Car finance mess up

Mackemsol

Hi everyone ok brand new to this so probably the wrong forum.
I bought a car that was you clear (did it myself) and also the dealer did it and it showed as having no outstanding finance.
I tried today to get a log book loan out on the car and the company did their own up I check which was through experian. And it has come back as having finance market on it. They tried to contact the company but they didn't answer. When I researched them they have gone into liquidation in 2011.
Is there any way I can get this marker removed. Or who do I contact to discuss this.

Thanks in advance.

MEM62

The marker has saved you from making a big mistake. Log book loans are one of the worst ways to borrow money. Are you not able to borrow from a mainstream lender such as your bank? If you cannot secure borrowing from a mainstream lender then you are probably in a situation where you should not be taking on any more debt and need to look at your finances.

As for the outstanding finance on the car - I am not aware that Experian offered such a service to dealers. I would be more inclined to believe an HPI check. Why not run one on the car yourself?

National_Debtline

Hi Mackemsol and welcome to MSE,


I agree with MEM62, and would do a HPI check on the car. When did you buy the car? Did the dealer offer you anything in writing to say the car was free from finance/ PCN's? Experian offer information about your credit history, not the credit history of a vehicle, so I suspect that one of a couple of things could've happened here.

Either, the log book loan company has done a credit check on you and you have failed to pass their criteria and that is why your loan application has failed. Or there is still some kind of finance on the car. (Or possibly both).

Do a thorough HPI check to start with. Secondly, please consider very carefully why you wanted the log book loan. They are a very expensive and risky form of credit so perhaps posting a SOA may help other posters guide you on alternative options if you are struggling (you may want to start a new thread in Debt Free Wannabe for that).


Laura
@natdebtline

MHOWARD_2

Just had a Google and it turns out that experian do have a vehicle checking service.

http://www.experian.co.uk/motor/

https://www.autocheck.uk.experian.com

MEM62

MHOWARD wrote: »

Just had a Google and it turns out that experian do have a vehicle checking service.

http://www.experian.co.uk/motor/

https://www.autocheck.uk.experian.com

Interesting.