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What happens if I default on Secured loan, but dont have goods?

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Hi,

 

We have recently taken a steep drop in our family income and we are having to cut back on everything to survive.

 

We have a secured loan which was originally for around £12k taken out in March 2010.

 

The outstanding balance is now about £6k.

 

We no longer own the goods the loan was secured on,

and would like to know, what would happen if we defaulted on this loan?

 

Thanks

R

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tell us about the loan please.

 

what goods

 

who with

 

etc etc

 

dx


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Hi,

 

Thanks for you speedy response. The loan is for a car through the funding corporation.

 

thanks

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Bill Of Sale?

 

or HP

 

dx


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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

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Reclaim Bank Account, Loan & Credit Card Charges Read Here

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TFC BOS's are mostly faulty.

 

there are lots of TFC threads

 

have a search in the gray toolbar search box

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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Thanks for that.

 

Had a good look around, there seems to be quite a few people with void bos's around, and I think mine is too. It doesn't have the specific wording required under the ancient law and it was signed by the salesman. The cca was signed by us on 3/3/10, but by them on 8/3/10. Will this affect the legality of it? And if the bos is void, is the cca void as it directly related to the bos?

 

Thanks for any advice!

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i've got to admit

the bill of sale stuff / issues are not my best subject

 

searching around:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?370609-Easylogbookloans-want-my-car-HELP&p=4032608&highlight=void+bill+of+sale#post4032608

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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So I rang TFC, and they were less than accommodating. Just stated they don't do reduced payments, and will go through the usual default procedure. I mentioned that my BoS was void and he just said that I will have to put my complaint in writing to their complaints dept.

 

I'm just confused about whether the CCA is still valid or not with the BoS void.

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AFAIK invalid BOS blows the agreement out the water!!

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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So how do I go about dealing with this, we can't afford to pay for it any more...

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i'll alert the thread

 

gotta pop out

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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i would also not be using the phone

 

you need everything in WRITING from now on

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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A serious matter Ricky, but this "Just stated they don't do reduced payments," really made me laugh. That surely must be in the top 5 'worlds best jokes'.

 

Having now calmed down, dx's post (#15) really is important. Don't do any phone calls, you need everything in writing. You will be told things on the phone they would never dare put in a letter, so unless you record all your calls, (you don't have to tell anyone they are being recorded), then letter is the only way to go. Even if recorded, letter is better as it gives you more time to understand what they are saying and to action it.

 

They do what they are told which is what 'you' tell them.

 

First off, work out how much disposable income you have. That will be income after everything required for living has been deducted. Mortgage/Rent/Council Tax, Utilities and food plus a bit extra for emergencies. Then prioritise your outgoings, rent/mortgage and council tax are the top and loans/credit cards etc at the bottom.

After deducting your living amount, divide the remainder by the amount of loans etc you have outstanding and that is what each will get paid.

 

You then write by recorded delivery letter and 'tell' them the amount you will be paying each month and that is all you can afford at the moment. Ask them for their account number and sort code so you can make payments by standing order or online banking.

 

Make sure the amounts you offer can be met, no point in saying you can afford £20 per month only to miss a payment a couple of months down the line.

 

As for not having the goods any longer, if you haven't already told them, then you should do at the earliest opportunity. There isn't a lot they can do about it except maybe find the car and try to reclaim it as their property which would probably mean the person you sold it to could come back to you for a refund. Don't let that worry you either, if you don't have the funds, then they will have to be paid pro rata with the other debts.

 

We have a budget spread-sheet here - Budget Sheet.xls‎ if you want one.

 

One other thing that almost slipped my mind Ricky, are you paying for ppi on this loan ?

Edited by Conniff

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Thanks for the response conniff, but if the agreements not valid, should I still make payments under the agreement? And how do I go about telling them it's not valid, and what's their likely response?

 

In regards to ppi, there is no mention anywhere on the paperwork, but there is gap insurance.

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can you scan up the agreement please

 

can the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all figures and dates. {DO NOT USE A BIRO OR PEN]

convert existing PC files to PDF [office has an installable print to PDF option]

..

goto one of the many free online pdf converter websites [http://docupub.com/pdfconvert/]

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

i'e Default notice dd-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi,

 

I've attached the agreements below. Any help is greatly appreciated!

 

Thanks

R

 

[ATTACH=CONFIG]40294[/ATTACH]

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Have you seen the High Court registration of the agreement? If it hasn't been registered at the High Court, then it is invalid.

 

"For the bill of sale to be valid and enforceable, it must be registered by the lender with the High Court. Specifically, every bill of sale to which the 1878 Act applies must be registered under section 8 of that Act, within 7 clear days of its making, "

 

If you haven't been shown or sent any copies of registration, then I suggest your first move is to ask him for a copy.

 

Have a read of this thread - http://www.consumeractiongroup.co.uk/forum/showthread.php?283362-Have-you-signed-a-Bill-of-Sale-Take-These-Steps-to-find-out-if-Your-Bill-of-Sale-is-Registered

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thanks conniff

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hello,

 

Just thought I'd ask for some further advice as we have now defaulted on this loan with TFC. We are in contact with them, almost daily as most previous customers have mentioned! We have now told them we are no longer in possession of the vehicle, and they have told me that if I don't tell them where it is it will be reported as stolen. I don't have the details of the person I sold it to, and they lived over 150 miles away.

 

My first question is; can they do this? If they do, what are the repercussions of this for me?

 

As we have been moving, and only just at a point now where I can spend the time sorting this out, I haven't done anything. I am going to request a copy of the registered BOS from them with the High Court registration number next.

 

Any help appreciated!

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They will find the car eventually and it could be repossed from who owns it now. That person could then come after you for repayment of what he paid you for the car and the finance company can come after you for any outstanding losses.

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So, it would just be dealt with as a civil matter and not criminal; i.e. I wouldn't be in trouble with the Police?

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