Car finance and credit card debt

xxmazza07xx
xxmazza07xx Posts: 21
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edited 13 February at 7:17AM in Debt-free wannabe
Need some advice please.

car finance: an ex partner made me get a car financed in my name last year. Payments have been made fine but he borrowed the car to a friend with no insurance and the police impounded it.

they contacted the finance company who instructed a repossession company to collect the car and do an investigation. The log book was in his name and insurance not mine so I assume this will be breach of contract and they will either request the full balance of just over 13k which I can’t afford or sell the car via auction and I’ll be left with a default and balance to pay plus police and repossession costs which I can’t afford either

Do I need to explain the situation to the company? Is there anything I can do so I’m not liable? Long shot I know

Credit card & cash: he also made me transfer 5k to him last year which I’ve only received 1600 back, and a further 3k from a credit card to his mams PayPal account but I haven’t received any of that back

Is there anyone I can get advice and support from before contacting the companies?

I can’t report him as I’m too scared of what he may do to me or my property.

any help would be appreciated 

thanks


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  • born_again
    born_again Posts: 13,493
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    You need to contact police etc around the abuse.

    https://nnedv.org/content/about-financial-abuse/
    Life in the slow lane
  • xxmazza07xx
    xxmazza07xx Posts: 21
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    I’m looking for advice on the debt side of things and how to deal with it
  • fatbelly
    fatbelly Posts: 20,169
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    What sort of car finance? Hp, PCP, loan?

    If the first two, and not yet defaulted, you could do a voluntary termination, assuming you do not want to continue paying and using the car.

    Until you are free of the financial abuse, normal advice is difficult so I agree with the above.

    You may also find it useful to have more hands-on debt support so i suggest googling CAP and CMA money to see if you have a local centre near you

    https://www.communitymoneyadvice.com/

    https://capuk.org/get-help
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,249
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    As the car has already been repossessed and presumably you already have a default so I would just stop paying the company. Personally I would explain to them you have been the victim of financial abuse and get some support to get free from your ex partner. They have already taken the only action open to them. The default will drop off your record after 6 years. You need to find a way to stop this happening again as you should never take out finance for someone else. 

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  • xxmazza07xx
    xxmazza07xx Posts: 21
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    It says it’s a conditional sale agreement and no payments have been missed.

    i also received a text to say I had requested a settlement figure so I assume they are terminating the agreement.

    if it does default, does that affect my existing mortgage as that is only for another year
  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,864
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    It says it’s a conditional sale agreement and no payments have been missed.

    i also received a text to say I had requested a settlement figure so I assume they are terminating the agreement.

    if it does default, does that affect my existing mortgage as that is only for another year

    There's be nothing in your mortgage terms that permits a change due to a default on car finance,  But it will make future financing more difficult.
  • xxmazza07xx
    xxmazza07xx Posts: 21
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    Thank you, would a voluntary termination result in a default? It’s not even a year into the 5 year contract so not sure what I can and can’t do really
  • I know you only want advice regarding the debt but you must report him to the police, especially if he has threatened you.
    If you go down to the woods today you better not go alone.
  • EssexHebridean
    EssexHebridean Posts: 20,730
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    I'm so sorry to hear you're stuck in the position you are OP - that's got to be tough enough as it is, but with the additional concerns around the debt as well, I can well imagine that you must feel utterly overwhelmed. 

    Those saying report him are correct I'm afraid - it is the only way in the long term that this sort of financial abuse is going to be stopped, but I can also appreciate it's not as easy as just making a call. Please do bear in mind though that it's unlikely that either he will stop trying to abuse you as he currently is, or indeed that it won't get worse over time. Could I gently suggest that you get in contact with someone like Money Advice Plus https://www.moneyadviceplus.org.uk/fsl/ who I believe had a helpline that provides advice and support to victims of financial abuse. Also there are various other charities that can provide support from a non-financial perspective too - you don't give any clue as to your own gender but if appropriate Womens Aid would be a good starting point.
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  • fatbelly
    fatbelly Posts: 20,169
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    edited 13 February at 11:17AM
    Ok, conditional sale under the Consumer Credit Act.

    Have a read of this

    https://www.nationaldebtline.org/fact-sheet-library/hire-purchase-debt-ew/

    Particularly the section 'if you terminate the agreement'
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