Lumbered by being a guarantor! Can anyone give advise!

jacks_3

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I desperately am seeking any advice that i can get. I was stupid enough to finance a friend with a loan to get a car a few years ago. The initial debt was £9,000 and is now £6,500 my so called friend has done a runner on me with the vehicle. The finance company have been helpful enough and are letting me fill in an income and expenditure form to see what i can afford to pay (im a single mum working full time with a huge mortgage and just keeping my head above water) I realize i am liable to pay the loan but wonder is there anyway that i can get the car back or find where she is to get the vehicle back to get some of the money back without having to take her to court as i cannot afford to. I have contacted the police but cannot register the car as stolen as it is a civil matter and she hasnt in effect stolen the vechicle whether i and the finance company own it or not. I am completely at my wits end and really need some help on this one. Thanks

debtbuster2K5

(((Jacks)))

Really sorry to hear that. As you say unfortunately you are liable for payment. I really cant see how this person that alleges to be your friend can sleep at night.

I really dont have an answer to your problem, I just wanted to say I hope it all works out for you in the end, and hopefully some more knowledgeable mse`rs will be along with all the advice you need.

Good luck

Reaper

If you are trying to find somebody there are some resources on the internet.

For example try https://www.192.com if you know very roughly where they might be.

Other options might be through her previous address. eg if she was renting then see if the rental agents have a forwarding address.

As for not being able to afford to take them to court have you considered the Small Claims Court which can be used for claims up to £5000? Not the full amount but a whole lot better than nothing. I don't know for sure they can help in this case but worth a look.

For this and other matters I suggest you speak to the Citizens Advice Bureau as they may be able to advise you further - and it's free.

Malestrom

You can apply to the DVLA under the Freedom of Information Act 2000 to see if they will release information on the vehicle keeper, namely her current address. This information is protected under the Data Protection Act, however:

Important Note - Applications for the release of personal data are covered by the Data Protection Act 1998. The Agency already provides information under this Act to applicants who can demonstrate reasonable cause for their request.

So you need to demonstrate 'reasonable cause' for your request by providing a concise report of what happened and any other relevant information, such as documents or letters between you, her and the finance company.

Go here for information on how to submit a request using form V888. If you can't do it, then the finance company may be able to by using form VQ3. The fee is £2.50. Just to confirm:

Release of another vehicle’s keeper details

You can obtain the name and address of the registered keeper of a vehicle if you can show reasonable cause for needing the information.

Good Luck!

Debt_Free_Chick

Another option, though it's not really recommended, is to simply not pay the finance. Then the Finance Company will soon track her down and repossess the car

Really, I'm not recommending this at all as it will screw your credit record, but it would give a smug sense of satisfaction to find that the car's been taken off her.

What a complete b!tch :eek:

Spendalot_2

Is it an HP agreement? If so, and you have paid a certain amount you can tell them to come and get the car back. This does not affect your credit rating.

Obviously you would need to locate the car first! I would also be tempted not to pay, but this would prob cause stress for you.

jonesMUFCforever

Did you get independent legal advice when signing the guarantee?
Certainly for Banks it is a rule that this is done to explain exactly what the liabilty is in the case of a default.
If not they may not have a leg to stand on to enforce the guarantee should you decide that you cannot or will not pay.
This will affect your credit rating though if the matter is not resolved.
Eric

Phonix

sorry was meant to make a new topic.