Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
A friend of mine aquired a car through welcome car credit back in october, the car he got was 4k, with about 2.8k interest (44% apr i think)
Now he's paying around £190 PCM which he can afford, however since he had the car he clocked up a lot of mileage which has obviously lowered the value of the car. He had several quotes and they all said it's worth about 2-2.5k, which is obviously alot less than what it was bought for originally.
So a few weeks ago he sold the car on auto trader for 2.7k and he's now bought a car (and added some of his own money) with very low mileage and obviously will hold value for longer.
Now he's still paying the payments to the finance company, and will continue to do so, but having thought about it a lot more he's become quite worried.
Even though it's not the right thing to do, he was doing what he thought was right to keep his 'investment' at a reasonable value.
Now i've never had finance myself so i'm not quite sure how it works.
What is the most likely thing that will happen to him? he has 2 years left on the HP, will he be found out?
I would of thought if the new owner finds out it has outstanding finance, they wouldn't do anything as they can have the car taken off them?
Will they find out? What the most likely thing to happen? Will he get taken to court if he gets found out?
If anyone can shed any light on this for me to pass onto him, i'd be most grateful..
1st let me say I have no love for Welcome but if your 'friend' has knowingly sold a car which is on HP then he has sold something which is not his property as most HP's only transfer ownership to the buyer upon payment of a final sum which can be as little as £1
Whilst the innocent purchaser (provided he's a private buyer) can retain the car in the case of your friend it appears it was his intention to deprive the rightful owner (Welcome) of their property he/she is guilty of either theft or fraud or both
No they have no security so they would probably demand payment in full or report the 'theft' to the police. eitherway your friend is between a rock & hard place if they aint got the money
Incidently if they sold the vehicle privately then he might have caused the innocent buyer a lot of grief causing the buyer to come after them - I would - probably with a 2X4.
I now suggest he admits his mistake & buys it back before the sh*t hits the fan
I now suggest he admits his mistake & buys it back before the sh*t hits the fan
Good advice - It's not a good move to sell a car that is on hp to someone - while you may have all the good intentions in making the payments - situation can suddenly change!!
Car sold while still on HP
(44% apr i think)
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