what can we do?

[vickyfitz]

i bought a car off of blackhorse in 2002 paid off over half pound out of 6700 moved to Ireland and told blackhorse of the move. kept in touch all the when we moved properties. we ran into financial difficulty asked if we could give back the car and was told no,asked if we could sell the car and give them the money and was told no.now they have put the bill up from 2700 to 4680 and sad they want the car and all the money and when they sell the car at auction they can refund some money,but obviously the car has dropped by 3000 in this time.they wont ecept monthly payments they said if we pay 2000 they can then except 150 a month for the rest,when asked if i could get a family loan and pay 2700 as final settlement they said no.we are both unemployed with the markets as they are at the moment so 150 a month is also pretty high dont know how to deal with this one as they said they will come to our house and reposess anything they can

[johnny37]

I think this question would be better posted on Business and Finance. I have no knowledge of how car finance works but to increase the debt from 2700 to 4680 seems rapacious (a 72% increase). It looks like the debt has been sold to a debt collection agency. Did you ignore Blackhorse?. Not very wise if you did. I believe they are linked to LLoydsTSB Bank and they would have been willing to negotiate a repayment plan with you if you had talked to them. If the debt collectors are after you they cannot take things from your house without a CCJ (court order). If or when it gets to court you can negotiate a repayment plan but this will include all their charges. The monthly amount the court orders could be quite low if you are on a low income. They make money out of this which is why they wont accept your offer. As mentioned. post this on Business and Finance and also i would suggest going to the CAB who have experts in this sort of problem.