Mobile money/Bill of Sale help

[kazzz_71]

Hello,

 

I have been reading the posts regarding Mobile Money and Bill of Sale and got myself all confused .

 

I stupidly took a log book loan when we ended up in rent arrears, at the time we could afford the repayments and were paying on time every month. Just after Christmas I topped up my loan ( for £150) and continued making payments on time.

 

In March my husband was expectantly made redundant. Payment was due on the 28th April.

 

On Tuesday I got a call from the local office asking when April's payment was going to be and I asked if I could have another week to raise the money, they are fully aware of the situation. He then tried to get another £150 a month off me, which I said I couldn't do, or take the loan over 18 month to reduce the payments, obviously I don't want to refinance again and get in more debt. He then told me I was a month in arrears and would be in touch. Now I am sitting here with frayed nerves waiting for a knock at the door and the car being towed away.

 

A few things I need answers too, if anyone can help please....

 

1. If I apply to the High Court to see if the bill of sale has been registered - Does it have to be registered during a certain time scale?

 

2. Which Bill of Sale to I have to apply for to the Court, the original or the top up loan?

 

3. Have read right that the bill of sale has to be witnessed by a solicitor or have I got confused somewhere? The only people that signed any paperwork were the person giving me the loan and myself.

 

4. How can I tell if the bill of sale is linked to the credit agreement? And what happens if it is?

 

If someone could answer these for me I would greatly appreciate it as I don't know what to do next, obviously I don't want to loose my car and it was a stupid thing to do, but I have never been in debt before and have no idea what to do or where to turn next.

 

Many thanks for reading.

[PublicDefender]

1 - Yes the BOS needs to have been registered within 7 days of signing

2 - Top Up as this will have replaced the original

3 - Yes a Solicitors has to witness it but does not have to be present when you sign it

4 - Unknown

 

Question, is the loan company a member of the CCTA and if so is the total amount owed more than the value of the car and have you been issued with and S87 default notice?

[kazzz_71]

Thanks for the reply.

 

Since I posted, I managed to make last months payment, but not this Junes payment which was due yesterday.

 

Today I have had half a dozen phone calls, which I spoke to an agent on one occasion and he turned nasty on me, which shook me up so I ignored the other calls. I have also had loads of text messages, a few said:

 

"your agreement has been terminated and the period to remedy the breach has expired. Arrangements are now being made to recover the vehicle" and the last one I got at 8.30 says

 

"MM requires urgent action from you to stop further collection activity over the weekend on your account, our agent may call at your address this weekend"

 

I don't think I have been issued with a S87 default notice, the only letters I have off them are 2 saying I am a month in arrears. Can anyone tell me what is likely to happen next, can they just turn up and take the car without sending the default notice or will I get that when they turn up? and if I park the car in the drive are they allowed to enter the drive and take it? I haven't got a clue where I stand and the phone call and texts have shaken me up. I know I have been stupid and brought this on myself, I would just like to know what the best course of action would be.

[PublicDefender]

They cannot take the car without terminating the agreement, this usually takes place after the S87 Default notice, the S87 will give you a date to pay the arrears off by, that is your deadline for handing the car back and wiping the debt out. Phone calls, Txts are just there to scare you into playing up letters are more important, such as arrears, default and termination letters so read them carefully. Take extra care with deadlines that are mentioned in letters. Even if they send a termination letter it usually gives you time to settle the account and even if the car is taken they usually give you 7 days to settle the account and buy the car back. Dont let it get that far, if handing the car back is more cost effective then do it and dont go down this road again.