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Hi, I tagged this on to another thread but I think that is not allowed so am starting a new thread here: Sorry!

 

A mutual friend of mine & my husband (who is now my estranged husband) kindly bought a car for my husband to set up a taxi business on 1st Nov 2011. There was no business partnership, just a verbal agreement between the 3 of us that my husband would start to repay £50 per week from 2nd week in Nov to compensate our friend for loss of interest for withdrawing money from his savings account. We also agreed that from January 2012 we would start to set aside larger sums of money so that by then end of the first 12 months of the taxi business my husband would be able to repay our friend all of the money he paid for the vehicle plus the set up costs he also loaned him.

 

My husband left our family home on 1st Dec but continued to run his taxi business. He never paid a penny back to our friend although it was agreed that he should have been paying £50 per week. On Christmas Eve my husband was arrested on an assault charge & our friend took his car back only to discover that my husband had taken a loan against the vehicle with Mobile Money.

 

The issues are - my husband was not the legal owner of the car although he was the registered keeper but the V5 clearly states that it is not proof of ownership, Mobile Money state on their website that you must be the legal owner of the vehicle but they accept the V5 as proof. Mobile Money state that you need to show proof of income, my husband signed for this loan on 29th Nov - he would not have had any proof of income at that stage. The CA and BOS are signed by the same person - an employee of Mobile Money, also they show different figures for monthly repayments.

 

Can my friend argue that the BoS is invalid to protect his vehicle - it's locked away at the moment as he is afraid to use it in case MM turn up to take it away.

 

Thank you in advance for any advice you have for me!

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