Joint Vehicle Finance - Can I Collect?
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Here's one for you, my partner was previously married for a short time and during that short time she agreed to co-sign on a finance agreement for a motorcycle.
Monthly installments were paid on time for a short period, her ex moved out and they're no divorced. He stopped making the payments immediately, but took the bike. Since then we've had various debt letters chasing the payments, and we've tried to contact him, but he's done a dissapearing act. Now I know that the finance company will activley persue both parties and latch onto the one they have contact with, my partner doesn't have much, and from what I understand the ex is in a high paying job.
He currently owes in excess of £9k maintenace payments too.
Now, a CCJ has been issued to both parties, which is devasting as we've been working very hard to raise our credit profile in the last 5 years, I can pay the balance off within 28 days to remove her CCJ, which means the finance company have no interest in the bike.
We have the logbook, however no keys, but we do have the address where the bike is stored (it hasn't been taxed and mot for a number of years it seems). Does my partner, bearing in mind she is on the finance agreement, and will have paid the finance off, have the right to collect the bike?, I'm thinking of instructing a bailiff to collect it, but wonering if he has the same rights, even though he has made no payments. I would even consider applying to the court for her to be granted ownership of the vehicle given the situation. But i'm just wondering if anyone has any thoughts / experiance on the matter.
Monthly installments were paid on time for a short period, her ex moved out and they're no divorced. He stopped making the payments immediately, but took the bike. Since then we've had various debt letters chasing the payments, and we've tried to contact him, but he's done a dissapearing act. Now I know that the finance company will activley persue both parties and latch onto the one they have contact with, my partner doesn't have much, and from what I understand the ex is in a high paying job.
He currently owes in excess of £9k maintenace payments too.
Now, a CCJ has been issued to both parties, which is devasting as we've been working very hard to raise our credit profile in the last 5 years, I can pay the balance off within 28 days to remove her CCJ, which means the finance company have no interest in the bike.
We have the logbook, however no keys, but we do have the address where the bike is stored (it hasn't been taxed and mot for a number of years it seems). Does my partner, bearing in mind she is on the finance agreement, and will have paid the finance off, have the right to collect the bike?, I'm thinking of instructing a bailiff to collect it, but wonering if he has the same rights, even though he has made no payments. I would even consider applying to the court for her to be granted ownership of the vehicle given the situation. But i'm just wondering if anyone has any thoughts / experiance on the matter.
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Comments
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She would need to come to some agreement with him, as he has equal rights over it if it's a joint loan.
Mind you, if the finance was secured on the bike, I'm surprised the lender didn't take it back.0 -
Therein lies the problem unfortunately, he's totally uncontactable, the only person who has his address is the CSA. We do however have the address the bike is kept at.
The finance company don't have any contact details for him either, we asked for it to be re-possessed but they weren't interested in recovering it. I'm thinking if we pay the CCJ / outstanding finance, then apply to the court for possession (or the costs) hopefully that would go in our favour as he will definitely not turn up, then that can be enforced0 -
You either pay it and wait for the CCJ to drop off her credit file in 6 years or dont pay it and wait 6 years for the debt to die. You will get more letters, bailiffs coming round, if they get an order from the court they may take goods that are hers to the value of the amount owed.
Forget about the bike, you will not be able to find it, steal it, and sell it unless you have the keys, paperwork, V5 in your partners name, invoice when it was purchased in the name of your partner - otherwise it will be classed as stealing.0 -
Fair comments, I'll pay the balance within the 28 days to remove the CCJ for her. It's very disheartening for a guy who's done so many wrongs in life get something for nothing, and us end up worse off to the tune of many ££££'s. This is issue #1 of #many to deal with. A cautionary tale of co-signing....but if the bike is jointly owned (and paid by us), and we know the address (we do) surely there is something we could do.0
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One idea was if the bike has been paid for and is clear of finance, and we have the log book, could she not effectively "sell" me the bike, then I'm the owner?0
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She could certainly sell you her half.
Whether it would be awkward squeezing onto the seat with her ex is another matter.0 -
Fair comments, I'll pay the balance within the 28 days to remove the CCJ for her. It's very disheartening for a guy who's done so many wrongs in life get something for nothing, and us end up worse off to the tune of many ££££'s. This is issue #1 of #many to deal with. A cautionary tale of co-signing....but if the bike is jointly owned (and paid by us), and we know the address (we do) surely there is something we could do.
Try not to get hung up on what the situation is now...as soon as the finance was co-signed her head was in a financial noose, only to be released once the final payment was made.
The V5 isn't proof of ownership, only the invoice when purchased is - do you have this and whos name is on it? Was the bike jointly owned at the day of purchase?0 -
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Yes, it's hard not to really, the invoice is in joint names, payment from her account up to default when he was supposedly mean to take over payments. Then from then nothing, until I pay this off for her0
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Keep all payment records and invoice - if she ever had to defend a claim then I think a Judge will side with her.
Repossess away and try and sell to get the money back.0
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