I think I should have it, as I've got the log book for the car, and it has the previous owner's full address.
AJ, how can I find out whether the seller has 'good unencumbered title'?
No, they haven't asked me as yet. All they did was inform me how it stands with the 'seller'.
I've called the seller a few times but he's not answering. The FC will call me in a couple of days to find out whether the seller has been in touch.
In your expert opinion, what am I facing?
I'm sorry I got confused. The seller took a loan from the Mobile Money Shop and had the car as a security. He didn't purchase the car on HP. He was short of money and took maybe £2000 loan from this money shop.
Is it the same as taking HP loan?
On this grounds, can I be lucky if they don't take the car off me? - At the time of purchase my cousin did an online check on the car and nothing came up.
I can ask them if they can produce such evidence that the car was put on security. Why can't they deal with the seller? Why are they contacting me? - Is that how the law works because I've the car in my possession?
It's a logbook loan the 'seller' took.
I was not made aware of this by the seller and only came to know about this after 6weeks when I received a letter through the post from the Loan company. I got in touch with the seller and he said it wasn't a problem as his intentions are to pay the loan off and he will continue to do so on monthly basis. For peace of mind I also spoke to the loan company and they confirmed that the seller is keeping up with the payments. Its unfortunate that he has stopped paying and is uncontactable and the loan company have contacted me after one year.
AJ, thank you so much.
Could you please draft me a letter to that effect?
Hi AJ, no problem. The finance company has called and I've briefed them with the points you mentioned. They are now saying they have evidence to prove that it's a logbook loan and they have legal rights on the car and they can take the car off me! - this evidence is going to be emailed to me shortly.
What do I do if such evidence exists? - If I were to pay them off, how can I get my money back from the seller? Taking such matters to court, are they expensive? Time consuming?
You're very helpful, thank you. I'll wait to get Andy's response and forward it on to you. Once you give me your expert opinion, I'll rate your service, which is 5* and close this matter. Please bear with me.
AJ, can you open this attachment?
Thanks for your email.
This is the only evidence they have given me.
Furthermore, the 'seller' contacted me yesterday and confirmed that he's got in touch with the Loan Company and they now want an upfront payment of £900 before close of business, (this was yesterday), otherwise they'll take the car - He said he was going to arrange this but I haven't heard from him.
AJ, can I speak to the Loan Co and arrange a settlement, because I paid £5K for the car, I love the car and don't want them to take it off me over £1,719.00
Thanks, ***** ***** ask them for a copy of the Bill of Sale.
When I spoke to the Seller, he sounded as if his intentions are to pay the loan co off.
As advised, I'll leave it up to the last minute to agree a settlement figure with them.
Thank you so much for your 5* service.
All the best.