Credit Contracts and Consumer Finance Act 2003, ss 83Z, 83ZF, 83ZI, 83ZM
If the lender sells the goods, they must take reasonable care to obtain the best price that’s reasonably obtainable at the time. All other aspects of the sale, including the method, time and place, must also be commercially reasonable.
The lender must give you and any guarantor reasonable notice before the proposed sale. If the sale is to be by auction or tender, then you, the lender and any guarantor are all entitled to bid or submit tenders.
You can force the lender to put the goods up for auction if the goods haven’t been sold within 30 working days after being repossessed.
Within seven days after selling the goods, the lender must give you and any guarantor a “statement of account” that tells you:
how much the goods sold for
the lender’s costs in selling the goods
the amount you needed to pay at the time of the sale to settle the contract
whether there’s money left over from the sale that the lender must pay to you, or whether you still owe money to the lender.
If you still owe money to the lender, you’ll have to negotiate with them about how this will be paid. The lender can’t claim anything other than what’s left owing after the sale – that means they can’t claim any ongoing interest or costs.