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car debt options

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  • 12-06-2013 4:42pm
    #1
    upinthesky
    Registered Users Posts: 1,392 ✭✭✭


    I have a question that i hope someone could answer.

    if you have a debt with a car finance company and they sell it on to a debt collection agency (calbot financial) to you have a right to know how much they paid for it?

    And is there any chance of getting the amount that is owed reduced we currently owe 12600 and its been 3 years since we have made a payment.

    it was a higher purchase agreement that was due to be paid in full 2 years ago

    Any advice greatly appreciated

    i should add that the finace was 16500 and we have paid back 11100 so they are really only down 5000 but want the total 12600 so the full 23000


Comments

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    #2
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    Nope. Absolutely no right to that information. Why would you?


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    #3
    Marsden
    Registered Users Posts: 673 ✭✭✭Marsden


    There's a half way clause on some higher purchase agreements, when you get halfway you can give the car back and the rest of the loan is cancelled.


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    #4
    upinthesky
    Registered Users Posts: 1,392 ✭✭✭upinthesky


    Marsden wrote: »
    There's a half way clause on some higher purchase agreements, when you get halfway you can give the car back and the rest of the loan is cancelled.
    yes thanks but the loan should have been paid by now so i owe the full amount

    i agreed to pay 210 for 60 months starting from september but they wouldnt except the want me to start now but i dont have the money as i have another loan that will be paid in august

    so they said they would take the car back


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    #5
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    I know a guy who handed his car back to the finance company using the half rule.

    Believe it or not, he watched out for it coming on the market. Then he went to the garage and bought it at a substantial discount to what was originally owed!

    Maybe worth a look?


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    #6
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    superscouse wrote: »
    I know a guy who handed his car back to the finance company using the half rule.

    Believe it or not, he watched out for it coming on the market. Then he went to the garage and bought it at a substantial discount to what was originally owed!

    Maybe worth a look?

    Technically speaking to use the half rule the payments need to be up to date (no arrears on account) so well beyond that point in this case.


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