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  • FIRST POST
    • wiggyuk
    • By wiggyuk 16th Dec 12, 1:55 PM
    • 53Posts
    • 2Thanks
    wiggyuk
    Friend took over car finance but hasn't paid ??
    • #1
    • 16th Dec 12, 1:55 PM
    Friend took over car finance but hasn't paid ?? 16th Dec 12 at 1:55 PM
    Hi there, I signed my car over to a friend of a friend on the agreement that they would take over the payments, the new owner spoke to the car finance company and setup them selves on the account and agreed all this, two years later I have received a letter from the finance company saying a payment has not been paid since we signed the car over and I am responsible for the £4800 that is outstanding plus the finance company want the car back so they can auction it off and I also have to pay the balance off whats left on the finance agreement and what the car is auctioned off for, also to make matteres worse the lady that took over the agreement as split with her partner and he has the car but no one knows where, what can I do ?
Page 1
  • ILW
    • #2
    • 16th Dec 12, 2:09 PM
    • #2
    • 16th Dec 12, 2:09 PM
    Do you have any documentation regarding your friend "taking over" the finance?
    • CIS
    • By CIS 16th Dec 12, 2:10 PM
    • 11,392 Posts
    • 6,662 Thanks
    CIS
    • #3
    • 16th Dec 12, 2:10 PM
    • #3
    • 16th Dec 12, 2:10 PM
    I would say that you need the copy of the agreement from the finance company showing your name was removed - they couldn't have taken your name off without your agreement (or the finance companies agreement as well).
    I no longer work in Council Tax Recovery but instead work as a self employed Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
    • wiggyuk
    • By wiggyuk 19th Dec 12, 7:40 AM
    • 53 Posts
    • 2 Thanks
    wiggyuk
    • #4
    • 19th Dec 12, 7:40 AM
    • #4
    • 19th Dec 12, 7:40 AM
    Do you have any documentation regarding your friend "taking over" the finance?
    Originally posted by ILW
    No we dont have any

    I would say that you need the copy of the agreement from the finance company showing your name was removed - they couldn't have taken your name off without your agreement (or the finance companies agreement as well).
    Originally posted by CIS
    I need to contact the finance company and ask them exactly whats happened because I used to get emails and letters straight away when I missed a payment but to then send me a letter 18 months down the line saying a payment as not been made for 18 months is a bit fishy
  • CAB Birmingham representative
    • #5
    • 19th Dec 12, 12:58 PM
    • #5
    • 19th Dec 12, 12:58 PM
    Hi there

    From the outset-Third parties can take over the payments but usually HP Agreements cannot be transferred into other persons name

    Have you anything in writing from the finance company agreeing for your name to be removed from the HP agreement. You will need proof of this before you can move forward. Has the couple you sold the car to any Credit Agreements in their name. This type of request will usually take more than one letter to the finance company. Do you have copies of the letters sent and received, has the finance company copies of any letters sent or received

    Request a copy of the HP Agreement, if the agreement is still in your name then im afraid you are liable for the payments

    Why if no payments were made has it taken two years for the finance company to contact you?

    When you signed over the car and payments, did they only agree to this if you became a guarantor?

    Im afraid you may have to payback the balance outstanding plus the arrears. You may have to write to the Finance Company requesting they accept reduced payments.

    There maybe very little you can do to get the car back if the other person is the registered keeper unless the HP Company repossess the car as they are still the legal owner. It maybe in your best interest if you can track the whereabouts of the vehicle and pass on the information to the HP Company
    Last edited by CAB Birmingham representative; 20-12-2012 at 7:12 AM.
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