hpi car default - help needed please

[nickc]

Hello everyone,
Hope someone can help please.
I have just spoken to Renault finance, who have issued a default notice, regarding £500 worth of missed car repayments on a family members car.
They refused to negotiate and say today was the last day available to settle the matter under the default notice.
We have offered to continue to pay the monthly payments plus to settle the two missed payment in full over a reasonable period.
When I explained as we had paid well over 1/3 of the total amount payable, it was my understanding, we could ask a DJ for further time to pay.
Renault told me that was correct, but the end result would be the same.
They will terminate the agreement, appointment bailiffs, recover the vehicle, sell it and then add all the charges, which we still would have to pay.
I am a bit shocked by this, I thought we could ask the court for further time?
I would be very grateful for any advice.
thanks

[labman]

Re: hpi car default - help needed please

If you have paid over one third of the agreement, the finance company cannot repossess unless they go to court for a repossession order.

Is it possible to post up a redacted version of the default notice served as these are quite often defective?

A cheaper alternative for you may be to do a Voluntary Termination - the dealer really will not like you, but you are perfectly within your rights to do so.

Have a read of this:

http://www.legalbeagles.info/forums/...ry+termination

Effectively, this means you hand the car back, and you are only liable for sums up to half of the agreement, less any payments already made, part ex etc....

You do NOT have to pay these sums immediately, so if, for example, you have other debts and are considering a DMP, the amount owing to make up to half the total payment would simply form part of the DMP. If you don't pay it, it will be chased by DCA's like any other debt.

It gives you another option which may save you a lot of money and really annoy the dealer, but you need to get on and do it if you're going to. I have little doubt the dealer will tell you you can't, but my understanding is that you can as long as you get in before they do.

[nickc]

Re: hpi car default - help needed please

thanks for this - the thing is we do want to and can afford to keep the car, it is a genuine, temporary cash flow problem.
I will post up a redacted version of the default notice.
Am I right in thinking we will have an opportunity to ask the court for further time to pay and stop the car being repossessed?

[labman]

Re: hpi car default - help needed please

It's unusual for companies to want the vehicle back as all they do is send them to auction. They usually prefer to get their money, so I'm a little surprised they haven't been a bit more flexible with you.