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Ex partner and HFC Loan
nebe
Posts: 4 Newbie
Hello all. This is my first post. Please could you read my situation and post me your thoughts.
In 2004 i took a loan out with the HFC, for me and ex partner in joint names. The loan was for a car for her. This was paid each month and the loan was over 4 years. In November 2005 we split up and i moved to my mums. We put the house up for sle and i paid her each month to cover the bills. In jan 2006 the house was sold and she kept the car. Although the loan was in joint names i was the lead name. I contacted the HFC and informed them that we had split and gave them my new address. During the phone call they informed me that the loan had not been paid since we had split and they had sent letters to our old house which obviously i never received. I informed them that she had kept the car and that I wanted her to take the loan on in just her name but they said that i was liable for the debt. I told them that i thought this was unfair and agreed to pay half of the money which i thought was generous as she had the car. They said this was not possible and that i had to pay for all of it. At this point there was still £11500 owing. During the phone call the advisor put me on hold and came back stating that they agreed it was unfair for me to pay for all so they agreed to let me pay £9000. They said that it would be interest free over 10 years at £75 a month. They also stated that they would chase her for the remainder. I felt this was fair and agreed. ON 16-1-06 they sent me a new agreement for this. It stated on the agreement that i had took out a sepearate loan for £9000 which would pay off the old loan and this new loan would be in my own name. I signed and have paid it to date without missing a payment. I was under the impression that the first loan had been settled and she would be doing the same.
Since then i have got married to someone else and we have bought another house which we have been in for 3 years.
In April 2011 I contacetd the HFC about the first loan to question the PPI that was charged on the original loan. They sent me a questionaire to my new address in my name and my ex partners name. This did not go down well with my wife so i contacted HFC to get her name removed. I was worried that her name would now be linked to me and my credit file. They informed me that they could not remove it. During the 1 hour and 26 minute phone call the advisor explained that the first loan was never settled as i had entered an arrangement and that the second loan agreement was not a seperate loan but a mutual agreement in order to pay of the outstanding debt. They also told me that my ex has never been asked to pay any of the money owed and that i was the only person repaying. They could not explain what had happened to the remainder of the debt but thought it would have been written off and passed to a debt collection agency. As i am very concious about my credit rating i told them that had i been advised of this at the time i would not have agreen to the second loan and would have continued to pay the original loan even though it was it joint names. Since 2006 I have always struggled to get credit and i now know that this was the reason. I have sent £10 for the notes, Agreemnents and transcript of the call from 2006 but the HFC have stated that they don't have any of it as it was 5 years ago.
I feel that i have been tricked into taking the second loan/arrangement and i am not happy at the way this has been dealt with.
This is not a post to try and get out of paying. I know that i will have to continue to pay the £75 a month for another 5 years. What i want to know is if this whole arrangement is unfair and have the HFC done anything wrong. I have never missed a payment since 2006 and can easily afford it but there is a moral question to be answered and i feel that i have been tricked by the HFC. Can anybody give me their thoughts on this matter.
Thanks in advance.
Nebe
In 2004 i took a loan out with the HFC, for me and ex partner in joint names. The loan was for a car for her. This was paid each month and the loan was over 4 years. In November 2005 we split up and i moved to my mums. We put the house up for sle and i paid her each month to cover the bills. In jan 2006 the house was sold and she kept the car. Although the loan was in joint names i was the lead name. I contacted the HFC and informed them that we had split and gave them my new address. During the phone call they informed me that the loan had not been paid since we had split and they had sent letters to our old house which obviously i never received. I informed them that she had kept the car and that I wanted her to take the loan on in just her name but they said that i was liable for the debt. I told them that i thought this was unfair and agreed to pay half of the money which i thought was generous as she had the car. They said this was not possible and that i had to pay for all of it. At this point there was still £11500 owing. During the phone call the advisor put me on hold and came back stating that they agreed it was unfair for me to pay for all so they agreed to let me pay £9000. They said that it would be interest free over 10 years at £75 a month. They also stated that they would chase her for the remainder. I felt this was fair and agreed. ON 16-1-06 they sent me a new agreement for this. It stated on the agreement that i had took out a sepearate loan for £9000 which would pay off the old loan and this new loan would be in my own name. I signed and have paid it to date without missing a payment. I was under the impression that the first loan had been settled and she would be doing the same.
Since then i have got married to someone else and we have bought another house which we have been in for 3 years.
In April 2011 I contacetd the HFC about the first loan to question the PPI that was charged on the original loan. They sent me a questionaire to my new address in my name and my ex partners name. This did not go down well with my wife so i contacted HFC to get her name removed. I was worried that her name would now be linked to me and my credit file. They informed me that they could not remove it. During the 1 hour and 26 minute phone call the advisor explained that the first loan was never settled as i had entered an arrangement and that the second loan agreement was not a seperate loan but a mutual agreement in order to pay of the outstanding debt. They also told me that my ex has never been asked to pay any of the money owed and that i was the only person repaying. They could not explain what had happened to the remainder of the debt but thought it would have been written off and passed to a debt collection agency. As i am very concious about my credit rating i told them that had i been advised of this at the time i would not have agreen to the second loan and would have continued to pay the original loan even though it was it joint names. Since 2006 I have always struggled to get credit and i now know that this was the reason. I have sent £10 for the notes, Agreemnents and transcript of the call from 2006 but the HFC have stated that they don't have any of it as it was 5 years ago.
I feel that i have been tricked into taking the second loan/arrangement and i am not happy at the way this has been dealt with.
This is not a post to try and get out of paying. I know that i will have to continue to pay the £75 a month for another 5 years. What i want to know is if this whole arrangement is unfair and have the HFC done anything wrong. I have never missed a payment since 2006 and can easily afford it but there is a moral question to be answered and i feel that i have been tricked by the HFC. Can anybody give me their thoughts on this matter.
Thanks in advance.
Nebe
0
Comments
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Firstly, check your credit rating (sign up for free trial, but don't forget to cancel before you have to pay!), and see what it says. If you bought a house 3 years ago with your new wife, then your credit rating can't have been too bad, or at least good enough for a mortgage!
I wouldn't say £9000 on a £11900 loan is a good deal, and nor is letting your ex keep the car! Personally I would have taken a new loan in my own name to pay it off in full, then taken the ex to court.
Why didn't the loan company re-possess the car and let you pay the difference?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
I have checked the credit file and the old loan doesn't feature. I assume that this is because it is over 6 years old. Prior to buying the house i did struggle to get credit. As for letting them take the car. This was not something i was aware of at the time that they could do. Could i TRy and get the HFC to chase her for any of the mooney owed?0
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You're probably better off chasing her for it yourself!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Chasing her isn't an option as i havent seen her for 6 years and i know she won't pay a bean. Can anyone please advise, Have the HFC done anything unlawful?0
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