Help with car loan

Lou91

Around two years ago me and my partner stupidly went for a new car at stoneacre. It was a huge mistake and regretted it as soon as we got home bt stoneacre would not accept the car back. So we have learned and had to deal with this very expensive mistake. The credit checked failed in my boyfriends name and with me earning only 16 hours a week they give me an 8.000 loan. I couldn't understand this at the time and they had said to me that Barclays would only give me half the loan and that stoneacre had 'sorted something out'. Like I said we regretted it as soon as I got home and knew deep down we could not afford to pay the monthly payment bt stoneacre refused to undo everything. So we have had to scrape by since my boyfriend has come out of work twice and with me only doing 16 hours a week we have fell behind on payments. Was it right for Barclays to give me an 8.000 loan with me earning 100 pound a week and with no savings and I was in my overdraft?

dealer_wins

Its not whether they were right to lend you the money.

You applied for it and were accepted and agreed to the terms. Its as simple as that!

CKhalvashi

It's a case of irresponsible borrowing than irresponsible lending.

You applied, you were accepted. It should have been made a condition that you can only accept the car subject to finance being approved.

CK

DCFC79

Lou91 wrote: »

Around two years ago me and my partner stupidly went for a new car at stoneacre. It was a huge mistake and regretted it as soon as we got home bt stoneacre would not accept the car back. So we have learned and had to deal with this very expensive mistake. The credit checked failed in my boyfriends name and with me earning only 16 hours a week they give me an 8.000 loan. I couldn't understand this at the time and they had said to me that Barclays would only give me half the loan and that stoneacre had 'sorted something out'. Like I said we regretted it as soon as I got home and knew deep down we could not afford to pay the monthly payment bt stoneacre refused to undo everything. So we have had to scrape by since my boyfriend has come out of work twice and with me only doing 16 hours a week we have fell behind on payments. Was it right for Barclays to give me an 8.000 loan with me earning 100 pound a week and with no savings and I was in my overdraft?

With you only working 16 hours and the bf not working you knew it was going to be tight and there might be problems paying it off.

Edi81

Usually with hp agreements they don't ask about income (unless it's for a very large monthly payment). Plus, the dealer probably told them that you worked full time. Based on the information available to Barclays at the time I don't see how they can be held responsible for irresponsible lending.

I used to be a car finance underwriter so know how little information was asked for.

PeacefulWaters

Was it right for Barclays to give me an 8.000 loan with me earning 100 pound a week and with no savings and I was in my overdraft?

It probably wasn't the smartest move on their part.

But it's a two way decision. Can you see the insanity of signing up for it from your side?

Gaz83

PeacefulWaters wrote: »

It probably wasn't the smartest move on their part.

But it's a two way decision. Can you see the insanity of signing up for it from your side?

Yep, this. It takes two to tango.

bigadaj

These things have to work themselves out in a logical way.

In such cases the finance companies will presumably lose the money and modify their procedures, though this is all done on a Probability basis so a certain number of defaults will be allowed for.

Golden rule is never spend more than you can afford and even then spending on a car is generally a waste of money.

deanos

cant you hand the car back after so many years , and it writes off the debt ?

iolanthe07

deanos wrote: »

cant you hand the car back after so many years , and it writes off the debt ?

If it is HP you can usually do this after 50% has been paid, but the OP has a bank loan so that option is not available.