Urgent Help/Advice Needed

wee_den

My fiance of 11 months has a bad credit rating and he is a taxi driver. His cab was on its last legs and we decided to trade it in and get a newer vehicle.

All went well, new cab picked an 11 plate and very low mileage, but he got refused the credit, and we decided I would apply for the credit, all went through fine and he got his new cab.

6 weeks later he has left me and the V5 document is in his name but all the debt is in mine!!! I am now up to my eyes in debt, with two credit cards that zero interest is due to expire in a few months and I know I will not be able to get a new deal!

I am not saying he will default in the standing order that he has set up but I want to make myself safe incase this happens.

What should I do? The finance is over four year and comes to just over £15k with the interest.

I am stressing myself to death with this, hardly sleeping and feeling sick all the time.

The V5 document is need by him to register his taxi with the council, but I want to have something in place before I hand this over to him.

I am so broke as I am already overdrawn with the bank as school and university due back and had to get the kids uniforms and essentials.

I am from Glasgow incase Scots law is different in these situations.

Next standing order (which would be the second payment) is due on 15/08/13)

advice would be gratefully received.

Regards

Wee_Den

gayleanne

As his living relies on having the vehicle, I would haave thought that he will carry on the payments. You can send the V5 to the DVLA and have it transferred into your name.

dtsazza

Is this an unsecured loan? If so, I don't think there's a great deal you can do. The loan was paid directly to you as a lump sum, on the condition that you make the repayments. And as a completely separately action, you effectively gifted that money to your fiance in order to buy the vehicle (that is legally his).

You will still be held to the terms of the loan agreement, since this had nothing to do with your fiance. If he decides to stop paying the standing order, you would need to take civil action against him and prove that he owes you the remainder of the loan repayments (though without a written document this might be difficult/impossible). Perhaps have a look at the "lending to friends and family" sticky in case there's any ideas there, since that's effectively what's happened here.

If the loan is secured on the vehicle however, it will be repossessed if the payments stop, so at least he would have an incentive to keep them up in that case. (Though you still can't force him not to default, and you would still be personally liable for the balance.)

spacey2012

What type of finance did you take out ?
Can you explain in detail ?
The name on the VC5 can easily be rectified if you have secured finance on the vehicle.
Given that he has done one I would suggest you would be better cutting him off dead, surrendering the vehicle back to the finance company and making an arrangement to pay the balance you are left with.
The sooner you do this the less you will have to pay back.
The other option is if you have paper work confirming you as title holder, you remove his permision to drive the car, ask for it to be returned immediately or report him for TWOC if he refuses to return it and have the police incept the car.
Then find a garage that will buy vehicles and part settle with finance with you paying the remainder.
Either way you are going to end up paying the whole whack, that's what rats do ...Sooner is better than later.

happycamel_2

The V5 is the registered keeper document, it does not mean he is the registered owner. It even says on the document that it is not a certificate of ownership. Who was the invoice from the dealership made out to?

wee_den

the loan is an unsecured loan over 48 months and every item of paperwork is made our in my name except the V5 doc which he got changed to his name without my permission. It is currently sitting on the table waiting for him to collect (once I let him know its there!) as he needs this for his licence on the taxi.

Wee Den

wee_den

dtsazza wrote: »

Is this an unsecured loan? If so, I don't think there's a great deal you can do. The loan was paid directly to you as a lump sum, on the condition that you make the repayments. And as a completely separately action, you effectively gifted that money to your fiance in order to buy the vehicle (that is legally his).

You will still be held to the terms of the loan agreement, since this had nothing to do with your fiance. If he decides to stop paying the standing order, you would need to take civil action against him and prove that he owes you the remainder of the loan repayments (though without a written document this might be difficult/impossible). Perhaps have a look at the "lending to friends and family" sticky in case there's any ideas there, since that's effectively what's happened here.

If the loan is secured on the vehicle however, it will be repossessed if the payments stop, so at least he would have an incentive to keep them up in that case. (Though you still can't force him not to default, and you would still be personally liable for the balance.)

the loan is unsecured over 48 months and all the paperwork is in my name

wee_den

spacey2012 wrote: »

What type of finance did you take out ?
Can you explain in detail ?
The name on the VC5 can easily be rectified if you have secured finance on the vehicle.
Given that he has done one I would suggest you would be better cutting him off dead, surrendering the vehicle back to the finance company and making an arrangement to pay the balance you are left with.
The sooner you do this the less you will have to pay back.
The other option is if you have paper work confirming you as title holder, you remove his permision to drive the car, ask for it to be returned immediately or report him for TWOC if he refuses to return it and have the police incept the car.
Then find a garage that will buy vehicles and part settle with finance with you paying the remainder.
Either way you are going to end up paying the whole whack, that's what rats do ...Sooner is better than later.

The loan is unsecured over 48 months and all the documentation is in my name

malkyh

If you have the V5, then change the vehicle into your name. When you get the V5 returned in your name sell the cab.

Long time ago I bought a car for an ex, the V5 was in her name but as I could prove that the cash for the car came from my account then I was the legal owner.

ChopperST

Then you are stuck with the debt I'm afraid.

Like others have said the V5 is the registered keeper of the car and not necessarily the owner.

I would agree to make the best of a bad situation if you are the "owner" of the car then sell it to make as much as the money you can back. Again as you have been advised an invoice from the garage in your name would be sufficient in the eyes of the law to prove you as the owner as the garage has invoiced you and you have paid them the monies for the goods...

GL