This topic contains 4 replies, has 2 voices, and was last updated by ian mc 3 years, 9 months ago.
- 7 July 2015 at 4:50 pm #66637
I have a vehicle that I purchased on HP back in 2006. I paid more than 2/3 off the price then defaulted. The finance company has since sold the debt and they never bothered to repossess the vehicle.
The new debt company has never contacted me.
The vehicle is marked on HPI as having outstanding finance – but is there anything in the limitations act that will allow the removal of this mark so the vehicle can be sold?
- 7 July 2015 at 5:17 pm #66639
- 7 July 2015 at 6:10 pm #66640
- 13 July 2015 at 7:12 pm #66664
It seems legal beagles have no answer either – 88 views in a week but no replies…..can you recommend anyone else?
- 21 January 2016 at 10:33 pm #86757
The statute of limitation only stops the finance company from legally being able to collect the debt through the courts after 6 years. This doesnt make the debt go away and therefore the balance can quite rightly stay with the car on its HPi record.
Obviously if the finance company cant chase you for the money then they may be willing to give you a reduced settlement offer to give you good title to the vehicle and allow you to sell it.
Be careful that any contact with the finance company doesn’t resurrect the full outstanding debt plus interest & attract debt collection activity.