seems like you were given a personal loan rather than a car on finance thats why they dont want it back as its nothing to do with them.
get advice now from your local citizens advice watsit if it hasnt been shut in local council cost cutting options....
are you on the electorial roll?
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You are heading for a catastrophic meltdown of your finances sort it quick because everyday you don,t interest and expense charges far in excess of what you owe are building up at an alarming rate.
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The title says "selling a car with outstanding finance" - Erm, not a good idea.
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I'd suggest your user name is well-chosen.
You took out a loan, and have paid them nothing, and then changed address. Which part of that should make them happy?
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Yes car credit was fairly unique. They did not sell you a car, they financed an unsecured loan for you and in effect gave you the car.
So the finance company gives not a hoot about your car, you owe them money for the loan. The car has nothing to do with it. Your credit history is getting a whole lot worse my son,
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TourVanMan TM < Ex RF >
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Your name isn't Anthony is it? You sound exactly like my mate!
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Also, you cannot repay the loan by deciding to simply give the car back.
They're a finance house nto a car dealership, they don't want your car
Your car isn't worth what you paid for it. YCC cars are overpriced anyway, but any car depreciates
If they do take your car they will sell it via an auction for naff all and come after you for the balance as well as theoutstanding charges, interest etc. etc.
There is nothing to be gained by not speaking with them. It won't go away.
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Yes car credit was fairly unique.
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funny i forgot it was run by provident ...............silly me ............(gives self slap on wrist )
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If you believe you have played everything with a straight bat and have given them every opportunity to sort this out, but due to their incompetence they are still failing to get the money off you have your day in Court and enjoy it - if you have shown due diligence and can prove this by having a good witness statement and evidence and they are shown to incompetent by not answering your calls, or failing to act on promises etc you should win.
Because you knew you owed the money but have been unable to pay it to them due to their alleged incompetence you will have been saving the monthly payments wont you? So when you arrive in Court you will be in a position to discharge your debt there and then.
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It seems strange that the Judgement dodnt menion anything about the car, and that YCC never formally requested me to return the car. (In fact I asked them to collect it)
There has been no contact since May.. (I have mail divert from my previous address)....how long would it take them to collect the car and once they do collect the car, the original judgement amount would have to be reduced.
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I'm on the electoral role so I havn't been delvierately evasive to them. The car is theirs...let them come and take it...
As for the finances being in meltdown....too late for that so really this matter having an adverse effect is academic.
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I had every intention of keping to the repayments. The finance company set up the direct debit mandate for 24 December, failed to collect and added a £35 charge to my account on 27 Dec. The first I heard about the failed collection was on 2 Jan by which time YCC had added a further £35 (30 Dec)
I requested of them another payment method. (My account has no cheque book facilities) They told me I could pay by PO payment card. They ordered one on 3 Jan. I received it after I requested it again on 17 Jan, but in the meantime I had incurred further added charges on 7 Jan £35.00, 11 Jan £35 and 16 Jan £65. Thats over £200 in penalty charges through no fault of my own in 24 days...Their own terms of the loan agreement contain clauses that allow panalty payments, but not so excessive and not where they are the fault of the finance company not being able to colect a valid direct debitign mandate
Hardly fair is it?.....hecce requesting they take the car back in March
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You miss the point
They cant take the car back, the car has nothing to do with the loan. Ignore the car.
YOu owe them money for the loan.
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TourVanMan TM < Ex RF >
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The original agreement was a Conditional Sale agreement secured on the car NOT a personal loan agreement. By definition they have every right to repossess the car but have chosen not too, instead taking me to court and obtaining a money judgement.
The judgement obtained in court Should have referrred to the Conditional sale agreement in the particulars, but it did not.
I guess on that point they can't take the car back. In regard to owing the money, unfortunately they'll just have to get in line..
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It was not hire purchase. The car has nothing to do with it.
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TourVanMan TM < Ex RF >
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The original agreement was a Conditional Sale agreement secured on the car NOT a personal loan agreement. By definition they have every right to repossess the car but have chosen not too, instead taking me to court and obtaining a money judgement.
It sounds like you did not attend the court:nthat's anrgument you should have made in court.
The judgement obtained in court Should have referrred to the Conditional sale agreement in the particulars, but it did not.
You could always try to appeal the judgment. But apart from being a very expensive process, you are unlikrely to get anywhere if you didn't attend the original hearing.
I guess on that point they can't take the car back. In regard to owing the money, unfortunately they'll just have to get in line..
It sounds to me like this situation arose from administrative tangles which were not entirely your fault, or maybe not your fault at all. But all that is irrelevant now: you have a CCJ against you, and if you think that telling YCC to "get in line" for their money is going to help, I fear that you are in for some very nasty surprises.
If you have not yet encountered bailifs trying to seize your posessions, you may not know how little fun that is. And if you think that's bad, wait until the bankruptcy writ arrives. With every delay, the costs which will be charged against you are mounting fast, and you could end up financially crippled for years as result.
I've been there, and I know others who have been there, and you really really really really really really really really really really really really do not want to go there. You need some serious debt advice fast: try your local CAB, which you will find in the phonebook.
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unfortunately, my business failed In April 06, and in addition to tens of thousands of pounds of debt, I had to move out of the house prior to it being repossessed...
I have no assets...(except the car)
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I received it after I requested it again on 17 Jan,....
I can understand that you wouldn't want to pay their penalties, since they may well be unfair. But I assume that you're uptodate on the instalments ? And if not right uptodate, I assume that you're fully paid up untill March when you asked them to take the car back ?
I mean, you haven't got any reason not to have paid the instalments owing under the agreement you willlingly signed, at least not until you decided to try and get out of it in March ?
They're coming for you, and as for waiting in line, I assume that you've had other unfortunate experiences since then as well as the "few glitches" that you already had ?
How long does it take to wake up and smell the coffee ? Stop borrowing until you are willing and able to pay the money back, and stop looking for someone else to take the blame when you don't. People like you put my interest rates up, however marginally, and it annoys me.
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I kept the instalments up to date until March 2006...
and as for borrowing...I borrowed when my business was doing well....and NOT when it wasnt. You may argue that a car in unnecessary, you may be right. But that was my only vice...
Comment on the thread as appropriate, but please dont resume you can comment with conviction on my persoanl life and other borrowings, whys wherefors etc.
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That looks like the beginnings of a defence statement to me. If all you say is true tidy it up and off you go to Court. Did you not consider setting up a Standing Order? It doesn't need them to do anything and you are in control, apart from supplying their account details, which you will have on the loan agreement anyway.
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Apols - I missed the bit about the case already being heard. Too late i'm afraid - if you aren't there to defend your position you lose by default.
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I supplied a statement as I couldnt attend court on the day after entering a defence with the acknowledgemnt of service....the other party failed to turn up
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>>the other party failed to turn up
Then you would have won the case.
By what logic was judgement given against you ?
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If one party doesn't turn up judgement in default is given but they can ask for the judgement to be set aside but there would have to be an outstanding reason for this to be allowed.
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globalcon - i get the gut feeling you have too many excuses.
anyway - have you read
news.bbc.co.uk/1/hi/business/4528162.stm 14 December 2005
{Provident Financial said Yes Car Credit was "no longer viable" after talks with possible buyers of the company collapsed last week.
The firm said it would continue to collect £240m of outstanding car loans.
"If you have bought a car from Yes with a loan then nothing changes, you keep the vehicle and make repayments," a Provident Financial spokeswoman said.
Provident said Yes Car Credit's customers who have questions about their loan agreements or their vehicles could call a service helpline on 0870 2400 596. Yes Car Credit has 60,000 customers, Provident added. }
although i doubt that you will phone them. that could explains why some of the staff at yescar may have had difficulty in december 2005 to be diligent with your particulars.
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IF the car has nothing to do with anything you could sell it and use that money to pay off some of the debt. However the best way to deal with creditors is to talk to them. None of them want you to go bankrupt because they will get nothing.
I don't know where you stand after this court case. If nobody turned up to it (!) then the thing would have been thrown out so you can't have a ccj from that. Good. I should imagine it will come back to haunt you again though - along with interest.
The best place to ask your questions is:
www.debtquestions.co.uk/
Look in the 'Ask an expert' area. Free professional advice.
Steve
PS I'm glad Yes Car Credit is gone. Good riddance. Now if only those injury lawyers would go too....
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globalcon,
From what you have said regarding your car and the unfortunate failure of your business, I have to ask whether you have considered filing for bankruptcy? I do not mean this in a judgemental way, but I see it as a practical alternative.
I am no expert by any means but, from what I've heard, it has never been so easy to file and the recovery time has now been cut down from 3 years to just 1. If you truly have no assets and are greatly in debt this could be a way out you could consider.
As I say, I am no expert, you need professional help in sorting out your financial matters, I think.
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You will get protection from your creditors if you go down this route, but you must get proper advice first. You will also need £400 in cash as well.
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You need professional help. This is not the place to sort it. Go to CAB.
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As to the question of selling a car with outstanding finance, you can't do this because 1) if the new owner buys a car that has outstanding finance, they risk losing the car and 2) if the buyer has a HPI check done before buying the car, they will learn of the finance issues and (presumably) not complete the purchase.
But again, you need professional advice on how best to proceed. Hope you get these issues sorted ASAP.
Good luck!
- Gromit
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if the original loan was an advance not teid to the car then you can sell it. if it was a loan like hire purchase then it will be registered against the car.
when the court get the loan companies papers then the court will have sent you a form to fill in saying wether in your opinion you owe the money and if not why not. on this form there is a section to explain why you think the credit company are to blame. also on this form there is a section to say "yes i do owe the money but i can only repay a certain amount each month because of finacial difficulty and you would then list debts and incoming and outgoing monies.
it seem sto me that you are not really sure how far this case has progressed and which direction it has taken.
it isnt a frightening situatation you just need to get on top of it. if you are in finacial trouble then 9 times out of ten the court will accept this and accept a reasonable sum of around 50pounds a month for an indefinate term.
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Globalcon, if you enjoy getting in a whole heap of bother with people that have no sense of humour, thus adding to the other difficulties that you're having, then by all means sell the car now.
Seriously, don't go there if there remains uncertainty over who actually owns it. I have to deal with the repo arms of various finance houses in a professional capacity and "nice" isn't an adjective that applies.
I would echo what other people have said about considering petitioning for your own bankruptcy. These guys are the Gov't department who deal with such matters in their initial stages:
www.insolvency.gov.uk
The advice on there is pretty sound. Also, most reputable firms of insolvency practitioners will give a free initial consultation if you want advice. Many advertise in the Yellow Pages.
Be warned, though, that there are firms out there who will offer to get you out of trouble by means of getting you to enter into an individual voluntary arrangement in which you agree to pay £xxx per month for a period of up to five years; they will tell you that this is always preferable to bankruptcy but that may not be correct in your circumstances.
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