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Bill of Sale Transfer-Help!!!


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Hi there, really hope someone else knows something about this... my husband had taken out a loan with Mobile Money for £500 secured on his car and the bill of sale was registered within the 7day time period. however he has subsequently taken out another loan for £1500 and used £500 to pay off the original loan. although MM took the £70 registration fee from him for registering a 2nd bill of sale, they never did so what we need to know is-can the first bill of sale be transferred to cover subsequent loans? does anyone hav any experience of this?any advice greatly appreciated, clare and ian

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no they cant

 

a bill of sale is security for the loan

it is linked to one credit agreement

 

each future credit agreement needs a seperate bill of sale

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