Author Topic: Finance  (Read 962 times)

emmajacob36

  • Jr. Member
  • **
  • Posts: 14
Finance
« on: Dec 01, 2011, 05:36:42 AM »
What happens if a finance company never repossesses a vehicle that has been discharged in bankruptcy?


____________________
/

James Falla

  • Hero Member
  • *****
  • Posts: 655
Re: Finance
« Reply #1 on: Dec 01, 2011, 03:21:23 PM »
Hi Emma
 
I am not sure I understand your question. Can you give more detail?
Debt Expert & Author
beatmydebt.com

Darcy2011

  • *
  • Posts: 1
Re: Finance
« Reply #2 on: Dec 09, 2011, 11:41:47 AM »
Please can someone help, we have just received a court date in regards to my husbands truck, he brought it in 2005 and so far he has paid £23,000 yet there is £8000 outstanding they claim. Yes we have had financial problems, my husbands business had to cease trading in the recession, then we got screwed by the csa even though my husband had paid £22,423.00 through the csa for his daughter, who is now 23,but csa claim he owes another £7000! anyway he ended up suffering depression and was on sick. I wrote a letter to Mitsubishi regarding his vehicle, asking they freeze all charges we are having difficulties and would they accept £100 a month until our situation changes. I sent the first £100 cheque with the letter also. I paid the following month then stopped as I received no reply from them and they were still putting on charges!
The vehicle is not even worth £5000 now yet I've noticed they want in total £10,000 with charges and whatever they've added. We go to court in January as they want us to hand the vehicle back! But surely as it's only the interest and charges they have added which out stands, a judge can't let them take it can they?
Please help

James Falla

  • Hero Member
  • *****
  • Posts: 655
Re: Finance
« Reply #3 on: Dec 12, 2011, 06:32:13 PM »
Hello Darcy
 
I am sorry to hear about your situation. Ultimately if you buy a vehicle on HP and the payments are not maintained, then yes, with the propriate court order the finance company can repossess the vehicle. The only thing you can do is attend the court on the prescribed date, explain your situation and see if the Judge will be prepared to help you and force the finance company to accept the payments you propose. My suggestion is in the mean time you continue to make the £100 a month payments that you have offered even though interest is still being added as is shows good faith.
 
Does your husband still need the vehicle? If it is only worth £5000 but he owes £10000 on it then a different option might be simply to hand it back and then deal with the shortfall debt with a debt management plan or even debt relief order which would force the finance company to stop charging interest.
Debt Expert & Author
beatmydebt.com