Author Topic: Hire Purcahse Problem  (Read 1240 times)

Carl Burns

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Hire Purcahse Problem
« on: Oct 14, 2009, 10:46:12 PM »
Hi was wondering if you could help me with a problem i have with a hire purchase company. Around two years ago i had a vechicle repossessed of me. They sold the vehicle at auction and its left me with 7800 short fall. I have made a couple of payments during this time and have not kept upto arrangements being made with having major money problems. I have managed to stablise most of these problems and apart from the taxman being on my case after an investigation this is really the only major fiancial problem i have left.

During a converstaion i had with them today they where really aggressive on the phone with regards to paying the whole 7800 debt by the end of the month. I havent got that sort of cash at hand or have no means of getting it together. I have made them an offer of 500 a month to try and ease the situation but they have declined this and are threating further action. They have mentioned making me bankrupt and are even talking off putting a charge on my property.

I do own my own property but have little if any equity in it with having two loans secured too it for buliding an extension two years ago. Could you advise me please and let me know if they can do this ?


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Re: Hire Purcahse Problem
« Reply #1 on: Oct 20, 2009, 06:05:12 PM »
Hi Carl

You can only offer what you have available.  You could try to speak to a manager and hopefully that will be acceptable.  Put the payment plan offer in writing and send it together with your first cheque.  If you're able to keep to your plan, I expect that they won't take any further action.

If they are serious about further legal action, they will have to go through the appropriate processes so you will have time to be able to deal with it.  To obtain a charging or bankruptcy order, they would incur administration costs and have to pays fees and are unlikely to go ahead with this if you stick to your payment plan.

Just keep them informed of any difficulties so that they don't have to chase you for any late/missed payments.
Angela Rosler
Insolvency Manager  e: [email protected]