car loan off parent

bradrock

Hi.
My girlfriend borrowed 6000 14 months ago from her mother and step dad. It was agreed that it would be paid back at 100 a month til paid. We have paid 100 a month for last 14 months on time every month. She recently got 10000 inheritance which she has paid off her other debts with interest and it now just leaves the car.

They are now saying that they want all the money and have contacted a solicitor we want to know what they can do can they demand the whole sum which we dont have ir take the car?

There is no written agreement and car is in ny girlfriends name.

Thanks

Foxy-Stoat_3

If the terms were £100 a month for the next 5 years and she has not missed a payment for the last 14 months then there is not much they can do. If they choose to get a solicitor involved, they will tell them the same thing and it may cost them even more money.

They can ask for the whole sum due to the windfall, she doesn't have to pay them but if it were me and my parent(s) where good enough to lend me that amount of money interest free and I came into some money like that, I would pay and clear the outstanding debt to my family first.

Does she have £4600 left? Maybe say that she has cleared some high interest debts and can give them say £2400 and knock 2 years off the repayments.

I assume she transfers the money online or standing order, not just giving them cash.

"Loan" and "Parent" never goes well together!

C_Mababejive

This is appalling and highlights the difficulties with loaning money outside of bona fide agreements /to friends/relatives.

It is my view that if your GF wanted a loan, she should have contracted for one with a bank or BS.

I do feel that having had the good fortune to inherit such a sum ,she should have made an extra payment to her parents to supplement the current agreement,,perhaps 2 or 3k?

As it is it appears she is taking advantage of her parents generosity and living beyond her means at their expense.

What have they given up/done without in order to support her profligacy?

bradrock

We are going to up the payments tp 150 200 a month from now but the only reason we paid the debts with interest first is because it would save us money which we need. We have paid what we have agreed really so unheritance is irrevalent. If they needee the money ut might be different but they are loaded hence the 100 a month in the first place.

YorkshireBoy

The 'right' thing to have done would have been to inform her parents of the inheritance, and talked with them about whether the cash would have been best directed towards interest bearing debt. The parents would then most likely have agreed (especially as you now say they're "loaded").

However, I suspect we're not getting the full details here, because there must have been a deterioration in the relationship over the last 14 months, to warrant them now consulting a solicitor over the matter!

dealer_wins

You can see her parents point. They lent her £6000, which is very generous of them. They now see her receive £10000, and wonder why she couldnt immediately repay the rest of what she owed.

They probably feel she is taking the ****.

Foxy-Stoat_3

They are probably thinking, we lend our daughter £6000 interest free to buy a car as she needed one and no money and we like to help her out by only paying £100 a month for the next 5 years....now they have inherated £10,000 they should be able to repay our generosity and do the right thing.

Up to your partner really, morally she should repay them but the terms under which this was lent she doesn't have to. Maybe she should of talked to them first or she could of paid some of her proper debts and been able to take out a cheaper loan to clear up the other debts.

Oh and she bought herself a holiday or expensive stuff with the £10K, they would of annoyed them also !!

Money does funny things to friends and family.

poppasmurf_bewdley

dealer_wins wrote: »

You can see her parents point. They lent her £6000, which is very generous of them. They now see her receive £10000, and wonder why she couldnt immediately repay the rest of what she owed.

They probably feel she is taking the ****.

I tend to agree with this.

Last year, I lent my daughter money to buy her car and she pays me back at £100 per month. She didn't ask me to lend it to her, I offered. She is not paying me interest and I'm losing interest on what I lent her, although this is not a great amount.

If someone left her £10k, I would hope she would pay me back. But if she didn't, I wouldn't go to a solicitor. But her birthday and Xmas presents might be a lot smaller!!!

chesky

It might have been a nice idea if she had offered to pay them a chunk of the money she owed them - say £2 - £3000 - but not necessarily the total amount. It would have been a good gesture.

chesky

PS they might even have refused the offer; it's probably the thoughtlessness which is upsetting them.

C_Mababejive

So they are loaded,,lets soak them?