Close Brothers finance and unpaid debt but vehicle has been sold

[Angie D]

Hello all I would appreciate some advice as I am trying to help a friend who is now in a serious situation.

My friend bought a caravan on finance and fell behind with the repayments due to illness and marriage breakdown. He does not recall receiving any default notices and he wrote to the finance company asking to make reduced payments but they did not respond. He has very stupidly sold the van on with the intention of repaying the finance company but the bottom line is that he did not do it and has now received a card in the post from the finance company asking for the balance to be paid in full and saying they know he has sold it. I am not sure how to help him with this problem and any advice would be much appreciated.

[nemesis45]

Re: Close Brothers finance and unpaid debt but vehicle has been sold

Hi Welcome,
This is indeed a serious situation, all caravans have a unique ID imprinted on various part of them this will identify stolen caravans and
also the legal owner of the van i.e. the finance company.

How much is the finance company seeking to recover?
What prospect of payment is there?

nem

[Angie D]

Re: Close Brothers finance and unpaid debt but vehicle has been sold

Thank you for the quick reply

They are seeking approx. £5k and the prospects are pretty low as he is unemployed. Could he offer token payments? I asked him if he discussed the finance with the people he sold it to and he says not, I also asked if they did an HPI check and again he thinks not.