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Re: Re: Re: Re: Re: credit aggrements

duran said:
yes but cant they have the goods back :confused:
Depends mate.

If the credit agreement was mith Mitsi (I presume we are talking about the 400 here?) then they may take the car back as all or part of a settlement. Only way to know for sure would be to phone them. If the credit agreement was with a bank or whatever you have no chance of that.

The other option is to stop paying and let them re-posses the car, but then you may still end up owing them money and your credit rating will take a swift kick to the gonads.
 

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Phone the credit company you have the agreement with and ask about premature termination. When I handed back my old car, I had already paid the 18 months minimum they required for it to be a simple case of "come over and pick the car up then" and it was settled. The credit company will be able to furnish you with the details of what they would require off you to terminate.
 

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duran said:
:( :(

its not with a bank its with mitsi shogun finance
Give them a ring, tell them you want out and you don't want the car anymore. Ask for a settlement including the car. They should be able to do something (if the offer sounds a bit tat, ask them if they can better it)
 

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You either pay it all off and keep the car (to sell on privately), or agree upon a value for the vehicle and make sure you have paid enough of the agreement that the vehicle value covers the rest of what you owe.

Phone the credit company to find out which of the option you want to pursue, and what the figures are for your options. This is not the dealer, it is a completely seperate financial entity and they may have a severe blind spot when it comes to the "current" value of the car ;)
 

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bank loans are better as they have no ownership of the product you took the loan out for ..
credit agreements .

pay off the dept with several credit cards to clear the HPI
then delclare yourself bankruprt after seling the car to a mate for a grand .
buy the car back later for 1200 quid.
credit card company then has no possesion over the vehicle .
 

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Discussion Starter · #14 ·
Shorty[paul s] said:
bank loans are better as they have no ownership of the product you took the loan out for ..
credit agreements .

pay off the dept with several credit cards to clear the HPI
then delclare yourself bankruprt after seling the car to a mate for a grand .
buy the car back later for 1200 quid.
credit card company then has no possesion over the vehicle .
:crackup: :crackup:

im to honest to do that mate

and as for this ( bankruprt )

i think id rather keep my money in the bank so they dont no what i have :crackup:
 

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NumptyScrub said:
Phone the credit company you have the agreement with and ask about premature termination. When I handed back my old car, I had already paid the 18 months minimum they required for it to be a simple case of "come over and pick the car up then" and it was settled. The credit company will be able to furnish you with the details of what they would require off you to terminate.
I know this would be too soon for you, but apparently when you are half way through the repayments, you can just give the finance co. the car back

Stu
 

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finnace

i used to be a finance manager for blackhorse finance(mitis shogun finnace) the only way u can get out of this one is a few ways tell them ur situation has changed and u cant afford to keep the car so could they take it back as full settlement as u just been fired;) or say that u cant drive the car no more due to an illness they wont ask proof they will collect the car and they will sell it on at auction and then place what they make towards ur account , that way it gets settled up, or if u ignore the finnace side and dont pay them they will pass your account to the lewis group debt recovery, just tell them u had enough collect the car :) that way ur credit ratin stays in tact! and u get out of the aggreement blackhorse are tossers for this sort of thing but enough blaggin ull get out of it ;) n e more advice give me a shout hope this helps:)
 

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How much did you borrow?

There are different types of HP agreements depending on amount borrowed.

I would be very carefull about exercising your rights for 'voluntary termination' if applicable on the amount you borrowed!

Mike - you worked for BHF in Cardiff? :eek: What did you do? Our paths may have crossed before! :D
 
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