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Car Finance Balloon Payment - Help Needed


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My brother has had a car on HP through an independent company for the last 3 years. The final "balloon" payment of £2700 is due in March but he hasn't got it. The company Haydock Finance no longer do car finance so can't refinance the balloon. nor will he be able to get credit elsewhere as he has a CCJ. He has never missed any payments on his car finance in the whole 3 years.

 

On the HP agreement in states: If you have paid at least one third (which he has) "The owner (finance company) may not take back the goods against your will unless it gets a court order.

 

So does this mean he can force them to refinance the balloon by saying that this is the only way he can pay the balloon off??

 

Your thoughts please

 

Many thanks.

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Have a look at my answer here:

 

http://www.consumeractiongroup.co.uk/forum/vehicle-retailers-manufacturers/56855-vw-finance-baloon-payment.html

 

I think you'll find it answers your question too.

Jimbo 44 - always happy to help, but always willing to learn from being corrected too!!! Whilst any advice given may be based upon personal experience, please always be sure you seek guidance from a professional in the particular field.

 

Never be afraid to try something new. Remember that a lone amateur built the Ark, but a large group of professionals built the Titanic.

 

A 'click' on the scales is always appreciated if I have helped. Many Thanks!

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