Outstanding finance "personal loan"
Discussion
Hi all,
Peace of mind needed please.
Bought a car last year, all was fine, then got a letter from Lloyds TSB saying there was outstanding finance on the car. Had to fill in a form which I did very quickly, then heard nothing. This was over a year ago.
Am now looking at changing car, and decided to buy 5 credits for an Experian check. Ran my car through and it says there is an outstanding 'personal loan from Lloyds TSB' on the car.
My theory is that because it's a personal loan from LTSB I needn't worry as much as if it were a loan from a dealer / manufacturer i.e finance. Also I've not heard anything back from LTSB so am assuming all is ok.
I've emailed the previous owner to see if he knows anything about it.
Can anyone put my mind at rest?
PS - yes I'm a tool for not checking the car out in the 1st place when I bought it.
Peace of mind needed please.
Bought a car last year, all was fine, then got a letter from Lloyds TSB saying there was outstanding finance on the car. Had to fill in a form which I did very quickly, then heard nothing. This was over a year ago.
Am now looking at changing car, and decided to buy 5 credits for an Experian check. Ran my car through and it says there is an outstanding 'personal loan from Lloyds TSB' on the car.
My theory is that because it's a personal loan from LTSB I needn't worry as much as if it were a loan from a dealer / manufacturer i.e finance. Also I've not heard anything back from LTSB so am assuming all is ok.
I've emailed the previous owner to see if he knows anything about it.
Can anyone put my mind at rest?
PS - yes I'm a tool for not checking the car out in the 1st place when I bought it.
rama2009 said:
Hi all,
Peace of mind needed please.
Bought a car last year, all was fine, then got a letter from Lloyds TSB saying there was outstanding finance on the car. Had to fill in a form which I did very quickly, then heard nothing. This was over a year ago.
Am now looking at changing car, and decided to buy 5 credits for an Experian check. Ran my car through and it says there is an outstanding 'personal loan from Lloyds TSB' on the car.
My theory is that because it's a personal loan from LTSB I needn't worry as much as if it were a loan from a dealer / manufacturer i.e finance. Also I've not heard anything back from LTSB so am assuming all is ok.
I've emailed the previous owner to see if he knows anything about it.
Can anyone put my mind at rest?
PS - yes I'm a tool for not checking the car out in the 1st place when I bought it.
If it was a 'loan' then it's very unlikely it would be traceable to the car. I suspect it's a 'black horse finance' agreement on the car, and that Loyds will be wanting their car back soon.Peace of mind needed please.
Bought a car last year, all was fine, then got a letter from Lloyds TSB saying there was outstanding finance on the car. Had to fill in a form which I did very quickly, then heard nothing. This was over a year ago.
Am now looking at changing car, and decided to buy 5 credits for an Experian check. Ran my car through and it says there is an outstanding 'personal loan from Lloyds TSB' on the car.
My theory is that because it's a personal loan from LTSB I needn't worry as much as if it were a loan from a dealer / manufacturer i.e finance. Also I've not heard anything back from LTSB so am assuming all is ok.
I've emailed the previous owner to see if he knows anything about it.
Can anyone put my mind at rest?
PS - yes I'm a tool for not checking the car out in the 1st place when I bought it.
LukeSi said:
Actually it might be an actual loan, I believe with Lloyds if the Loan is over (about) £24,000 then you have to agree to having something of monetary value (eg car or house) as collateral so that if you default then they can recoup their losses.
Not strictly true. Technically you can only borrow upto 25k on a personal loan basis but they will sometimes lend a lot lot more (my parents borrowed 65k unsecured)I would say this is more likely a black horse 'autoloan' which is finance on a vehicle, but under personal loan terms. It will be secured on the vehicle still.
Call them and ask OP. Hope you've not been done over.
andy665 said:
There is clearly a link between the car and the agreement otherwise it would not show up on the HPI check
My thoughts exactly. I've contacted the previous owner (University professor in his 60s so no reason not to trust him) and he says he recently paid the loan off. Anyone know how long it will take to show as all clear on the HPI check?This gets right up my nose.............When it shows as a personal loan on Hpi/Experian it SHOULD NOT be recored on either as the loan is in no way secured on the car....Black Horse are the worst for this, ring them and they will admit they have no charge over the car if you push them
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