My car is a renault.
When I spoke to the manager at RCI she was very unsympathetic when I explained I would have to leave my job. She wasn't interested in the payments I have made and how I have never missed one, only that I am high risk now. Shw wasn't happy that I had insisted on speaking to a manager either.
I have spoken again to my I.P. and asked if they can do anything but because the finance is classed as a secure loan they are not allowed to contact them.
I have rung Duncton's and another finance company but they all want big deposits and I don't have the money. There is no-one I can ask to be a guarantor or to put up the deposit for me.
I'll let you know what happens.
Thanks for all your advice.
Louise - you could ask your IP for payment breaks to enable you to get the deposit for Duncton. I have to say, we have a car with them and they are fantastic.
I'm shocked by how you've been treated and cannot understand where your car finance company is coming from. I'd find out who their MD is and send him a strong worded email!
Of course your IP is allowed to contact your car HP company - they are a creditor, albeit they are secured, and should have been written to by your IP in any case prior to the IVA being set up, when this sort of this would have been best dealt with. I suggest that they just can't be bothered to try and help you - which is shame as you put your trust in them when the IVA was proposed.
We had exactly the same issue with RCI. We changed our car pre IVA in August 09 & entered into our IVA in October 09. A couple of days later we had a standard default letter from them saying to pay the whole amount owing or they would take the car back.
My husband called them & we had the same story. They said as the loan was so new & we still had almost 5 years of HP payments to make it was too much of a risk.
Our IP (Mel) very kindly wrote to them including our I&E & once they saw that we could afford the payments and that the car payment had been accounted for they agreed that we could keep the car providing we are never late or miss any payments.
Please don't give up on this & definitely try to get your IP to help.
I have taken your advice and asked for a payment break and the I.P. is looking into it and Duncton have agreed to finance me, so that's good news.
But....reading the smallprint on my HP agreement it looks like I am liable for the outstanding balance once my car has beeen sold. The difference between the selling price and the outstanding balance of my loan. I presume they will have to take me to court as I don't have the money to pay. The only way I can think of is to carry on with my HP payments but then I can't get a car with Duncton and I will have to give up my evening job so I can't afford the payments! Just when you think it's going to be ok something else happens. I will ring the finance company on monday to check if this is the case. Has this happened to anyone else?
Louise ask Duncton (Stephen) to refinance your car...taking the finance from Renault?? so you ask Renault for a closing balance and ask Duncton to finance the amount you need you will have to pay Duncton a deposit (possibly 4 months payments) but that is what you need from Duncton I am in the process of them financing a car I have found. K
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
An update on my situation.
My car was collected this morning, but there is good news. Duncton couldn't finance my car as I owed less than £10000, but I have got a car through them which came this morning! I have a payment break and managed to scrape the deposit together. So I haven't had to give up my job.
Thanks again for all your advice.
That is brilliant Louise. So pleased that you have a new car sorted, and good old Dunctons to the rescue again!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Well done Louise but Renault amaze me. They will now sell the vehicle and the shortfall will be introduced into your IVA. They could have received all the payments owing but instead get a dividend.
Well thats good news about your job, I can honestly say that I have never heard about a HP company repossessing a car due to an IVA, I'm sure its a surprise to all the experts on here too?
You can now look forward to driving your new car to work and not worry about any more phone calls/letters....thats now history
Can't understand that at all! They're cutting off their nose to spite their face.
No sympathy for them!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
