about to cry!! - Page 3

mattl · 09-01-2008, 10:49 PM

Quote:

Originally Posted by XRQTOR

Because thats the only way he'll see his money again, been there done that myself. Have had many mates in the same situation, the guys who let it go through court are still waiting for their money. He doesn't have to take my advice if he doesnt want to, if i told you to jump off a cliff would you ?. Does that then make me culable of murder lol.

I can't believe what I'm reading! No offense to you, as we are each entitled to our opinion..but maybe ease up with suggesting to go round there in a violent mood and "retrieve" whatever he is owed? What your suggesting, could, and most likely will get him in MUCH MUCH hotter water if he does go through with it, and as a result receive none of what he owes back.

Think carefully Daniel about what you do, and don't let other people make up your mind for you!!

XRQTOR · 09-01-2008, 10:54 PM

Quote:

Originally Posted by mattl

I can't believe what I'm reading! No offense to you, as we are each entitled to our opinion..but maybe ease up with suggesting to go round there in a violent mood and "retrieve" whatever he is owed? What your suggesting, could, and most likely will get him in MUCH MUCH hotter water if he does go through with it, and as a result receive none of what he owes back.

Think carefully Daniel about what you do, and don't let other people make up your mind for you!!

Each to their own, if it was my $8ooo i know what i'd be doing.

danieleast · 09-01-2008, 10:57 PM

now i wouldnt personally touch him. i know alot of people who can be very persuasive and i know he has nothing except a toyota surf which i have been informed if i dont get my money i will get that. will be forced to give it up. i want too do it legally but even the cops rekon ill get nothing in civil court so what are my options...i am young. only just 18. dont want a record but this is the sorta that can me up 4 life being 7 grand in debt and having nothing to show.

Daymoe · 09-01-2008, 10:57 PM

Quote:

Originally Posted by XRQTOR

Each to their own, if it was my $8ooo i know what i'd be doing.

Sitting behind bars is what you would be doing.........

*Flinches*

danieleast · 09-01-2008, 11:03 PM

soooo confused! im not a bad person. people just bring that side of me out. i mean my car was all i had! i just want it back, not asking for much

daniel

Nostalgia · 09-01-2008, 11:05 PM

Quote:

Originally Posted by mattl

Daniel,

I'm off work for 4 weeks and got a daily you can borrow if you want? I won't need it as i only drive it to work and back..let us know if your keen chief! I'm in Kensington!! Plus i got my XR6T to drive if i get desperate..

Call me if you wanna know more..0434 990 798!

But yeh that is screwed and best of luck getting it back!

Edit: Phone batteries dead, just send us a PM mate!

You are a legend for doing that. Im speechless at the moment but i can say, If the world was full of people like you, it would be paradise 24/7. Good on ya mate. Cheers, Adam.

S3SR · 09-01-2008, 11:16 PM

so does this mean we would all be accessories if he does do something to the guy?

mate i know it sucks when it has something to do with money and your car, but im leaning either way.

i had similar experience with insurance company, it would have made me feel so much better if the insurance guys was on life support for the rest of their life, but where will i be for the rest of my life, not in my car thats for sure, the one thing i was fighting for.

on the other hand find out what the owing amount is and take it, then go through the long process of recovering it all back, 24k loan is about $50 a week.....anything less including what you already have should be easy enough

i know it doesnt help, but those little errors you made, revs check and knowing how to deal with the debt collectors are things youll never forget later in life, we learn from our mistakes, take this on the chin and wear the costs if its within reach.

good luck

dont do anything stupid

RSgerry · 09-01-2008, 11:18 PM

Daniel

okay, i havent read all the posts in this thread so i dont know if this information has been stated, but there is something that stands out to me.

you state in your first post that you have a personal loan on the car. is this with a financial institution or with friend / family member? if it is with an institution, then is the loan secured by the vehicle or is it an unsecured loan? from what you have said, it sounds unsecured, which would be a little odd as only the worst financiers would do an unsecured personal loan for a vehicle to a young guy. at the very least, they woudl take the car as 'copmfort' security.

HOWEVER

if the loan is supposed to be secured, then you MAY have an option here. in order to secure the loan, the financier would have to register the vehicle with REVS. when they went to do this, they would have discovered that the vehicle had an existing encumberance on it and they would not be able to lodge their own interest. the only way they can lodge an interest is if the other finance company is paid out.

NOW

check your contract. see if it states anywhere 'loan secured by vehicle xxx' or similar. also check to see if you have been charged a REVS fee of approximately $20. make sure you have been charged and it is not just listed as a fee that can be POSSIBLY charged. if wither or both of the above have happened, you might be in luck. you could possibly claim that the finance company (yours) has not carried out their side of teh contract (especially if they have charged for a REVS check) and therefore the loan contract should be set aside. at the very least, you should be able to recover all expenes incurred by you on the loan, meaning repayments, interest charges and bank fees and charges. however, i would suggest obtaining a legal opinion if you think that this may be the case. spend a couple of hundred bucks seeing a contract lawyer and let them do their thing. i have witnessed a lawyer in full flight and it is scary.

i spent 20 years in teh finance industry and know how things ought to work. especially with lending. PM me if you have any other questions or if i can be of any help.

i hope you are able to resolve this soon. and remember, no matter how tempting, or how much this bloke really deserves it (and he does), do not do anything rash. it will bite you a lot harder.

good luck.

RSgerry

danieleast · 09-01-2008, 11:21 PM

thats the thing mate its not in reach. i cant afford too lose 8 grand at this stage in my life

RSgerry · 09-01-2008, 11:25 PM

are you saying you dont have the contract? if you havent got it, the finance company have to keep a copy. ask them for a copy.

danieleast · 09-01-2008, 11:25 PM

Quote:

Originally Posted by RSgerry

Daniel

okay, i havent read all the posts in this thread so i dont know if this information has been stated, but there is something that stands out to me.

you state in your first post that you have a personal loan on the car. is this with a financial institution or with friend / family member? if it is with an institution, then is the loan secured by the vehicle or is it an unsecured loan? from what you have said, it sounds unsecured, which would be a little odd as only the worst financiers would do an unsecured personal loan for a vehicle to a young guy. at the very least, they woudl take the car as 'copmfort' security.

HOWEVER

if the loan is supposed to be secured, then you MAY have an option here. in order to secure the loan, the financier would have to register the vehicle with REVS. when they went to do this, they would have discovered that the vehicle had an existing encumberance on it and they would not be able to lodge their own interest. the only way they can lodge an interest is if the other finance company is paid out.

NOW

check your contract. see if it states anywhere 'loan secured by vehicle xxx' or similar. also check to see if you have been charged a REVS fee of approximately $20. make sure you have been charged and it is not just listed as a fee that can be POSSIBLY charged. if wither or both of the above have happened, you might be in luck. you could possibly claim that the finance company (yours) has not carried out their side of teh contract (especially if they have charged for a REVS check) and therefore the loan contract should be set aside. at the very least, you should be able to recover all expenes incurred by you on the loan, meaning repayments, interest charges and bank fees and charges. however, i would suggest obtaining a legal opinion if you think that this may be the case. spend a couple of hundred bucks seeing a contract lawyer and let them do their thing. i have witnessed a lawyer in full flight and it is scary.

i spent 20 years in teh finance industry and know how things ought to work. especially with lending. PM me if you have any other questions or if i can be of any help.

i hope you are able to resolve this soon. and remember, no matter how tempting, or how much this bloke really deserves it (and he does), do not do anything rash. it will bite you a lot harder.

good luck.

RSgerry

thanks mate for the advise. its an unsecured loan with the commonwealth bank...it was really hard for me too get a loan for this car tried so many times. so its not secured! i asked that when i got the loan i said if i dont pay do i lose the car they said no its un secured. they dont take security on what i own.

daniel

RSgerry · 09-01-2008, 11:30 PM

Daniel, no offence, but i cant believe the CBA would lend money to a young guy without taking secuity, especially on a 2002 vehicle as it still has 'value' in their opinion (it is cars over 7 years old that they apply $0 value to). just take one more look at the contract to be 100% sure. if it is unsecured, the contract will state this. you have nothing to lose at this point by having one more look at the contract.

v8falconsrule · 09-01-2008, 11:34 PM

wow we have some real fools in here at times. as already stated this has to be one of the shittiest things i've heard of in a long long time- you have my most sincere regards. it's bad enough having ya car stuck in a workshop for a couple of days let alone having it repossesed through no fault of your own.

i can't stress enough that you absolutely should NOT confront this person, you will get fired up and possibly say or do something that you will regret. i recently had someone hit my car then take off. luckily we got partiall i.d. and from there the police and insurance handlded it..... i really thought about confronting him but what would it solve? i had too much to lose if it got ugly.

the last thing you want to do is lose your car, your job and wind up with an assault charge (or worse) coz then you'll have that for life.

best of luck mate

danieleast · 09-01-2008, 11:35 PM

yeah just checked it...unsecured loan for $$7200

BENT_8 · 09-01-2008, 11:44 PM

Quote:

Originally Posted by xr8 utey

good luck to your brother-in-law in the future if he needs finance!!

Yeah funny thing is they lent him $20k about 12 months later to buy a HSV VS Manta, took about 4wks of grovelling but they came through.
Oh and it was Adelaide Bank not Esanda.

He then wrote it off a few months later against a gum tree doing burnouts, went for second gear, lsd grabbed and the rest is history...

BENT_8 · 09-01-2008, 11:50 PM

Quote:

Originally Posted by atec77

It's legal , it wasn't a simple recovery it was asked for and surrendered ... shoulda said NO but to late now .

Exactly my point, he shoulda said no, left the car wherever it was when his mum rang and hidden it the next day until the courts sorted it out.
As it is they asked, he said yes and they then have every right to take it.
I'm not denying that...

RSgerry · 09-01-2008, 11:53 PM

Quote:

Originally Posted by danieleast

yeah just checked it...unsecured loan for $$7200

damn. i dont think there is anything you are able to do in this case. your only options are now to try legal action against this guy, or pick up his debt at the other finance company and pay the loan there as well. unfortunately, neither option is very pleasant. i would imagine he doesnt have anything to his name, so trying to get anything out of him will be like getting blood from a stone.

unfortunately, the other finance company do have legal ownership of the car and are entitled to repossess it.

your best bet may to be leave them take the car. they will sell it and chase him for any losses. that leaves you stuck with the outstanding balance with the CBA. it will be very tempting to not pay them either, but it will not be worth it. keep up the loan repayments. they may be able to refinance the loan and increase the debt to assist you with buying another car. i would suggest buying something a little older with a good service history. also consider something economical as you will probably need every last dollar.

i really feel sorry to hear you are in this position. as others have said, whilst it may be hard, take it on the chin and chalk it up as a learning experience.

paddy351 · 09-01-2008, 11:54 PM

What about loan insurance

RSgerry · 09-01-2008, 11:58 PM

loan insurance wont cover loss of the vehicle to repossession. it only covers the borrower not being able to make repayments due to sicknes, injury or death.

paddy351 · 10-01-2008, 12:03 AM

cool , wierd that the loan wasn,t secured, maybe insurance related

Kryton · 10-01-2008, 12:06 AM

do you know how much this guy owed on the car? (if not - find out)
the car WILL go to auction (that is law) and it will be sold to recover the debt (also law).
the outstanding debt will be taken from the sale price and the remainder will be handed back to the owner - that is YOU at this point (the previous debt is paid).
if your really lucky (i doubt it), youll get some cash back to pay off your loan.
im going to be bold enough to say that what ever you paid for the car is what was owed on the previous loan so dont get your hopes up there.
these cars dont go for much at auction but theres a small chance that he didnt owe a great deal and as i mentioned, you might have a bit from the sale to put towards your loan.
however, if the car doesnt sell for what is owed, the short fall on the previous loan is NOT your problem. that will be dealt with by the original financier and the original borrower so that is one less you have to worry about.
i know you still dont have the car or the money (thats for you to work out legally) but you wont be encumbered with the remainder of the loan at all.

Kryton · 10-01-2008, 12:07 AM

double

Casablanca · 10-01-2008, 09:59 AM

the CBA is actually quite happy to give loans to young people for cars even if it is unsecure.

also do not touch the guy, i had an experience myself and posted it on the forums if any of you rememeber i actually hit the guy and the only thing that saved me is that he was on drugs and i had a witness.

i could have been really screwed if none of that was applicable and that was only over a bit of damage to rear of a fairlane 500.

Scott · 10-01-2008, 10:31 AM

On another note, if this is the end and you have no reasonable recourse, take your medicine, drive something you can afford and work your butt off to clear the $7k you owe. If that means taking on an extra job or doing heaps of overtime, do it and do it as quickly as you can.

I can speak from experience on being in a similar position (not repo'd but an uninsured prang at 17yo) that you will have little motivation to pay off a loan for the car you don't have and it could drag on for ever - costing you more with each passing month.

You're young enough to smash yourself with work and probably clear the debt in 6-12 months and be over it. At that stage, buy another one and apart from the fact that you worked your bum off to clear the debt, you will end up in a similar position to where you were before the car got repo'd.

Hard work ahead but in reality, 12 months time and this will all be a memory.

Don't underestimate the possibility that this "will" upset your financial plans for years to come if you don't tackle it head on.

Quicksand · 10-01-2008, 12:51 PM

Quote:

Originally Posted by danieleast

thats the thing mate its not in reach. i cant afford too lose 8 grand at this stage in my life

Daniel,

My condolences friend on what is happening to you; but you have hit the nail on the head a few times by mentioning that you are only 18. By this i mean because you are only 18 you have PLENTY of time in life to recover this is NOT the end of the world, unless you do something stupid like get an assault charge by your name. Then you can say bye-bye to your apprenticeship, car, livelihood and more.

You have plenty of time in your life to land back on your feet BECAUSE you are only 18 with still heaps of potential so be patient, learn from your mistake and has been stated many times by some wise chaps on here dont take matters into your own hands. Also keep in mind this is a public, global forum which is entirely traceable; the cops are not stupid!

Best of luck champ,

T

XRQTOR · 10-01-2008, 01:13 PM

Quote:

Originally Posted by ThundaBird

Daniel,

My condolences friend on what is happening to you; but you have hit the nail on the head a few times by mentioning that you are only 18. By this i mean because you are only 18 you have PLENTY of time in life to recover this is NOT the end of the world, unless you do something stupid like get an assault charge by your name. Then you can say bye-bye to your apprenticeship, car, livelihood and more.

You have plenty of time in your life to land back on your feet BECAUSE you are only 18 with still heaps of potential so be patient, learn from your mistake and has been stated many times by some wise chaps on here dont take matters into your own hands. Also keep in mind this is a public, global forum which is entirely traceable; the cops are not stupid!

Best of luck champ,

T

Off topic but how is an assult charge the end of the world assuming the guy even has you charged, how will it cost him anything other than a day in court and a kick in the ar$e. You get in more trouble for drink driving or high range speeding than you do for a general assult charge.

Quicksand · 10-01-2008, 01:20 PM

You seem to be taking having a criminal record very lightly XRQTOR. Granted the initial impact may not be very high, but a criminal record can have greater repurcussions than a day in court. End of the world? probably not i probably should have used a better description word there but it is still a serious matter that can have a large impact on someone who has just started out in life. Larger than a $7,200 debt in any case

XRQTOR · 10-01-2008, 01:25 PM

Quote:

Originally Posted by ThundaBird

You seem to be taking having a criminal record very lightly XRQTOR. Granted the initial impact may not be very high, but a criminal record can have greater repurcussions than a day in court.

Other than not being able to apply for a security licence or a firearms licence what repurcussions are there, aside from the police hardly anyone/institutions can not get your reccord. You can not be refused a job or sacked because of a criminal reccord, not that they would know if you dont tell them.

Kryton · 10-01-2008, 01:32 PM

Quote:

Originally Posted by XRQTOR

Other than not being able to apply for a security licence or a firearms licence what repurcussions are there, aside from the police hardly anyone/institutions can not get your reccord. You can not be refused a job or sacked because of a criminal reccord, not that they would know if you dont tell them.

i wouldnt bet on that.
the industry im in now you have to have a clean record, your record also gets checked every 12 months as well.
having a clean record is a condition of the job.
i dont know if they would care so much about assault charges but if theft turns up on your record you need to explain why you should still have your job. god forbid you have anything drug related - out of the door and industry altogether.
i done a lot of stupid things when i was younger, luckily i never got caught because if i had have, theres no way i would have the job i have now, i wouldnt have the car i have now, i wouldnt have the life i have now.....all because of 1 stuff up (if i had have been caught).

are there any updates on what has happened since the car was taken?

XRQTOR · 10-01-2008, 01:35 PM

Quote:

Originally Posted by davway

i wouldnt bet on that.
the industry im in now you have to have a clean record, your record also gets checked every 12 months as well.
having a clean record is a condition of the job.
i dont know if they would care so much about assault charges but if theft turns up on your record you need to explain why you should still have your job. god forbid you have anything drug related - out of the door and industry altogether.
i done a lot of stupid things when i was younger, luckily i never got caught because if i had have, theres no way i would have the job i have now, i wouldnt have the car i have now, i wouldnt have the life i have now.....all because of 1 stuff up (if i had have been caught).

What industry is that mate.