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Default against my name - rogue trader
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hello_sunshine7077
Posts: 2 Newbie
I am looking for some advice, I purchased a newer used car from a small dealership in 2020. I traded in my old vehicle, towards this car. Long story short, the dealership did not pay off the outstanding balance of the car I traded in and then ceased trading.
The finance company have defaulted the loan against me, and I have been left with paying off a loan for a car I no longer own. I agreed to pay a nominal amount with hope that the administrators would find money from the dealership accounts, which they did not.
I am desperate for any advice
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I would suggest getting in touch with CAB (citizens advice bureau) and run this past them.
They should be able to advise your best course of action.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Name and shame the dealer and the owner on social media.
Request the car back from the Administrators.0 -
Thank you, I did at the time. The buyer who purchased the car had been deemed an innocent party by the finance company, so car cannot be taken back.penners324 said:Name and shame the dealer and the owner on social media.
Request the car back from the Administrators.0
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