Case study AIB Vehicle Repossession

K

Kerrigan

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378
Hi,

Yesterday evening I had a gentleman call to my home in connection with a car loan I took out with AIB ten years ago (approx 16k). The guy was from an auction house and had been instructed to speak to me about the debt and update the bank.

I know longer own the vehicle as I sold it on as I had been informed that the debt was no longer a secured debt as half of it had been paid off (half rule). What I achieved for the car (small sum) was then allocated against the debt leaving a debt of 7k.

I went into difficulties with my finances and the bank lobbed interest etc. back on the debt and this interest escalated the debt to 11k which apparently leaves me in a liable position to surrender the car.

The guy from the auction house was a gentleman and said he would inform the bank however, I am concerned about what will happen next. Have I done something unlawful by selling the vehicle?
 
People like you make me sick!

Some incident third party who owns this car now will have the embarrassment of the car been repossessed, as in my case the “grippers” breaking into my garage at night and taken the vehicle. Pay UP
 
I am not a debt dodger. I am paying the debt off each month and will do so until paid in full; simply not as quickly as agreed. I was informed the vehicle was no longer a secured asset as per my contract. The proceeds of the sale went towards the debt.
 
You owe the money pay the debt. Did you tell the purchaser the car had finance outstanding on it?
 
Was it on finance or a bank loan, never mind I don't care really......Do a finance check via Cartell with the reg number, if it comes back with finance on it that is yours then you need to clear it post haste as you will have sold a vehicle to an innocent person who will likely have it taken from them, expect hassle if that happens.

You should have cleared the finance or loan before disposal, never mind making any other excuses or arguments, you knew you owed money on that car, not a nice thing to do Kerrigan, and that my friend is putting it to you as nicely as I can on this site, I would like to be stronger expressing my views on that to you, it is the lowest of the low and as your post indicates you only care about yourself now but there may be implications for the honest purchaser you may have duped especially if finance is outstanding on that vehicle.
 
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