Moneybarn - Repossesion

[dj0nes]

Hi All,

I have a big problem with my car finance company.

 

I have had the agreement since about May 2013 and

 

 

since about May this year I have had problems keeping up the repayments because I lost my job and

 

 

the agreement as of last Friday, has been terminated

I received my letter saying that I need to return the car.

 

I haven’t paid over a third so I know they can repossess when they like.

 

They've actually been quite good in the past and understanding so

I can't really fault them as it was of my own making that I am in this mess.

 

Saying that, they are however adamant that they will not reinstate the agreement going forward now and that I am to return the car.

 

The only option I have is to pay the full arrears by Friday £1550 and

they will allow me to keep possession of the vehicle but said it still won’t be a full reinstated agreement

it will be something setup with their legal team and will be on a rolling monthly repayment

and if I miss one the car will instantly be called on for repossession.

 

My circumstances have changed in the last month or so and

I am now earning good money again and the usual monthly installment comes to a tenth of my take home salary,

I can easily keep up the repayments going forward but it’s obviously too late in their eyes which is fair enough.

 

Is there anything I can do,

I have offered to pay £1000 straight up today and the remanding £550 plus the month’s installment on my payday at the end of the month

but they are unwilling to do that.

 

Can I still apply to the court for a time order even though I’ve not paid under a third?

 

Really stressing me out as I am finally straight in terms of income

but they have given me till Friday to raise the money or it will be passed to recovery agents then.

 

Thanks all

[dx100uk]

moved you to the moneybarn forum

 

 

have a read here.

 

 

could you not VT?

thus you'd only have 50% of the HP to payout after they take off the auction value?

 

 

dx

[Ell-enn]

You should put your offer to them in writing (special delivery) and keep a copy of it as you may need it in the future. From experience of helping others with Moneybarn I know they tend to take a bit more notice if you put things in writing as you are likely to show it to a judge to prove you have tried to make a reasonable offer. If you need help with drafting the letter please let me know.

[dj0nes]

Thanks both

 

@dx- I don't think I can 'voluntarily' terminate now purely because they've already served me termination notice so essentially there is no agreement to terminate.

 

@ell-enn- I would appreciate immensely any help on what I can send them, I really can afford the repayments and correct the account but I need more time than the two days they have given me, I literally have just got back into employment and starting to get myself straight, I can raise £1000 straight away but they're not interested in anything less than the full £1550 - a lot of which will be their charges no doubt.

 

If I did apply for a time order at the court and provided them proof of this could they still reposes in the meantime? The car is literally a sitting duck as I don't have a driveway or garage.

[Ell-enn]

Hi there, affixed is the letter. If you can get it to the post office tonight or tomorrow at the latest they should get it next day (sent by special delivery).

 

Incidentally, if you pay the £1,000 immediately does that take you over the one third ?

[dj0nes]

Thank you so much Ell-enn that's brilliant,

I will get it sent out first thing tomorrow morning via next day special delivery

so it will arrive on Sunday with signed proof.

 

I think what I am offering is reasonable, yes I've been in financial difficulties and I'll hold my hands up not lived up to my side of the agreement

in terms of repayments but I am putting my money where my mouth is by offering £1000 straight up

then the remainder cleared within two and a bit weeks,

 

 

if they repossess the car yes they can auction it off and they will still recoup money from it but no way will it be as quick as what I am proposing here.

 

I really appreciate you're help.

 

I think the best idea is send this off and rent some garage space off a friend until this is resolved

as that way when their agents do call they won't be able to recover it,

as I've heard they fit trackers in their cars so leaving it away from my house on public road isn't an option I don't think.

 

Good point regarding the one third situation after paying £1000

- I would need to do the sums and really have a breakdown of what I've already paid

as I reckon a lot of the repayments I've done recently is just covering their fines

as they prioritise them over the repayments so I've heard from research.

[Ell-enn]

Hi, look on the agreement - it should tell you exactly how much you need to have paid before Moneybarn have to get a court order,

then add up all the payments you have made and deduct from that figure

- then add the £1000 and see if it brings you over one third.

 

Never mind about how much of your payments have been allocated to charges - that's their problem. You just need to prove you have made payments totalling more than one third of the agreement.

 

I assume you mean they will receive the letter on Friday not Sunday

[dx100uk]

well done ell-enn

 

 

no power nor internet all afternoon

ruddy winds.

 

 

dx

[dj0nes]

Hi Ell-Enn, I hope you are well just a little update I received a response from them as I also e-mailed a copy of the letter to them too.

 

Basically long story short is they are not changing their stance it's £1550 by today or they are instructing their goons to try and reposes.

 

I've offered them the £1000 and the remainder including this months installment in a just under a couple of weeks but obviously that's not good enough - but I tried!

 

What should my next move be should I just keep the car on private property and communicate no further until they are finally forced to lodge a court appeal or shall I tell them my intentions and make it clear I do not intend on giving up the car and will fight this at the court hearing?

 

Cheers!

[Ell-enn]

Do you have their bank details ? if so pay the £1000 via internet banking - did you work out if that brings you over the one third?

[dj0nes]

It doesn't

Would need to pay just over £1700 to be over a third, so basically they knew if they let me have the extra two weeks I'd be over a third paid.

[Ell-enn]

Do you have their bank details ?

[dj0nes]

I don't no, I am sure I can find them though.

What's your thoughts around it?

[Ell-enn]

I think you should pay them the £1000 now - will they take payment over the phone with your bank card? Just tell them you need to make the payment now and if they refuse the payment ask them to put it in writing that they refused.

 

You can then apply for a time order - but you will need to do it quickly.

[dj0nes]

Okay great plan! I rung them to offer payment but they said it's being handled by the asset management team and wouldn't take the call any further so I have responded to them on e-mail once again offering a payment right now of £1000 and a further payment of £761 on the 23rd of this month so I shall hopefully receive a response on that shortly which will all be in writing.

 

If they refuse which I am expecting them to do and I then submit a time order do they then have to halt the repossession process on the receipt of proof or are they still within their rights to carry on?

 

I intend on keeping the car on private property anyway so if they did reposes from their then they are doing me a favor!

[dj0nes]

Movement! They have e-mailed me back saying they would be willing to accept the £1000 and after payment would then pass me through to the legal team to setup a consent order.

 

Should I go for this, is there a danger I could pay the £1000 and then they turn around and say well actually no we are not going to set up a consent order or can't and then continue with repossession?

[Ell-enn]

Hi, it's up to you, but if you sign the consent order and then you miss a payment they will repossess straight away. However it means you get to keep the car.....

[dj0nes]

Hi, it's up to you, but if you sign the consent order and then you miss a payment they will repossess straight away. However it means you get to keep the car.....

 

Very good point, however the only other good alternative for me is for me to win a time order in court but as they're unwilling to reinstate the agreement surely a consent order would be the only way forward there too? Or could the court order the agreement continue, I'm thinking probably not?

[theoldrouge]

Very good point, however the only other good alternative for me is for me to win a time order in court but as they're unwilling to reinstate the agreement surely a consent order would be the only way forward there too? Or could the court order the agreement continue, I'm thinking probably not?

https://www.nationaldebtline.org/EW/factsheets/Pages/06C%20EW%20Time%20order%20-%20hire%20purchase%20or%20conditional%20sale/Default.aspx