Car Repossession Debt Help

First of all before a creditor can take any action they must serve a default notice.

Defaulted On Car Loan?

Impact On Credit File
To avoid defaulting on a car loan, it may be possible to refinance with the car dealership from which you bought your car. Although defaulting on a car will have consequences.
Car Repossession
Your creditor can repossess the car without a court order if you’ve paid less than a third of the amount owed. Also this depends on the type of car finance agreement in place.
Lasting Consequences
Defaulting on a loan can be recorded on your credit file for up to 7 years. Potentially this could effect any further lending and credit score rating that we need for credit.
HP Legal Action
Initially your lender must consider any reasonable suggestions you make to pay off your hire purchase arrears. We can help before the case goes to court, or after.

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Car Finance Debt Recovery Help

Defaulted On Car Finance

First of all anyone who finds themselves unable to make car loan payments will need to know what happens should they end up default on a loan. There’re may be a few possible scenarios depending on the circumstances, but in general it’s safe to say that being forced to default on a loan is not an ideal position. With that being said sometimes it looks like there’s no other choice.

 

Car Finance Arrears

If you miss payments to a car finance agreement, your creditor will probably contact you. They may let you repay the arrears over time, or extend the agreement. If you don’t pay back the arrears, your creditor will usually issue a default notice after around three months. After they’ve issued the default notice they can take action to repossess the goods.

Find Out If We Can Help Wipe Off Any Of The Balance

 If someone qualifies for government legislation then they can apply to get a percentage of their debt written off. This scheme usually helps people who have got over £5,000 worth of unsecured debt. Furthermore if you do qualify we may be able to let you know this if you click Click Here for more information.

Repayment Of Car Finance Debt

Although lenders must start court action in the County Court, if the debt is not a consumer credit agreement then the lender can try to enforce the judgment in the High Court. If this happens, contact us for advice. The forms used in the High Court are more complicated and we may be able to help you with them.

Find A Debt Solution

Free Debt Management Plans

Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.

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Debt Consolidation Advice

Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.

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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.

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Debt Relief Order Advice

A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.

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Protected Trust Deed

A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.

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