entered 4 years after the orginal charging order.
Any insights or help would be so very helpful
Thank you in advance
Yorkshire Grey
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