Hi Tara and welcome.

I'm afraid a relatively small number of car finance providers insert a personal insolvency clause in their hire purchase agreements. This may give them the right to recover a vehicle if a trust deed has been signed.

Do you have the hire purchase agreement to check it?

I just checked and yes they have it in their terms. Is there anything we can do? Thanks

Hi Tara.

I wish I could give you a better answer, but nothing specific springs to mind.

Have you asked them if there's any way to retain it? Maybe a family member taking on the hire purchase agreement (a new one perhaps) for example?

Hi Tara

There is normally a clause which allows repossession in the event of a trust deed, although it my experience it is rarely enforced.

I think the only option is to try and speak with the company. If they repossess and sell then the shortfall is a claim, whereas if they allow the continued use, they get paid in full.

Mark

Thanks, I will give them a ring on Monday and see if we can sort something out. Fingers crossed

Definitely talk to them. As mark says they will lose out by repossessing the car.

Paul

Hi Tara

Hopefully it works out ok and you don't get caught up in call centre world!

Fingers crossed they see it as a reasonable argument.

Mark

Which finance company is it Tara? It may be useful to others who are thinking of entering into a trust deed that have a car on HP.

I believe BMW/Mini/VW Financial services (all part of the same group I think) do take this kind of action unfortunately, and don't seem to be willing to change their mind usually. Good luck and please let us know how you get on.

Hi, it's all sorted luckily. The person dealing with our trust deed has to send a non - adoption letter to the finance company. As we've always been on time with our payments they are happy for us to carry on. It's international motors finance which I think might be part of blackhorse. They were really helpful and understanding.

Hi Tara

Thanks for the update. Really good news and finally a company with a logical response.

Mark

Hi Tara,

That's really good news and as Mark said, a company actually looking at it logically and using common sense.

Thanks for the update.

Great news and a sensible decision made.

Paul