advice on finance

[thered]

as some of you may know i recently lost my job and im feeling the pinch a bit i cant afford my hp for my car and they are threatening to reposess it if i dont pay i need the car and dont want to lose it any advice welcome

i was thinking of registering it in someone elses name can i do that ? or i have seen theses adverts where they can scrap your finance deal and you keep the car are these any good does anyone know?

thanks in advance

[Mr Pumpy]

I always thought that if youve payed a certain percentage of the loan it couldn't be taken off yer........ could be wrong on that.

[DJSimo]

as some of you may know i recently lost my job and im feeling the pinch a bit i cant afford my hp for my car and they are threatening to reposess it if i dont pay i need the car and dont want to lose it any advice welcome

i was thinking of registering it in someone elses name can i do that ? or i have seen theses adverts where they can scrap your finance deal and you keep the car are these any good does anyone know?

thanks in advance

If you sell the car to someone and don,t tell them it is on finance they are legally entitled to keep the car!!
Use that information as you will LOL

I personally about four years ago bought a car on HP from a guaranteed finance rip off company and then Pxed it at a garage who didnt HP check it.

Finance company chased up new owner and went to reposess car and the garage reported me to the police, I got arrested and spent night in cells, but a really helpful copper(not many of them about) checked it all out and the new owner got to keep the car, I hadnt commited any criminal offence it is a civil matter I was released without charge and that was the end of it.

I may of spent a night in cells but was ?5000 better off for it.

[thered]

my own thoughts on it are to sell the car (well not really) to a m8 i assume that it will not be allowed to be taken off him (more verification if poss) then drive around in it myself

i know this is not right but what can they do or can they do anything at all apart from bill me for what i owe?

as you said pumps i was under the impression that if you were over half way through an aqgreement they could not take your car but i cant find anything about that on my agreement

i am/was 39 month into a 60 month agreement

[DJSimo]

my own thoughts on it are to sell the car (well not really) to a m8 i assume that it will not be allowed to be taken off him (more verification if poss) then drive around in it myself

i know this is not right but what can they do or can they do anything at all apart from bill me for what i owe?

as you said pumps i was under the impression that if you were over half way through an aqgreement they could not take your car but i cant find anything about that on my agreement

i am/was 39 month into a 60 month agreement

There should by law be a section on your Credit Agreement called Repossesion:Your Rights
Mine reads
If you do not keep your side of this agreement but you have paid at least one third of the total amount payable under this agreement that is ?****:00, we may not take back the goods against your wishes unless we get a court order.

And No they cant take your car off your M8 unless they can prove he knew about the outstanding finance when he bought the car off you.

If you want to do this give your M8 a receipt for the sale of car and make sure there is a section on it saying that you declare the car is free from any outstanding finance or debt.
This would be your M8s proof he didnt know the car was on finance, so legally entitling him to ownership of the vehicle.

Hope this helps!!!

[opsmonkey]

i handed my Seat Cupra R back to VW Finance after i had paid the minimum ammount required.. granted i lost the car and the money spent but it allowed me to save ?300 a month in HP, ?150 a month in Insurance and about ?200 a month in petrol.. I bought a banger instead and saved up for decent car and bought it outright..

[xant14]

i handed my Seat Cupra R back to VW Finance after i had paid the minimum ammount required.. granted i lost the car and the money spent but it allowed me to save ?300 a month in HP, ?150 a month in Insurance and about ?200 a month in petrol.. I bought a banger instead and saved up for decent car and bought it outright..

The banger must of been a good motor if it didnt need insuring or petrol ops!

[thered]

i handed my Seat Cupra R back to VW Finance after i had paid the minimum ammount required.. granted i lost the car and the money spent but it allowed me to save ?300 a month in HP, ?150 a month in Insurance and about ?200 a month in petrol.. I bought a banger instead and saved up for decent car and bought it outright..

that is an option i am thinking about m8 my car is ?230 a month which for in 2/3 month i could get a decent banger and give it my car back

however i know my car is very very reliable and a banger may not be as good and may require maintenance which is why if i can keep my car i would ratjher than give it up

all replys and thoughts are great for a balancexd opinion thanks

[Gunninglike]

Maybe best to find some legal advice, a first consultation is always for free...atleast where i live.

[ruudvandan]

Welcome to Finance Reclaim Ltd :: Home :: check these guys out. Many loan agreements over 2 yrs old are not compliant with the consumer credit. These guys will check it out for you (no win no fee) and if this is the case with your loan they can get it nullified, and maybe even your money back. Worth a shot, costs nothing to ask.

[gmb45]

as u r out of work u r entitled to legal aid, how about going to see a solicitor see what they say ? it wont cost u owt m8 only a bit of time. or citizens advice. best be sure before u decide what way u r going to take this matter.

[Mr Pumpy]

I don't know exactly how he did it but a bloke who I know racked up some some proper debt. I think he declared himself bankrupt.....anyways, when he figured out he could do it he went on a crazy buying spree, motorbike, fek off telly etc etc. He's still got em to this day, for some reason or loophole nothing could get repossessed.

[stylli]

I bought a car without checking if there was finance on it (Which there was). Around 2-3 Months later I got pulled by the Police who ended up taken the car away. I went to court and was told since title had never passed from the Finance company to the bloke who sold me the car the car was returned to the finance company. I then had to make a claim from the person who sold me the car. It all got very messy and expensive. I did get my money back in the end but it took a very long time around 12months.

The thing to check is if the loan was on the car or a cash loan. If it was a loan on the car then the chances are that title on the car will not pass on to you until the loan is payed back in full so if you sell on the car your are effectivley selling something that doesn't belong to you.

[chroma]

Lost mine a few years ago, theyre still chasing me for money.
I rold them outright if they took the car id lose my job (which i did) and wouldnt give them another penny.

So yeah, they can chase me for it till im dead.

On the plus side i got a little banger of a Corsa for ?200, lasted me 2 years before it died completely and even then i got ?90 back from the scrappy, all in all 2yrs motoring for ?110 (not including insurance/tax/mot's) petrol was negligable, i could travel from lands end to john ogroats on a single tank in that puddlejumper.

[thered]

thanks for the replies im looking at a couple of options one is giving it up and getting a banger the other is Cartel Client Review. Clear your credit cards and other claims

they are coming to mine on tuesday they reckon they can get me finance wiped me loan wiped and money off every credit card or bank loan i have ever had

hmmmmmmmmm we shall see