Cocked up big style

MountainOfDebt_2

I bougth a pick up truck 2 odd years ago. I thought I had a loan to buy it. I sold it last November to pay my tax demands. I just found out from BOS that it's been purchased on HP and it's actually still theirs. I exported this to Ireland (they didn't sell this model there) to a holding company in Dublin (Vat and all that).

What happens now. They've told me they're escalating internally.

I am a touch worried. It's only 7.5k but I cannot settle it just now.

kinglewis121

What sort of documentation did you get when you got the pickup buddy?

iolanthe07

Didn't you realise that you would have to pay the loan back, HP or not? Selling something that doesn't belong to you could be difficult to explain. You might have to take out a loan to pay off BOS

milan_ns

Can't you just pretend it didn't happened and keep up with repayments until you get enough money to pay back the rest of the loan?

Otherwise the bank may ask the outstanding amount immediately... also the police may get involved as the truck wasn't yours to sell.

If you have already notified them and can't "undo", than it's probably best to pay the loan back immediately.

See here:
http://www.thisismoney.co.uk/credit-and-loans/ask-an-expert/article.html?in_article_id=420026&in_page_id=110

MountainOfDebt_2

kinglewis121 wrote: »

What sort of documentation did you get when you got the pickup buddy?

It was registered in my name. I assumed it was a loan. I simply don't have the money to repay the lon and this all only come to light when I wrote to them asking for 3 months repayment suspension/payment holiday.

I genuinely didn't know.

PNPSUKNET

Were you a limted company, do you own your own house...

MountainOfDebt_2

I am a limited company and yes, the house is my own

gizmo111

iolanthe07 wrote: »

Didn't you realise that you would have to pay the loan back, HP or not? Selling something that doesn't belong to you could be difficult to explain. You might have to take out a loan to pay off BOS

He hasn't said he can't or won't pay it back just he didn't realise what sort of agreement he had.

PNPSUKNET

if the truck was the companys then they can just go after the company, not your assets etc

CashRequired

You'll need to continue the payments, or settle, failing that they will go after the truck as it is their property.