car/van finance in arrears options?

upinthesky

So myself and my partner purchased finance for a van in 2007 which my mam went guarantor for, the total finance price was 16500.00.

The repayments were 368.00 over 61 months which came up at 22448.00 in total.

My partner became unemployed so we were unable to keep up with
payments. When we contacted the finance company they told us the finance was not in my partners name but in my mothers name, so it was tricky to contact them.
They passed on the debt to a collection agency.

After two years i finally got talking to them myself and she confirmed that there is a total outstanding balance of 12632.52. she explained that we could give up the van and pay the total that was left she said it would be around 8000.00 150 for 60 months or we could keep the van and pay 350 for 3 years.

Now i would mind keeping the van if i could pay less then 350 a month so i need opinions on this is it possible?

also if it went to court would the judge allow us to pay back just the remaining finance as in just the 16500.00 that was borrowed?

Any help greatly appreciated!!

SJT1

You took out a 5 year loan 6 years ago and you still owe €12632. You obviously stopped making repayments on that a long time ago, how did it not get repossessed???

The market value of that van is around €4500, I'd just offer them that if you want to hold onto it. Your mums credit rating is obviously shagged so try and negotiate a better deal with them.

At the end of the day if they repossess is, 4000 - 4500 is all they're going to get

upinthesky

SJT1 wrote: »

You took out a 5 year loan 6 years ago and you still owe €12632. You obviously stopped making repayments on that a long time ago, how did it not get repossessed???

The market value of that van is around €4500, I'd just offer them that if you want to hold onto it. Your mums credit rating is obviously shagged so try and negotiate a better deal with them.

At the end of the day if they repossess is, 4000 - 4500 is all they're going to get

True but i don't think they can just come and repossess it, i was thinking the same thing but don't no how the judge will see as we have paid 11000 and the total with out any profit was 16500 which would leave 5500? any ideas on how this would go down in court would i have to pay the 12600 there looking for or would they except 5500?

chris85

lisar816 wrote: »

True but i don't think they can just come and repossess it, i was thinking the same thing but don't no how the judge will see as we have paid 11000 and the total with out any profit was 16500 which would leave 5500? any ideas on how this would go down in court would i have to pay the 12600 there looking for or would they except 5500?

You would not be liable to pay, your mother would be though. They could go to court to seek repossession and repayment. Would be against your mother. Are you named on the agreement?

upinthesky

chris85 wrote: »

You would not be liable to pay, your mother would be though. They could go to court to seek repossession and repayment. Would be against your mother. Are you named on the agreement?

No myself and my partner are not, but m partner was suppose to be, we only found out when he started missing payments and he was not allowed to talk to them.
I also would not leave my mam with the debt it was our van and he was driving it is there a way to transfer the agreement to my partners name?