Car Repo

[deejayuk]

Hi there,

 

were in a sticky problem at the moment, my son took out a car on finiance and I were a guarantor. Since my son over 2 years ago lost his job and couldnt pay the car, only 6 months into the agreement - so they pestered us for the money as guarantors then me and my son agreeing that we would take the car on fully and paying for it too.

 

Now I have lost my job, I have been paying for the car now for just under 4 years and we have around 12 months left.

 

We have insurance on the car payments, which I think are very shady and not really great when reading the small print. We have paid £25 a month for the insurance payments.

 

We are very close and I think the settlement would be around 2k-3k but I just cant afford either, monthly or settlement.

 

We are so very close of paying this all off which was a stupid amount may I add. Ridiculous payments at 3x the cars worth.

 

What would anyone suggest? Surely they cannot just come and repossess the car??? Nearly paid 11000 for the damn thing.

 

Would you just offer them X amount for termination etc??

 

HELP!!

 

Please help...

[Guest wino]

What does it say on your agreement about this. Sometimes they will not reposses the car once you have paid over £xxx. Or it will give you the option of a voluntart termination.

[deejayuk]

Hi All,

 

I have just spoken to the hire company - British Credit Trust, where my son (his partner) originally got the finance for the vehicle. I have informed them that I have been made redundant.

 

They said that I am fully upto date with the payments. I asked when the PPI (£25.00 per month) would come into operation to claim on that - they replied never - as the first named hirer is only insured.

 

Going back nearly 3 years ago (approx) that my son split with his partner (the named hirer) and after loads of aggravation and consistent aggressive telephone calls from British Credit Trust that I agreed to pay them consistently myself from there on (2 months after the start of the hire). I said at the time that the extra £25.00 (PPI) could be stopped but they insisted that I continue this as it would insure me for the future! After this I have had this vehicle for my wife and registered the vehicle to my wife with the DVLC. Neve missed a paym,ent and have only 12 payments left!

 

So I am very angry - particularly so as I asked what would happen now and they said they would need to pass this onto their collection agency - ?????

 

Any help and advice gratefully received,

 

Thanks,

Regards,

Dave