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How to Write OFF a Car Loan since 2000 for a Vehicle that is a write off since 2002?
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I have a car finance loan (HP/conditional Sales) which has defaulted ( Loan taken out via Carland ; On: Line Finance LTD) . I took the loan out in 2000, I had an accident in May 2002 and was unsuccessful in getting a claim as the other driver gave me false details and I had not insured the vehicle as full comprehensive (I had insured it as third party, etc) the police where unable to support at the time also. The car was deemed a write off and was salvaged. I defaulted on the loan and to date the orginal loan was for �10k, I now owe �5K .The Loan company had terminated my agreement and forward me to a debt collection agency (Shoosmiths) the original loan company in 2008 forward the debt to Cabot Financial so they are the persons I am too deal all correspondences regarding my loan details.
I am very grieved by this whole process as I strongly believe the debt should be written now especially since I have paid 50% of the debt, I have not had the vehicle since 2002.
Can I pursue getting this debt written off and how should I go about this. I am also considering getting the debt written off on the basis of the amendments to the CCA 1974 since April 2007. I also paid PPI cover. Please can any one make any suggestions what I should do?
Many thanks
Derrick.
I am very grieved by this whole process as I strongly believe the debt should be written now especially since I have paid 50% of the debt, I have not had the vehicle since 2002.
Can I pursue getting this debt written off and how should I go about this. I am also considering getting the debt written off on the basis of the amendments to the CCA 1974 since April 2007. I also paid PPI cover. Please can any one make any suggestions what I should do?
Many thanks
Derrick.
Answers
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hi, i am just a lay person not a finance bod, but here is my take on things.
I dont understand on what basis you think you don't owe this money. you say you have now paid 50% and so it should be written off - but why? When people take out loans, they agree to pay 100% back, not 50%! When you have car finance, when you ahve paid a certain amount of the payments you can just hand the car back and exit the agreement, but this dosen't apply here as you do not have the car to hand back.
Paying PPI cover does also not get you out of paying, as i presume the cover was along the lines of it would cover your payments if you were ill or redndant, not if the car was a write off?
as an analogy, imagine you had taken out the loan to buy something else, say, a telly, which then got stolen. The loan company arent going to be a jot interested in the fate of the telly, jut about getting their loan back, and you would still be liable to pay it until it was all apid back. Apply this to your situation now, the loan cmpany arent a bit interested in the fate of the car, just that they lent you money and you are not paying it back to them. you had the option of GAP insurance and fully comp insurance, but declined to tAke them, that is not the loan company's fault
I dont understand on what basis you think you don't owe this money. you say you have now paid 50% and so it should be written off - but why? When people take out loans, they agree to pay 100% back, not 50%! When you have car finance, when you ahve paid a certain amount of the payments you can just hand the car back and exit the agreement, but this dosen't apply here as you do not have the car to hand back.
Paying PPI cover does also not get you out of paying, as i presume the cover was along the lines of it would cover your payments if you were ill or redndant, not if the car was a write off?
as an analogy, imagine you had taken out the loan to buy something else, say, a telly, which then got stolen. The loan company arent going to be a jot interested in the fate of the telly, jut about getting their loan back, and you would still be liable to pay it until it was all apid back. Apply this to your situation now, the loan cmpany arent a bit interested in the fate of the car, just that they lent you money and you are not paying it back to them. you had the option of GAP insurance and fully comp insurance, but declined to tAke them, that is not the loan company's fault
It is an unfortunate situation. Did th Motor insurers Bureau not get involved in your claim as there was an untraced driver.
I can't see why you think the Finance Company should let you off half the debt. Your circumstances are not their fault. You owe the money and it is reasonable for them to ask for it back. You took out the loan on the basis that you would repay it. The fact that the car was written off shouldn't affect your ability to repay it.
Your chances of getting the loan written off on teh basis of the CCA changes are very slim indeed. Havea look at the Martin Lewis site this week- he explains the current position.
You could try reclaiming PPI but on what basis woudl you be claiming it was missold?
I can't see why you think the Finance Company should let you off half the debt. Your circumstances are not their fault. You owe the money and it is reasonable for them to ask for it back. You took out the loan on the basis that you would repay it. The fact that the car was written off shouldn't affect your ability to repay it.
Your chances of getting the loan written off on teh basis of the CCA changes are very slim indeed. Havea look at the Martin Lewis site this week- he explains the current position.
You could try reclaiming PPI but on what basis woudl you be claiming it was missold?
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