left to pay for a car i have never owned.

Foxy-Stoat_3

What type of credit agreement was it?

Doesn't the debt pass to the new owner of the car if its sold with finance owing?

~Brock~

vitaminv wrote: »

and i know from working to fsa guidelines that its irresponsible lending to then do the same loan in anthers name for somebody who can't afford it.

The FSA/FCA didn't regulate consumer credit in 2007.

InsideInsurance

Foxy-Stoat wrote: »

Doesn't the debt pass to the new owner of the car if its sold with finance owing?

The debt never does but the car remains security for the debt even if sold so if they come knocking to the new owners they get the choice of giving the car up or paying off the debt. It never becomes their debt though so the finance company couldnt get a CCJ against the new owners for the debt.

Foxy-Stoat_3

InsideInsurance wrote: »

The debt never does but the car remains security for the debt even if sold so if they come knocking to the new owners they get the choice of giving the car up or paying off the debt. It never becomes their debt though so the finance company couldnt get a CCJ against the new owners for the debt.

I see, so the finance company hasn't or can't chase the new owner for the outstanding.

InsideInsurance

Foxy-Stoat wrote: »

I see, so the finance company hasn't or can't chase the new owner for the outstanding.

They cannot chase the new owner for the debt. If the debt was secured against the vehicle, which would be the norm for dealer arranged finance, then they could chase the recovery of the vehicle. If the debt wasnt secured onto the vehicle then its basically a personal loan and they'd have no power over either the new owners nor the vehicle itself.

vitaminv

yeah its very strange because they asked for the car back, i said if you can find it please do sell it and put the money towards to amount. they couldn't locate the car.
yeah i think paying it off in one go is the best thing.

ermmm i never saw a penny of that money actually.. i never owned the car.. god can't you read!!!! i will be paying for something i never had. get it? understand????

and thats why its annoying, and people on here are starting to annoy me.. i asked for advice not stupid opinions from people who don't know so they just put their two pence worths in.

lots of people have been helpful though so thanks to them. decent people. i know i shouldn't of signed, i didn't have a choice.. my mother forced me too.

i last paid money this year, my mother agreed to pay a little amount to keep them happy because they started to knock at my door over it. she stopped paying it a few months ago so thats why its all up in the air again.

anyway thanks to people who have been helpful, i think i have left it too late to dispute the contract even if i had a cat in hells chance of getting it sorted. i think its just wishful thinking and i have to pay it. other wise it won't go away. just a bad situation, i'm a full time student so its hard enough. and i would like to buy my own house in a few years. of course that won't happen now. yes i vent on here. but i don't have anyone who i can talk to about it. my mum gets angry if i mention it.

Voyager2002

If you are a full-time student with no income then you cannot pay it. So tell them that.

If you can avoid acknowledging the debt for the next six years (paying anything and/or putting anything in writing agreeing that you owe the money) then it effectively drops off the record. You would have plenty of time after that for house-buying and so forth.

shop-to-drop

So your Mum is the one getting angry with you?

GwylimT

If you haven't already you need to contact the finance company, hopefully you can arrange a payment schedule that you can afford to avoid any more defaults.

BillJones

vitaminv wrote: »

I think i have left it too late to dispute the contract even if i had a cat in hells chance of getting it sorted.

There's nothing to dispute. You agreed to borrow the money to buy your mother a car, and the car company then supplied that car to her. The debt was yours from the start.

People often borrow money to buy things for other people (engagement rings would be a common one), and these contracts are generally fine.

It's really not clear why you believe anyone but your mother to be in the wrong here.