Unregulated Finance Lease

Grimsby555

We took out car lease finance (unregulated) when we set up a new business.My Husband signed a personal indemnity as it was a new company. Unfortunately the business ceased trading and we tried to novate the agreement to a new company with a personal indemnity but this was refused by the lenders. All of our repayments were up to date and there is no issue of us not affording the payments going forward...… however on Friday the recovery agents just came and took possession of the vehicle. There is likely to be a shortfall in terms of the current value against what is still owed. Has anyone any experience of this situation?

motorguy

Grimsby555 wrote: »

We took out car lease finance (unregulated) when we set up a new business.My Husband signed a personal indemnity as it was a new company. Unfortunately the business ceased trading and we tried to novate the agreement to a new company with a personal indemnity but this was refused by the lenders. All of our repayments were up to date and there is no issue of us not affording the payments going forward...… however on Friday the recovery agents just came and took possession of the vehicle. There is likely to be a shortfall in terms of the current value against what is still owed. Has anyone any experience of this situation?

I think you're fairly stuffed.

Your husband should have made the payments as he was effectively the guarantor, surely?

Grimsby555

All the payments have been made - all up to date

motorguy

Grimsby555 wrote: »

All the payments have been made - all up to date

Hmmm.

You might be best putting this on the finance or debt boards and see what people say over there.