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  1. #1

    URGENT: Car Finance (Moneyway) - Reposession

    Question answered. Thank you

  2. #2
    With hire purchase agreements the lender can terminate the agreement if there are arrears as the vehicle is still theirs until the final payment is made. They will do this with a default notice and once this expires they are not required to consider any more offers. When a lender terminates an agreement you are liable for 100%of the agreement, minus the money paid to date and minus the resale of the car at auction (if they can sell it).

    If you have paid less than 1/3 of the total agreement they can repossess from a public road without the need of a court order. However, if you have paid more than 1/3 they will need to go to court for a Return of Goods Order. If they need to do this then you can try and prevent the repossession by replying to the court forms and making an offer to pay. This is at the courts discretion whether to allow the agreement to continue or whether to let the hire purchase company continue with the repossession.

  3. #3
    What do the T&Cs say IRT late/missed payments?

    If they show that you've indeed defaulted against the agreement they have every right to "call in" the loan as stated. If the loan was secured against the car they can re-posses it also.

  4. #4
    It looks like you will be on the threshold of the 1/3 of the agreement stated above. If it's below that, they can just take the car, and either way, a court is unlikely to stop a repo.

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