help they are threatening to repossess car

hi, we've had 2 yrs from hell. my dad accidently reversed his 32t truck into my husband putting him out of wrk for 4mnths, no wages or sick pay. while hubby still out of work dad got cancer and died 4mnths later. my father-in-law then got cancer and is now terminal, and i've just found out my nan not going to make it to end of september.

we've fallen behind with our car repayments. we took out a loan for 19,000 + interest 17mnths ago in march 2007, repayments are e600.13 a month. we have e12,980 left to pay and are just under 2mnths behind and they sent someone out to say they want to repossess the car. we dont have the spare cash to pay arrears off in one go and the bank are not interested unless we do. they won't wait.

we are waiting for insurance money for hubbys accident due in september, can they repossess the car? we would happily pay off all outstanding balance if we could hang on a month.

we just cant afford after the last 2 yrs for hubby to lose job because he cant get to work (we live in the country no buses until 2hrs after he starts)

any advice would be appreciated thank you

Re: help can they are threatening to repossess car

Have you offered the bank any sort of repayment plan? Instead of asking them for another month of no payments, maybe approach them and offer to pay off an extra €100 per month until the arrears are cleared. If they see you are serious about tackling the arrears they are likely to be more agreeable.

Something similar happened to Mr ACA. He was struck by a drunk uninsured driver whilst he was a hackney and the vehicle was financed thru AIB finance and leasing. Mr ACA fell behind too as he was paying to use someone elses car just so that we could survive....anyway the upshot was he got on to our solicitor and the solicitor liaised with the finance company. Once they knew that the money was coming they were prepared to wait.

Solicitor then negotiated with finance company to clear off the whole debt not just the arrears....this would appear to be different to what you are trying to do. Maybe if you agreed to clear the entire amount, they would be more willing to leave the arrears go until your husbands settlement.

Is that an option?

If you have paid €10,202 (17 x600.13) and total hire purchase price around €23,182 (10,202 + 12,980 left) then you have paid more than 1/3 the hire purchase price so the bank must go to court to reposses the car.
I dont know how long this will take but id imagine a few weeks. I really dont know the situation if you receive the money and are in a position to pay the arrears before this happens.

I was speaking with someone in the business and she said in the current climate they are repossing with even one or two payments behind as they just cant take the risk.
She said they are also reluctant to come to any agreement with customers so not good news for you im afraid.

You've have a very bad run of luck and my sympathies go out to you. If the bank know you are going to get some money soon they may hold off. Try explaining your situation face to face with them and you may find somebody sympathetic, if not try mabs or the citizens advice bureau, they should be able to help you in how best to put your case to the bank. Failing that could you go to your credit union and borrow enough to cover the arrears for now. They tend to be more sympathetic than banks. Best of luck.

Bronte said:

Failing that could you go to your credit union and borrow enough to cover the arrears for now. They tend to be more sympathetic than banks. Best of luck.

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Unless the OP has a relationship with them already they are unlikely to help - most will only lend small amounts first time out, plus the OP would need to lodge money that they may not have.