Help/Advice

pinkthing26

Hi Guys,

I'm pretty new, not even sure if this is the right place to be posting but I wonder if anyone can help with this.

My silly boyfriend has had cars on finance since he was 18, problem is he never kept them long enough to repay the finance, just trading them in and adding the outstanding balance onto new finance deal, anyway a couple of years ago this caught up with him, when he decided to Trade Seat Ibiza in for Alpha Romeo (this is were it gets tricky bear with me) I think (from what he tells me, can't seem to find paperwork) he was unable to keep adding all this outstanding finance onto a new deal, so they made him keep Finance deal for 3 previous cars and applied for a personal loan (not HP this time) with Black Horse (I think), so he stupidly was delighted at this so traded Ibiza, got his stupid too much on fuel and insurance Alpha, was to pay old finance deal and new personal loan alongside each other (unbeknown to me or his family), so after about 2 weeks and £400 of fuel later, he was persuaded by me and his sister to go back to the garage and explain that the running costs were too much and he simply couldn't afford it and ask if they would take the car back, as nothing had been paid yet, they did and spoke to black horse and sorted the money out, they also asked him to pay £200 to them for this as 'he had essentially hired a car for a fortnight and it had lost value' after some negotiation they wavered this. SO here is my point he walked out of the garage with NO car, he didn't get his other car back he had traded in (supposedly for £2000 off the Alpha) and still had to pay for the Ibiza, now don't ask why but It never occurred to me untill a few months back, after sorting through some paperwork (he is now in DMP) he had a threatening letter for a loan from GEMoney with its REF as Seat Ibiza, so we have two problems here, one he is still paying for a car he no longer has and two if so he surely is in trouble for selling a car on HP???!!!???

Does anyone have any advice or even tell me the right board to post this on if it's wrong?!

Thanks Gem xxx

DaveMacD

As best I can tell from what you have given us, he had to continue to pay for the Seat, but also arrange another loan for the Alfa. He handed in the Seat for a discount on the Alfa, but still had to pay that loan off. The loan for the Alfa is separate, and has been sorted, but he still has to pay the debt he has racked up on his other cars. He probably should have got the Seat back, but that is something that should have been sorted at the time. He should get in touch with GEMoney asap, as he should have still been paying them, and it will go as a default against him.

Re. the selling of a car on HP. Generally, it's not a problem since the new finance clears the old debt. In this case, it's really only a problem for the person who has bought it, since it doesn't really belong to them, but the finance company. In any case, the overriding concern for your OH should be to get onto the finance company quick, and get it sorted.

pinkthing26

Thanks, I was just concerned about that, he is in DM and is still getting hte threatening letters, that's how it all came to light, before that I didn't know anything about it!

Will just have to hope he's learned from all his silly mistakes!

I appreciate your reply.

fluffnutter

pink, what do DM and DMP mean?

pinkthing26

Debt Management/Plan

xx