Tweet
I took out a logbook loan on 24-06-2018 using my Audi Q7 as collateral,
I was not working at the time and struggling with essentials.
It was a 12 month fairly standard agreement, I borrowed £4500.00, and agreed to repay £7,425 (at £618.75 a month for 12 months).* I remember at the time, I asked, if I struggle meeting this payment, can I extend the term, I was assured this would not be an issue.
I knew the repayments would be hard for me, but i had been offered a new job in a different part of the country and couldn’t do it without
a loan, from the outset there were issues, initially my new paydate fell after the initial loan repayment due date, which they were unwilling to change,
i tried paying weekly - hoping that id be able to figure something out...but i then had an expensive car repair to keep the car on the road,
and missed a payment...
to be honest, the repayments were always a struggle,
after a couple of months, I tried to restructure the loan, the company were unwilling to change it, apparently due to my loan repayment history..
i tried to work with the company, I called them frequently, and tried to restructure the payments into something I could afford, however there
was not the level of flexibility I required. it was causing me marriage issues and undue stress.
on 19-03-19, I called the company, who were demanding £2500 from me in a one off payment, this was unrealistic, and I ended up having an argument
over the phone with their representative.
the representative gave me an ultimatum, pay up now, or we will collect the car.
I knew they needed a default notice which had not been served, and I needed afew more weeks to raise that level of money,
I told the guy on the phone, 'you need to produce a default notice before you can just repossess my car...'
to which he replied 'hold on, I need to check something...' I could hear him typing on his keyboard...
while on the phone, I received a default notice via email
the notice was back dated two weeks, expiring immediately..
i returned home on 21-03-19, my wife had enough of the stress largely caused by this, and had left me that day, at 22:00 the same evening - I had two bailiffs attend to repossess the car.
I cannot prove this was the only default notice I received... but, it was.
the car was gone within 2 days of the default notice expiry date
I ended up having a breakdown over the end of my relationship, I lost my job, and my house and its only now, I feel this is all so wrong, can this really be legal / can they get away with it, what can I do?
in summary, at the time of repossession, I thought I had around £2,500 remaining on the agreement.
the default notice states £4,995.65 due.
since this all happened, I’ve only had one letter from the logbook loan company, the letter states the debt is now settled, I don't know how much the car went for at auction
I know it cost me £16,000 in 2016.
can anyone advise?
*
I was not working at the time and struggling with essentials.
It was a 12 month fairly standard agreement, I borrowed £4500.00, and agreed to repay £7,425 (at £618.75 a month for 12 months).* I remember at the time, I asked, if I struggle meeting this payment, can I extend the term, I was assured this would not be an issue.
I knew the repayments would be hard for me, but i had been offered a new job in a different part of the country and couldn’t do it without
a loan, from the outset there were issues, initially my new paydate fell after the initial loan repayment due date, which they were unwilling to change,
i tried paying weekly - hoping that id be able to figure something out...but i then had an expensive car repair to keep the car on the road,
and missed a payment...
to be honest, the repayments were always a struggle,
after a couple of months, I tried to restructure the loan, the company were unwilling to change it, apparently due to my loan repayment history..
i tried to work with the company, I called them frequently, and tried to restructure the payments into something I could afford, however there
was not the level of flexibility I required. it was causing me marriage issues and undue stress.
on 19-03-19, I called the company, who were demanding £2500 from me in a one off payment, this was unrealistic, and I ended up having an argument
over the phone with their representative.
the representative gave me an ultimatum, pay up now, or we will collect the car.
I knew they needed a default notice which had not been served, and I needed afew more weeks to raise that level of money,
I told the guy on the phone, 'you need to produce a default notice before you can just repossess my car...'
to which he replied 'hold on, I need to check something...' I could hear him typing on his keyboard...
while on the phone, I received a default notice via email
the notice was back dated two weeks, expiring immediately..
i returned home on 21-03-19, my wife had enough of the stress largely caused by this, and had left me that day, at 22:00 the same evening - I had two bailiffs attend to repossess the car.
I cannot prove this was the only default notice I received... but, it was.
the car was gone within 2 days of the default notice expiry date
I ended up having a breakdown over the end of my relationship, I lost my job, and my house and its only now, I feel this is all so wrong, can this really be legal / can they get away with it, what can I do?
in summary, at the time of repossession, I thought I had around £2,500 remaining on the agreement.
the default notice states £4,995.65 due.
since this all happened, I’ve only had one letter from the logbook loan company, the letter states the debt is now settled, I don't know how much the car went for at auction
I know it cost me £16,000 in 2016.
can anyone advise?
*
Comment