HP sold car years ago

bunnymtg

Hi there,

I’m not sure the purpose of my post but I’ll keep it short(try!)

I had a mis spent youth, went a bit of the rails, awful with money, partying, depression, the lot!

10 years on and I’ve completely turned my life around. I’m married with children. I have a home. I’m very sensible!

I’m thinking of a career change into mortgage advice. I currently work in an estate agents and I find the Mortgage element
so interesting. I know they application process are as stringent as when buying a house. Debts, outgoings etc. I was having a read through and it really touched a raw nerve about my youth.

I took out a HP agreement on my car when I was very young. I naively sold it (had no idea of whether this was allowed or anything! I just did it) I was planning a trip to OZ and needed to get rid of the car. No questions asked. Sold it.

I buried my head in the sand and ignored the finance company for a bit and then finally got back in touch. I’ve been paying off small amounts now for probably the last 8 years.
The finance company found out but were not remotely bothered. They were just interested in making sure they got back hat they were owed. I have no idea if they contacted the people I sold it too. I did a house check just now which came back clear of hpi. I can see they also had the car up until very recently.

Now I’m older, I feel awful that I have done this. I have so many questions. Did the people I sold it to have to pay anything? Are they the reason it’s hpi clear? Has it ever had hpi registered on it? (Its 100% go agreement that I signed) did I cause them a load of stress or were they completely blissfully unaware and the finance company never contacted them?
I’m hoping by the end of the year to have saved to offer a final settlement and end the debt.
I am too afraid to ask the financing company any of the questions because I don’t want to spark any trouble.
I’ve never had a criminal record but worry about the implications this could have had on me especially wanting to move into the mortgage industry.
I’m such an honest person to the point where I feel the need to “confess” ridiculous things to my husband all the time! Ridiculous as in minor things normal people wouldn’t even think twice about!
I feel this could jeopardise my chances of a career change.

I feel in such a pickle. Part of me wants to contact the people I sold it too but I don’t want to open a can of worms. That’s another thing, they had my number and email address and never once contacted me which makes me wonder if they even knew?

This has been running in the background for years (paying it off tiny amounts monthly) and I’ve had no bumps along the way
But my conscience is really taking a battering just from reading this Mortgage advisor application. It’s triggered some old things that I’m desperately ashamed of.

Would love to hear from someone although I don’t quite no what I am asking.

Bunny x

sourcrates

Whatever happened to the car, or its buyer, is now history.

If there have been no repercussions in 10 years, then its likely there never will be any.

System

If the loan was a bank loan it wouldn't have been secured on the car so no problems for anyone else. If it had been secured on the car then back then the finance company could take back the car from whoever had it but then you'd not owe the outstanding balance, you'd only owe a portion of it as they would have sold the car to cover the loan. So the fact you owe the whole outstanding balance suggests that nothing of that sort happened.

jonesMUFCforever

What do the CRA's tell you about this?

bunnymtg

Sourcrates thank you for you advice. I see your a “debt guy”, have you come across this at all, ever?

Tarambor- thank you, definately HP. No sign of it on the hpi check though!

Jones- All three report absolutely nothing!

McKneff

Get on with your life, stop worrying and good luck. x

Annie

bobbymotors

Tarambor wrote: »

If the loan was a bank loan it wouldn't have been secured on the car so no problems for anyone else. If it had been secured on the car then back then the finance company could take back the car from whoever had it but then you'd not owe the outstanding balance, you'd only owe a portion of it as they would have sold the car to cover the loan. So the fact you owe the whole outstanding balance suggests that nothing of that sort happened.

Sorry, that's wrong, although correct about the bank loan bit.

This comes up periodically on these boards.

If you are a private buyer and unknowingly buy a car that has outstanding HP on it, you will own the car and get good title to it: the finance company will chase the original borrower.

Google hp innocent purchaser