cls finance

[WOOD73]

hi

i currently have a car on finance, which is by way of loan agreement secured on bill of sale.

do i have any rights regarding voluntary termination as my circumstances have changed and i am struggling to keep up with the repayments although up to now i am up to date, i do see problems arising in the near future.

[mapadale]

Firstly I would advise you to check if either PPI or GAP Insurance was sold as part of the agreement, if you have GAP Insurance then you need to contact the GAP provider and advise them of the situation and it should cover your costs while not being able to pay your agreement in full, you will be expected to pay some towards the repayments, but the majority should come from the GAP.

[blackknight]

Firstly I would advise you to check if either PPI or GAP Insurance was sold as part of the agreement, if you have GAP Insurance then you need to contact the GAP provider and advise them of the situation and it should cover your costs while not being able to pay your agreement in full, you will be expected to pay some towards the repayments, but the majority should come from the GAP.

 

 

Its the PPI that would cover the payments if you become unemployed, the gap only comes into force if the car is stolen or written off

[dx100uk]

so have passed the % of payments you need to VT?

 

if so and the car is in resonable nic

 

then it should cost you nothing more to VT, the agreement will be done.

 

dx

[mapadale]

Its the PPI that would cover the payments if you become unemployed, the gap only comes into force if the car is stolen or written off

I knew it was one or the other, I just couldn't remember.

[WOOD73]

Don't have ppi or gap, problem is its not a hire purchase but a loan agreement secured on a bill of sale, and the paperwork doesn't have the usual termination bit only settlement figures

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?310673-Cygnet-Repossesed-my-Vehicle&highlight=VT+bil+of+sale

[NoGym Bod]

hi

i currently have a car on finance, which is by way of loan agreement secured on bill of sale.

do i have any rights regarding voluntary termination as my circumstances have changed and i am struggling to keep up with the repayments although up to now i am up to date, i do see problems arising in the near future.

 

I have had the same issue with CLS, although I need my car for work so I do not want to have to hand it back. I have fallen behind on the payments several times but only by 2 payments at a time as I contract and move around from job to job frequently. On this last occasion I was made redundant but I managed to find a job after 7 weeks unemployment. I am 2 payments behind and working with an umbrella company meant that I could not give a specific date that I would be paid. I sent info to CLS from my umbrella company stating payment run dates but even this did not suffice.

I took advice from the CCCS regarding other debts and as soon as I mentioned this to CLS they issued default papers and then repossession papers. I am still waiting for them to come and get the car back.

I suggest you find out as quick as possible whether you can give the car back as they don't take kindly to the thought of being subject to any sort of payment plan ( Even though I stated this was not an option and not a route I was planning on going down as without the car I can not work as I travel to different sites daily) .

They plan to sell the car at auction and then pass the remainder of the debt to me which will then go into a payment plan with my other debtors, something that they said the did not want to be a part of in the first place. I'm pretty sure that if you give the car back the same thing will happen so either way if you fall behind and they repossess or you give the car back you will still have to pay for a car you don't have.

[dx100uk]

VT dont VS how much have you paid?

 

it this HP or a pers loan?

 

have you a thread running?

 

some of that info is very unwise

and lead down the garden path stuff.

 

there are alternatives

 

dx

[seekeroftruthandjustice]

Finally some words of "Site Team" wisdom

These posts are stock full of sometimes well intended but misleading guidance and false hope based on minimal knowledge.

My advice - go to Consumer Credit Counselling service, CAB, and get the facts rather than the online fiction.