Car finance personal loan for ex boyfriend

pennyalice

Hello!

I got out car finance (personal unsecured loan) for a £14k truck for my ex and father of my kids - as he has such bad credit - big mistake I know.

He was supposed to pay me £250 every month for 5 years - but I have been paying it every month so far and it has been 1 1/2 years. We have since broken up and he then stole it and refused to give it back. The police recovered it to a mechanic but apparently he has done so much damage to it, it is now worth nothing (just parts)

I am talking to the police and domestic violence charities about his financial abuse as this wasn’t the only thing he did, he also took my card without asking, put everything in my name, never paid the mortgage or bills and stole all my maternity savings. As well as getting multiple parking fines using the truck which all went to me as I was the registered keeper so have had bailiffs come to my house for that too.

I am so angry I have to pay the finance for the next 4 years as that is money that could be found towards supporting my kids. I just wondered if I don’t pay it, what impact will this have? Is that a good option? I know it will affect my credit but by how much? And I already have a mortgage and don’t need further borrowing.. shall I just take the hit to my credit rating for 6 years? I still have £11.5k on the finance to pay.

Thanks

Credit_Struggle

If you can afford to pay it you should be. It’s unfortunate the circumstances, but it’s still a commitment you made when taking the loan

jonesMUFCforever

No insurance to claim on?

pennyalice

Thank you for replying however the question wasn’t whether you thought I should still be paying it. Financial abuse is complicated, it wasn’t a commitment I chose to make, I was manipulated. I can’t really afford to pay it as I am now sending myself overdrawn every month paying it so am paying £100 in overdraft fees monthly too. I don’t believe I should be paying it but I was asking what the repercussions would be on my credit file if I didn’t pay it

MovingForwards

If you don't pay it, court proceedings will probably land on your doorstep, if you don't win then you will get a CCJ, don't pay that and either bailiffs or a charge will be put on your house. Along the way you will pick up defaults/late payments/CCJ which stay on your credit file for 6 years.

You may struggle to remortgage to a better lender and will need to keep doing fixes online with your present lender to avoid being credit checked, or go with a sub-prime lender.

Anything you are credit checked for may be affected ie your own car insurance/home insurance as not all companies insure people with CCJs.

If your job is in finance/legal/police/insurance etc a CCJ is a bit no-no.

pennyalice

No insurance as the car was for my ex and he told me he had insured it.

pennyalice

Thank you, I have already spoken to the lender and they have said they won’t be chasing me for the money if I don’t pay it so won’t get a Ccj or bailiffs or anyone chasing me for money, but I will get a default on my credit record

MovingForwards

That's not to say they won't sell the debt on and the buyer of the debt won't be so nice.

Have they said what is going to happen to the debt? Have you anything in writing?

pennyalice

No, maybe I should call and ask for something in writing? They said they only pass on about 15% of debts on and the rest they write off ..

benbay001

I am struggling to picture damage so great that a £14k car becomes worthless.
Can you give it a thorough clean and put it on eBay as it is? List the fault and someone will buy it (probably for a price that will surprise you!)

foxy-stoat

It must be worth something, can the damage not be repaired and you sell it for more money?

What is it and what would it be worth if it was all straight?