once the creditor makes an application to the court for a return of goods order they process and send documents to you - you then have 14 days to return the admission document - if it goes to a hearing they will give you a date within 28 days.
So timeline is probably 60 days or so from application made to you physically handing the goods over.
One thing to be very wary of is the potential shortfall that you will become liable for - the difference between the total amount due on the agreement plus any legal, collection and disposal costs minus the amount the creditor sells the vehicle for at auction.
Are you happy to say who the lender is ?
You can also see what you are likely to liable for by using something like Parkers http://www.parkers.co.uk/cars/used-prices/ - use the trade in price which is probably closest to what they will get at auction.
Last edited by Storm on Thu Apr 23, 2009 10:59 pm, edited 1 time in total.
It also depends on how much you have paid. If you have paid less than a third of the total due under the agreement the HP company does not need a court order to repossess the vehicle. If you have paid more than 50% you can return the vehicle to them and have no further liability to them provided reasonable care was taken of the vehicle.
they are about to start now we have been paying reduced payment but the last couple of months they hav refused to ecept any payment it would take 18 months to pay arears off
In recent months have you offered full payment rather than reduced ?
Have they sent you default notices which include a request to remedy ?
What do you want as the outcome ? - I doubt the courts would accept 18 months as a reasonable timeframe - guessing it would take it towards the end of the original term ?
Is there a balloon payment at the end of the agreement as well ?
I take it they have served you Default Notices ? which would explain why they are refusing the payment ?
If the creditor has already refused your offer of payment towards the arears and has demanded the vehicle be returned and is now threatening legal action to force you too return the vehicle then you have a couple of options:
Return the vehicle by mutual consent which will minimise the long term costs to you.
Or simply let the process run its course using whatever stalling tactics you can until eventually a recovery agent will turn up at your home with a court order to recover the car. With option two you will incure additional costs which will be recovered by Merc. These utimately could be rolled into a formal debt solution.
Last edited by Storm on Fri Apr 24, 2009 8:10 pm, edited 1 time in total.
