i have informed a copmany that i want a vehicle collected asap, as i lost my job and cannot afford the repayments, i offered them a reduced payment that they refused. It has now been 4 MONTHS and i have been promised on COUNTLESS occasions that i will be contactd by their collections dept but i am still waiting any ideas??
2006-12-12 19:38:57 · 4 answers · asked by cadippoz 1 in Politics & Government ➔ Law & Ethics
im in the UK...
2006-12-12 19:47:52 · update #1
There is no time limit as such at this stage in proceedings. To repossess, the credit company needs to apply to the County Court and have a County Court Judgement (CCJ) issued before they can seek the return of the car. From what you say, the credit company have not yet taken any steps.
The law governing the type of credit agreement you have entered into is the Consumer Credit Act 1974 (CCA) and the credit company from whom you borrowed the money to buy the car must ensure that they are not in breach of the Act. A summary of your rights/responsibilities will be contained in a copy of the Credit Agreement you signed on agreeing to purchase the car. It is important that you check the agreement carefully.
I further understand that, under the CCA, if you have paid more than 2/3 of the amount of your original loan, the credit company can not repossess your car.
If you entered into the loan with some form of payment protection it is a good idea to check whether or not the circumstances under which you are no longer able to repay the amount owed are covered. If so, your debt will be paid as usual.
Seek further advice/assistance from your local Citizens Advice or contact the Money Advice Trust (www.mat.org.uk).
Good luck.
2006-12-12 21:11:44 · answer #1 · answered by paul h 4 · 1⤊ 0⤋
IT used depend on how long and much you had paid off it to how much lagal right they had to come and take it. It may be worth talking to some one at citizens advice before proceeding any further.
Some years ago I was in a similar predicament and never heard from the company after I told them I could no longer pay them
Much later I sold the car and wondered if anything would block the sale as part x throgh a dealer but it id not
2006-12-12 19:44:33 · answer #2 · answered by philipscottbrooks 5 · 2⤊ 0⤋
from the service of the default notice on you they have 6 years to take any action which will include repossesion. You should offer to sell the car , and sign a deed saying you will pay the proceeds to them to settle part of the amount you owe.
2006-12-13 23:50:31 · answer #3 · answered by logicalawyer 3 · 0⤊ 0⤋
It all depends on which country you live in.
2006-12-12 19:44:47 · answer #4 · answered by luosechi 駱士基 6 · 0⤊ 1⤋