Been really stupid need advice

jackie_w

Hi im wondering if anyone can give me any advice at all. My husband has been a bit stupid and I think its come back to bite him on the bum!

My husband used to be a company director of a limited company. There was him and another company director.

The other company director wanted to part ways, so, my husband sold his share of the business to him. he got a sum of money and a car. The original settlement was for £80,000, but when it was agreed my husband would take the car £17,000 was deducted from the settlement.
At the time, my husband and his then business partner went to the accountant to see what to do. My husband asked if he would need a lawyer, but, the accountant told him no, they would be able to sort everything out.
My husband signed a letter saying he transferred his shares over the the business partner for a sum of money, there was nothing in the letter about the car. Now the accountant knew my husband was getting the car, because the accountant told my husband that that would help him pay less tax!

Fast forward to this year when we decided to sell the car, went to the garage and yes youve guessed it, there is still finance on the car.
My husband has today contacted his ex business partner who has said he cant get the banks interest off the car unless he pays all of the finance, and he isnt in a position to do this.

Im really annoyed about this, but mainly with my husband because he should have made sure the finance was going to be paid off.

we now cant sell the car, and feel that the ex business partner has held us over a barrell.

The finance for the car was through the bank of scotland, does anyone know if we call the bank and say we have found out there is finance on the car, and that we now own the car, will the force ex business partner to pay up, or will they not bother.

Im trying to find out what I can do before I go to a solicitor because I know thats going to cost us.

Thanks in advance

missymugwump

1) Your husband should of got proper legal advice and should now asap.:(
2) The bank/Finance company won't give a monkey about your predicament as long as it's being paid for they won't get involved.
3) If your hubby was a partner in the LTD company why didn't he know it was on finance ?
4) Whos the car registered to now ?

gnaril

Easy answer for you.... NO

Bank of Scotland wont entertain anything you have to say as the finance is in a third parties name, they wont be authorised todiscuss said finance nor access the account for you.

Sorry.

Someone who has likely been in same boat will come along with further advice, solicitor good option, however I doubt your going to get anywhere at all with it. If its still financed under the other guys name, you got no way of forcing him to clear the finance, just hope the guy doesnt default and the car is taken away from you..

All the best

jackie_w

Thanks for your advice, my husband did know there was finance on the car, it was part of the settlement that the finance would be paid off. My husband is the registred owner of the car now. The registration document was signed over to my husband by the now ex business partner.

there has been a bit of an update. My husband was sure there was something written in the settlement about the car, so we have hunted high and low and have finally found the letter that was signed by my husband, the now ex business partner and the accountant. the letter does state that my husband takes over ownership of the car.

Do you think this will change things?

missymugwump

I think you need to get a solicitor to write to the ex partner explaining that you have the agreement in writing and expect him to honour it, or buy the car back off you for the £17,000 agreed.
His choice

You will not be able to move it forward easily unless you engage legal help.

Good luck