Irresponsible Lending?

shonaFTB

So, it's a long one so will try and bullet point.

- got a car loan in Jan 15
- earned about 1700ish and a joint mortgage as 1100 finance payment would be 210
- lender said had to put it as half mortgage payment as company practise and as a joint mortgage not technically paying full amount...
- he was wrong. in about May 15 split with partner. he refused to pay mortgage so I had to pay all. messy break up, assaulted me, court etc depression and got myself into alot debt, credit cards etc as to stop myself defaulting had to find money a different way.

Was this irresponsible lending? Never were my details/income/outgoings checked.

Also was told I must have the most expensive warranty with the finance and couldn't think about it as I would leave the forecourt and anything could happen. Wouldn't take no for an answer so another £3000 onto my finance.

I'm still struggling now and just need some help as Ive now started to wake up out of my depression to see what mess I'm in.

BorisThomson

Do you suggest the lender should be able to predict the future? Their guidance at the time was correct, it's not their fault that your relationship broke down.

The warranty may have been missold, but you'd need proof of what you claim.

jonesMUFCforever

IMO sell the posh car and get a cheap runaround for now.

shonaFTB

I dont suggest they predict the future at all. As at that point we would of never seen it coming either. My point being although a joint mortgage surely the full monthly amount should have been used as I would have been fully liable either if he were to pass away or leave for example? I wouldn't of had the option to just continue paying my 'half' in any situation therefore shouldn't the whole 1100 of been used?

shonaFTB

jonesMUFCforever wrote: »

IMO sell the posh car and get a cheap runaround for now.

Yes, it is what we werr considering but wouldn't be enough to pay off the full finance and with my credit wouldn't get another credit facility to be able to get a cheaper option. We have zero spar cash to our name currently.

[Deleted User]

That was the risk they chose to take in lending to you.

[Deleted User]

shonaFTB wrote: »

I dont suggest they predict the future at all. As at that point we would of never seen it coming either. My point being although a joint mortgage surely the full monthly amount should have been used as I would have been fully liable either if he were to pass away or leave for example? I wouldn't of had the option to just continue paying my 'half' in any situation therefore shouldn't the whole 1100 of been used?

I don't wish to sound harsh but you could have and perhaps should have walked away from the "deal" if you weren't happy with it, If its a joint mortgage then I see no problem with them assuming you would pay half of it, again they have no crystal ball.

shonaFTB

venison wrote: »

I don't wish to sound harsh but you could have and perhaps should have walked away from the "deal" if you weren't happy with it, If its a joint mortgage then I see no problem with them assuming you would pay half of it, again they have no crystal ball.

Dont worry, not harsh at all. As I said, i was just after some advise. I am young and obviously even younger then. I just believed what they said and took the warranty as I was told I wouldn't be able to in future.

It is only now once I am a bit older and trying to sort things out after being in a mess that I don't think it was right.

Herzlos

You may have a case for the warranty - that's hugely expensive and unlikely to actually be necessary.

When you say "I was told I wouldn't be able to in future" does that mean they would let you not have the warranty and wouldn't be able to add it later? If so, that's not the same as telling you that for the finance you need to warranty.

What does it cover?

If you've got an expensive car and no money to keep paying for it, you're going to lose it at some point anyway, so it's best to (a) talk to the finance company and see what you can do and then hopefully (b) hand it back / sell it, pay down the remaining balance and go buy a cheap car for cash. You never know, finance company might let you reduce payments or let you off with the difference.

What's the car, what's it work and what's the outstanding balance?

System

Stop making car payments, you're already in debt and most likely missing payments so it won't make things any worse. Save the money you were using for car payments to buy a cheap car from Facebook for a few hundred quid. Hand the car back.

Thrugelmir

shonaFTB wrote: »

- he was wrong.

Using that logic. Very few people with a mortgage would ever obtain other finance. Decisions are made at the time based on the facts. That's life unfortunately.