Car Loan enforceability

aquavit_2

Hello from a newbie who has been lurking for some time and trying to absorb the overwhelming amount of information on this great site.

Like many others on here I have been severeley "credit crunched" and struggling with payments over the last couple of years. I have finally had to stop credit card and loan payments in order to survive, the credit cards I am dealing with but I also defaulted on a car loan some months ago.

The loan was taken out in February 2007, over 36 months with a balloon at the end. I traded in my previous car as a part exchange but because the figures did not quite "add up" it was effectively re-financed in with the new car although this wasn't evident on the loan agreement. I engaged the notorious claims company Client Cartel Review, back in 2008, to investigate this loan to see if it was unenforceable, they took an age to get anywhere with it before being closed down. They did manage to get hold of documentation from Bank of Scotland/Capital One which I have recently taken possession of. So I would very much like to know if the "agreement" is enforceable:

All the prescribed terms appear to be there, amount of loan, repayment period and frequency, deposit, charges etc.
However the document is signed by what appears to be me, the selling dealer and (at a later date) a bank representative on a different page. Am I right to think this could make the loan unenforceable, or are there maybe other issues which could render it so??

I stopped paying this back in December 2009 so am now under some pressure from the bank chasing it

Thanks for looking, any help would be much appreciated

Silvafox

If you only stopped paying it in December '09, and you took the loan out in February '07 for 36 months you'd only have about 2 or 3 payments left. Also, as you've paid a large percentage of the car already - you could offer the car back to them or ask them for permission to sell it and pay off the arrears.

I think going down an unenforceable route is a none starter.

Dave101t

i think he is looking for a refund of everything he has paid, and wants to keep the car....classy.

Silvafox

... I wonder if I can do the same with my house? I'd love to pay my mortgage for several years, stop paying it - then keep the house and get all of my payments back... ;-)

aquavit_2

Dave101t wrote: »

i think he is looking for a refund of everything he has paid, and wants to keep the car....classy.

Now, now, don't be silly I thought the general ethos on here was not to be judgemental??

There is a balloon payment at the end, which taken together with any outstanding arrears adds up to more than the vehicle is now worth so I would think they would still come after me for the difference if I surrendered the vehicle.

I am simply exploring my options. Having been advised by CCR (I know ) that the agreement may well be unenforceable, and subsequently left in the lurch by them, I am obviously unsure if this is the case.

I have also just noticed that the bank "signed" with a rubber stamp rather than a wet signature. Not sure if that affects the validity.