Moneybarn car finance

[pj80]

hi

can anyone give me some advice about how to deal with moneybarn.

got a car on finance with them july 2022 , had been rejected by everyone else as credit wasn't great due to my husband not working for a long time during covid and that we needed a car, they were the only people who offered us finance and frankly we shouldn't really have been given it. and as you can imagine its been tough and we missed a couple of payments at the beginning of the year but paid it back in a lump sum. 

unfortunately in may we were given an eviction notice on our rental property after 5 years and had to find a new home which is double the cost of our other property as we had to take what we could as our credit was hindering us and also we had to find a large sum for deposit etc. this meant unfortunately our finance has suffered so several payments have been missed.

i have just had an email to say the contract is terminated and engage services will be coming to collect the car.

is there anything i  can do i cant get my kids to school or get to work without it.

i have sent an email to ask if i can guarantee the full outstanding amount be paid by the end of September whether it can be reinstated but unsure if that is possible.

because we have moved i havent received any post from them so dont know anymore details other than the email i have received.

would appreciate any advise. 

[dx100uk]

moved to the moneybarn forum, lots for you to read here.

1st thing is do not give the car to engage if they turn up! they have zero legal powers and are not bailiffs.. 

2nd get a letter of to moneybarn TODAY (and everyone regarding any other credit listed on your credit files too! you dont want backdoor ccj's - never run from debt - ps this also goes for the dvla who need to be informed about the moved individually for EACH driving licence and Car ).

now back to your situation, too be perfectly honest here, if your credit was that bad with lots of defaults late payments and or judgements from other lenders, moneybarn should not have accepted you, thats called irresponsible lending and can be very bad for moneybarn if such a claim were to be true and raised against them.

i would expect, to comply with the law and the regulations contained in the consumer credit act 1994, which your HP agreement (not a contract) is gov'ned by, they must have sent you a default notice under sec 87, but that ofcourse went to your old address. but we'll assume they did, they don't usually forget doing that.

Once a DN has been issued and now today i will assume a termination notice , they will pass this over to one of many to try and snatch the car or con you into giving it over voluntarily locking you into whats called  voluntary surrender which gives them the car back to auction and then legally making you liable for all remaining hte remaining money under the agreement regardless to you no longer having the car. 

now one important thing here is how far you are into the hp agreement, on the back it will state about 1/3rd payment level making the vehicle under the CCA protected goods, so find that figure, tot up your ACTUAL payments and comeback and tell us if you've paid more than i 1/3 or not please.

as if the car IS protected goods the repo agent is acting unlawfully (but dont tell him that and if he wants the car - let him have it and moneybarn will lose by voiding the act thus the agreement and you win and you'll get to keep the car and owe nothing more...(so go check that 1/3 level now could be a godsent! as moneybarn often screw up!!)

if you've not paid to the 1/3rd mark then ...i hope you have a private driveway at your new home, cause if you have not and you leave it on the public highway, they CAN snatch it , if its on your drive they can't and dont be conned into otherwise, the repo guy has ZERO legal powers, so if he does turn up unannounced and your car is on your private drive, film him with your phone and tell him to leave and never return or you'll call police 101 as legally he cannot touch it without your permission and you are refusing that. there are n o if's or but's , dont get into a protracted debate, he knows the score and should back off.

 

now what can you do, finance wise if you've not protected goods status going forward.... it looks like to me regardless of your promises that i bet if truth be know you cant keep up the payments or moneybarn wont accept your offer to get upto date and re install the agreement.

the only way out of that is a time order <<click it and read.

ok alot there 

i'll await your next post ...1/3rd or not and moving letters!! ASAP