Hello, I am seeking advice regarding a car I have currently on finance. Due to my wife having her working hours reduced to part time we no longer are abe to afford repaying car finance. We have wrote to company requesting giving car back which we have had for 2 years, and they wrote to say that they can sell car for us or we are entitled to sell the car privately. We have paid £7861 and half the finance agreement is £10000. I am slightly confused what this means, any advice welcome. Thank You...

Thanks you for your swift reply. I will try the letter and see what happens. Once again thanks for the advice.

Hi all, I am new to this site and have a distressing problem. In January 2003 I bought a car on finance with theYes car dealership, finance was with Direct Auto Finance. I made my last payment April 2003 prior to relocating to Canada and had my ex-wife return the car to the finance company. In August 2003 with a failed relationship under my belt I returned to UK. In May 2004 I returned to the exact same address where I bought the car and left this address (I also received a credit card at this address) January 2007 no contact was made from the creditors during this time, a default notice was placed on my credit file December 2003. In January 2008 I recieved a letter from Thames Credit Ltd for the outstanding debt £7000 and in February they told me it had been bought by Activ Kapital, I sent the letter asking for a copy of the agreement and signed true copy of assignment, but not acknowledging debt to them. I received a copy of sale agreement but no copy of of signed agreement, they said they did not have to provide this! Then in September 2009 I got a letter from Activ Kapital for debt and now in December have had telephone calls at 08:00 in the morning. Is this statute barred? as last payment was in April 2003. Please advise - thank you.