If your vehicle lease provider has given you notice that they will be entering into administration, this means that the control of the company may be passed onto an appointed administrator. Part of the administrator’s duty is to rescue the organisation so that the business can continue to trade and operate sustainably in the future.
My lease company has gone into administration, what should I expect to happen?
Your vehicle may be collected by appointed third party representatives, like debt collection agencies, without any prior notice.
We advise you to prepare your vehicle as if ready for collection and follow the steps below;
- Park the car in a secure area that can be reached safely by the collection agent.
- Remove any personal possessions from the vehicle.
- Take pictures and record your current vehicle’s condition especially alloys, boot lip and side panels. This may protect you in the future from any damage or repair charges you may receive.
What about my payments?
If you haven’t got the vehicle you have paid for and are certain the lease company has entered administration, you have three options available to you.
- If you have made any payments from your bank and/or card provider, consider asking for a ‘chargeback’ on any payments made.
- Register a claim a creditor. You can fill out the form online and it’ll ask for details of what you are owned and it will be sent to the administrator
- Applying for the ‘Section 75 claim’ from a credit card provider if the payment made exceeds £100.
However, we advise to always seek guidance from relevant experts. Here are a couple of great links to follow below:
|Money Advice Service||https://www.moneyadviceservice.org.uk/en|
What steps should I take next?
If you have a regulated agreement with a vehicle leasing provider it is always best to seek advice from the Financial Conduct Authority (FCA) first. They will be able to provide you with potential options surrounding your lease and what to do next.
FCA Contact Details:
- Phone: 0800 111 6768
Next, we strongly advise you to speak with the British Vehicle Rental and Leasing Association (BVRLA). This is the government body for rental and leasing companies and will provide with what the next steps are to take.
BVRLA Contact Details;
- Phone: 01494 434747