can they insist I sell my car?

[freelili]

Hi guys

I have a letter today from GE money moaning about everything thats going on with my debts, they have never accepted the DMP and I have stated in writing that I cannot afford to up the amount, I have also offered a settlement figure which they have declined, stating they will take me to court.

I agreed with them about the court action, I cannot afford to increase the monthly amount as the other creditors have all agreed except one element with HSBC,I am doing my best and paying all disposable income to the creditors, so I have invited them to take me to court. However, they are now saying that they can force me to sell the car and the price will include court costs, can they??? I had the loan for the car. I was under the impression that the car was mine, I have paid back 3 years on a 4 year agreement. Are they just trying to scare me??? If they take me to court will the courts make me sell it? I am a little worried as I need it, I have a disabled child.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[aguise]

Oh Lily why cant these people see when someone is doing their best to pay what they can. The only thing is, that I would have thought the courts would se that you have done your best, and may penalise them for being so obstructive, I also ,and only my opinion dont see the courts taking ther car from someone with a disabled child. Maybe it is just a scare tactic to see if they can get you to pay more.

Ang x

[Skippy]

Hi Lily, sorry, I can't really answer your question but I just wanted to say I am thinking about you and I hope you get this sorted out soon.

Regarding the loan, was it secured on the car? I don't know if that would make any difference.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[freelili]

Its not a HP agreement it was a finance loan, I have always had loans from them for a car, this is the first time I have ever defaulted on anything, I really need it or I would be happy to sell it and pay them off. I had an appointment at the hospital with my son today, just as it happens and I really couldnt get there on a bus BUT, I am entitled to a motorbility car, I just prefer not too. (if they get keyed, statched or scuffed you have to pay and I am just too frightened to have another, the last one cost me 654 pounds, when it went back, it had a scuffed interior and I lost all the ashtrays, I took them out.)

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Sadsack]

Hi Lily
I am so sorry for what is now going on in your life. I cannot believe that they will take your car. I think it is threat tactics. Is GE Money the company who loaned you the money to buy the car? If they are not, they will have to go to court to force you to sell the car to pay them. If there is another company who you have the loan with, I think (am only speculating here) that they would have first chop at asking you to either sell or they will take the car. You have obviously kept up with the payments on the car and therefore are not in arrears.
I think that any Judge worth his salt will tell GE Money to bog off. You have quite plainly done the best you can in terms of monetary offers and settlements and any court in the land will see that.

Hang in there - I am with you all the way!

Sue

Ho Hum! Think I'll bang my drum!

[Sadsack]

Sorry! Replied too quickly and didn't read your last message. How many times have you defaulted on your payment to them?

Sue

Ho Hum! Think I'll bang my drum!

[Storm]

Can you confirm if the agreement is a conditional sale ?? or a striaght forward Personal Loan Agreement ??

Did you pay the car dealer for the car or did GE Money pay them direct ?

[freelili]

Its a personal loan according to the money advisor so I assume the car dealer was paid by GE Money.

The sole pupose of the loan was to buy the car, I have missed 5 full payments but have made token payments to them, they were included in the DMP but refused the offer.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[MelanieGiles]

Lily

Rest assured that your car is safe if it was supplied under an unsecured loan agreement. I assume that this creditor has been banking your cheques in the meantime?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Storm]

GE Money would not normally pay the dealer directly when the agreement was an unsecured personal loan.

Did you get a copy of the invoice for the car ? and was it made out to you as an individual ?

[freelili]

Thank you thank you thank you.

Yes, they have been paid every month but not the full amount, token payments but they did refuse the DMP and have been insisting on more, they have been supplied with an I and E and can see what I can afford. Their letters are getting more and more nasty and the wording they used, left me feeling a little unsure and scared. They have been offered a settlement by my family but have refused it, I feel they think that I have this money, sitting in my bank account. I do not, its only available for a settlement.

Thanks to all for your kind words of support, I might be the one using the bog off, sue. I will stand firm and keep strong, it will be all over one day, I hope.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[freelili]

storm

I have a copy of the agreement and it says, credit agreement regulated by the consumer credit act 1974.

Its motor loan supplier is the garage I got it from and its with GE capitol Woodchester.

There is also a letter stating that they have paid the supplier under the terms of the agreement, recently signed. (Oct 2003)

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Storm]

Just dug my old GE info out re the motor loan product -

Loan is unsecured, the financier has no title to the vehicle. The Customer owns the vehicle from the onset of the agreement

The financier has no rights of repossession

Customer has no VT rights and is liable for the full balance of the Loan

Once executed, a customer cannot cancel any finance agreement - a normal settlement quote should be generated, following settlement procedures.

[freelili]

Thanks Storm for taking the time, its appreciated.

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.