yep I have circumvented that - the new finance company has now requested an invoice from BMW to take ownership of the balloon. Another 12 months and I have totally paid off the car. I have to say this is a great site

Hi - No it isn't regulated under the consumer credit act - so what your saying is I would have zero chance with negotiating a deal with the judge. ? Its just out of curiosity !!!! I have the new finance company taking on the balloon payment thankfully. At least there are companies out there who are still willing to lend !!!!

Hi - Thanks for the responses - I have now found another company to take on the balloon payment. BMW said if I dont pay the balloon by Wednesday 29th June they will issue a default notice but stated after seven more days they would then register the default notice with Experian - these guys are seriously ruthless people. Out of curosity if I did want to fight them having gone through 48 months with them if I did wind up in front of a judge would I easily be able to convinue the judge to allow me to continue my monthly payments of £1200 for another two years and be able to completly pay off the deal. Plead along the lines of need the car for my elderly parents and children ? Surely as a occupier of the car for 4 years the judge would allow me this ? also if it got to this stage would that be a CCJ ?

Hello All, I have had my BMW X5 for four years, I have had the odd late payments but I have seen through the 48 months, I have been paying £1176 per month "£56,448" and with a balloon remainder of £23,800. The car cost £60,000 BMW are not willing to re-finance the balloon payment. If I can't find alternative finance where do I stand with this car ? I have only done 8000 miles and I want to keep it long term. Since I have seen through the entire 48 months do I not have some right to keep this car and insist on BMW to continue taking £1176 for a further 24 months which will pay off the car ?

Oh yeah !!!!! Priorityone knows what I'm talking about

Can you remove this thread? i don't want others to learn how to break the system, I do have the means to repay but others might not.

No thanks - apologise for the write off comment I was only kidding this case is totally true. It just goes to show the total lack of procedures in the system - there must be Thousands of people who take huge sums of cash and then leave the country !!!!!

But aren't you surprised they allowed all this cash to go ?

Yeah looks good , I'll pay 2k per month for 6 months and then arrange for the remainder to be paid. I have assets

Just had a chat with mercers, I must say they are pretty good to deal with. He did say 5% but then I said I could only do 2k per month. He said if I can't clear the entire balance by this month then they would look At that for me, he said there are plenty of options and barclays would not want to loose me ummm wonder Why ,,,,,

Do you guys have any template for response ?

Ok I will draft a letter, Priorityone - I do remember them saying the repayments must be 5% per month of the balance owing ? I take it this is where I need to negotiate ?

I have a big balance sum owed to mercers and just want advice on how to handle a pay back to the lender.

Yep I also have to say wow it is big but I needed the cash and now time to pay back. Mercers said if I'm having difficulty to come to an arrangement with them to pay over a longer term so I need to now have that conversation. I know they would not want to sell this debt due to the amount so I want to keep it with mercers and deal with them. So i guess I'm asking what should i propose ? Freeze of interest and then propose 2 to 3k per month ?

I'm pretty good with letters, I have also removed the original thread content since you said they could identify !!!!!