Outstanding Balance

djamgo

Hello guys,
Hope you can help me in this matter.
I sold a car to a work colleague 2 years ago and had an outstanding to pay. As I needed all the money for private and very important reasons regarding my family, thought could pay in 2,3 months maximum the outstanding. Now still paying monthly, forgot totally. Sometimes when I reading my statements I could notice there, put a note, question mark but failed to take a proper action. Got a letter from the place I pay, asking me the Current Registration Number, as apparently changed and other info about the car. Of course, don't know why but just now they got the feedback. The outstanding is about £2.000. What's the best for me to do? Tried to get in touch with the guy I sold but think he changed his mobile. I am not a dealer and was under pressure the time I sold but really want and need to solve this matter now. What should I do? I never thought I could be in trouble and I am really worried now. Just want to pay it. Can I just do it?

Welease

Can you not just contact the finance company and pay the outstanding amount?

taintabird

djamgo wrote: »

Hello guys,
Hope you can help me in this matter.
I sold a car to a work colleague 2 years ago and had an outstanding to pay. As I needed all the money for private and very important reasons regarding my family, thought could pay in 2,3 months maximum the outstanding. Now still paying monthly, forgot totally. Sometimes when I reading my statements I could notice there, put a note, question mark but failed to take a proper action. Got a letter from the place I pay, asking me the Current Registration Number, as apparently changed and other info about the car. Of course, don't know why but just now they got the feedback. The outstanding is about £2.000. What's the best for me to do? Tried to get in touch with the guy I sold but think he changed his mobile. I am not a dealer and was under pressure the time I sold but really want and need to solve this matter now. What should I do? I never thought I could be in trouble and I am really worried now. Just want to pay it. Can I just do it?

Have you tried talking to the finance company ? beat place to start i would say.

Dempo1

djamgo wrote: »

Hello guys,
Hope you can help me in this matter.
I sold a car to a work colleague 2 years ago and had an outstanding to pay. As I needed all the money for private and very important reasons regarding my family, thought could pay in 2,3 months maximum the outstanding. Now still paying monthly, forgot totally. Sometimes when I reading my statements I could notice there, put a note, question mark but failed to take a proper action. Got a letter from the place I pay, asking me the Current Registration Number, as apparently changed and other info about the car. Of course, don't know why but just now they got the feedback. The outstanding is about £2.000. What's the best for me to do? Tried to get in touch with the guy I sold but think he changed his mobile. I am not a dealer and was under pressure the time I sold but really want and need to solve this matter now. What should I do? I never thought I could be in trouble and I am really worried now. Just want to pay it. Can I just do it?

Sorry, your post is a little confusing, are you saying you sold on a car privately despite it having outstanding finance on it? if so you are in real trouble. I the car is on Hire Purchase agreement you are not permitted to sell on the car, in any circumstances, technically the finance company could repossess the car from the person you sold it too. Is the person you sold on the car too aware of this situation?

Recent experience tells me, Finance companies will agree a settlement figure but with only a fraction of the balance taken off, the amount you refer to as outstanding is reasonably small and i reckon given this balance you are passed passing off a third of the value of the car which means the finance company are required to instigate court action prior to repossession, this said if you have sold on the car without the finance companies permission they can repossess the car without notice.

My advice is to advise the company (In writing) you are struggling with current payments and request a reduced payment to clear the balance, you are in a real pickle if the person you sold the car too decides to sell on the car, particularly to a garage as they will do a check on outstanding finance. I am afraid the car "if i understand you correctly" remains the property of the finance company until and only when the balance is cleared.

EPM

The car wasn't yours to sell in the first place. If you stop paying the finance company have the right to sieze the car as they are the current owners. Your buyer stands to lose most.

I'd try and get the settlement paid.

mickdw

Do I understand right that you did not miss a payment or anything like that? If so, perhaps something came back to them if the car was being sold on again?
Only option at this stage is to clear that finance off by way of perhaps a credit union loan and then pay them off again.
The finance company will be happy out if they get their money & wont give a damn when you sold tbh.

djamgo

mickdw wrote: »

Do I understand right that you did not miss a payment or anything like that? If so, perhaps something came back to them if the car was being sold on again?
Only option at this stage is to clear that finance off by way of perhaps a credit union loan and then pay them off again.
The finance company will be happy out if they get their money & wont give a damn when you sold tbh.[/QUOTE


You're right there, I've never missed any payment. and that's what I intend to do right now, finish this contract. I got in touch with an adviser from the Finance Company I have this loan today and he is to send me the amount to pay in 7 business days and finish the contract. Never asked anything. Hope go as simple as you just said mickdw. Tks.