Old mate in the cack - can anyone throw any light on this please?

[Last of the Mohicans]

Bit of a wierd one... just got back from the pub, and met an old mate down there who's having a hard time of it at the mo. We got talking and basically he is skint, and has no work, so I asked him why he doesnt sell his van.

Turns out that it still has finance on it, but it's wierd... I'll explain, and if anyone has any thoughts or suggestions on it, I'd be grateful, because the guy isn't a whine or a shyster, he's always worked hard but he's really in the cack right now.

OK, her'es how it goes:

He's got the van - probably worth 1500 - 2000

He bought it on finance in 2003 - he's sure it's finance and not a personal loan, and is fairly sure it was lease purchase, not lease, and done in his personal name, not a usiness name (he's a sole trader)

He paid (he thinks) about a third, then his marraige went west and life fell apart etc

But the odd thing is - they have never come after him for a penny. It's as if the documents have been lost and the loan never exsisted.

Now obviously, he could do with the money, but - how does it stand legally?

 

I'm fairly certain from what he's said that any chasing they did now for monthly payments would be statute barred - but what if he sold it and it flagged up on HPI? Would they still be able to come after him, or have they effectively waived their rights by their own lack of action / incompetence.

He actually has changed the name on the V5 from his old trading name o his own name a few years ago which didnt prompt them to come after him, and neither have his two changes of address over the years. It really sounds as if they have lost any record of the agreement.

 

I wouldn't normally ask this sort of "dodgy" question, but this lads in the cack for no doing of his own and could use a break, so does anyone have any opinions or insight they can offer?

Cheers

Mo

[raydetinu]

suggest he does a check on one of the car checking sites HPI or similar to see if anything comes up.

[Gaston Grimsdyke]

The second he does an HPI search they will be alerted because HPI notify anyone who has recorded an interest when someone searches the register. Could it be the reason he has not heard anything is because he has moved twice and not told them? I wouldn't be too sure the agreement is statute barred - it's 6 years from when payment fell due, so if it's say a 3 year HP agreement from 2003 then some of the payments fell due less than 6 years ago. Wouldn't advocate he sells the van when he knows it belongs to the finance company, that would be theft. Who is the finance company?

[MARTIN3030]

"I wouldn't normally ask this sort of "dodgy" question, but this lads in the cack for no doing of his own and could use a break, so does anyone have any opinions or insight they can offer?"

 

The questions do seem a little open ended.

I think that you have had some good answers already,but just to clarify for absolute completeness,the CAG cannot condone fraud,dishonest actions,or deceptive practices.

Whether or not this enters into the frame here intentionally or not,it just needed to be pointed out.

[dx100uk]

poss check of cra file?

 

dx

[BRIGADIER2JCS]

Definitely Check CRA files Call credit seem to be used

by a lot of lease purchase,lease and HP providers.

 

Brig.

[BRIGADIER2JCS]

Odd there is an attachment on this post

for a wedding photographer in Karachi.

[dx100uk]

was that a camel or the wife on the left...............

 

dx

[Cyberprog]

He needs to be careful if an HPI check would alert anyone - but does he know when he last acknowledged the debt?

Either way, the creditor may still hold a lien on the vehicle (if not still be the vehicles owner). TBH I think he'd be better off just keeping quiet about it, nothing good can come of making a fuss!