In trouble....

rytook

In April 2001 I took out finance for a car with Welcome - I didn't realise it at the time but the monthly repayments of £180 for a £2,500 were way over the top.

Anyway I fell behind with the payment so they restructured the agreement so I'd only pay £45 per month but the term would have been something like 7 years. Out of desperation I agreed.

I ended up out of work and couldn't even afford the above amount, so the account went to The Lewis Group, a firm who I believe to be debt collectors. They agreed with me that I could repay the remaining £3000 at a rate of £10 per week. With money being tight (I'm still unemployed) I've missed loads of payments and now they say they are going to hand over the account to a door-step collection person or something.

The problem is last year, I did something foolish - I sold the car. It had depreciated in value so much that I would never get more than £300 for it.

I believe this means I could technically be prosecuted for theft as the car was never fully mine.

What are my options now? If this door-step thing goes ahead, will I have to make an agreement to pay him? Can he apply (or try) to repossess the car? When I asked The Lewis Group if they were able to repossess it last year they said no - does this still apply?

If he does try to repossess it, given the current value of the car and the outstanding amount, is it likely I'd be prosecuted?

rollergirl1507

welcome usually give you insurance if you are made unemployed and stuff could u not have claimed on that

rytook

To keep the monthly costs down, I chose not to have the insurance. Bit late for all that now anyway.

asandwhen

What you have done is sold something that isnt yours to sell - the company will probably want to reposses the car which they will be unable to do - they will then take it further - What you have done is fraud - the only suggestion I can make is own up and claim ignorance but you will be dealt with by the law.

rytook

asandwhen wrote:

What you have done is sold something that isnt yours to sell - the company will probably want to reposses the car which they will be unable to do

Are you sure about that? Even though the car has been sold to someone else, it still is techinically the company's property.

iolanthe07

Even though the car has been sold to someone else, it still is technically the company's property.

This might be true, but if it is, it means you have defrauded the person who bought your car. If the company repossess it from him/her, he/she will be left out of pocket and with no car - how do you feel about that?

rytook

iolanthe07 wrote:

Even though the car has been sold to someone else, it still is technically the company's property.

This might be true, but if it is, it means you have defrauded the person who bought your car. If the company repossess it from him/her, he/she will be left out of pocket and with no car - how do you feel about that?

I've already said I'm aware I did something stupid. I'm just trying to establish the possible consequences.

frepol

rollergirl1507 wrote:

welcome usually give you insurance if you are made unemployed and stuff could u not have claimed on that

Yeah and it would have paid out as well[/sarcasm]