I took out a loan secured on my car with mobile money, please help!

by pinkpanther 14 June 2010  |  Comments 3 comments  |  Love Love  0 loves

I took out a secured loan on my car with mobile money, I had £1300 left to pay and split with my partnet, I had to sell the car to release cash for me and my children to move elsewhere. I intended to carry on paying mobile money but they knew I had sold the car and demanded all of the money immediately, after many shouting matches and tears, mobile money said if i paid the "capital" then they could come to an agreement for the remainder. I managed to get together almost £600 and i said i would pay monthly after xmas. this has been really hard and i only managed 1 or 2 and have paid a few £5 payment also since. I now have them ringing me at work for money and to discuss my account. Icant find the agreement either so i dont know where i stand, can they take the car back after paying the capital? as there is only interest left now about £700 i now owe. I cant afford much more than £5 a week but even though i no longer own the car im terrified they will take the car back and the new owners will come looking for me, i know i've been an idiot selling but my children had no home and i had no choice, can someone please clear this up for me as even if i know they cant take the car now the capital has been paid will be a huge weight off my mind, many thanks for listening, Sam x


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Comments (3)

  • kimfaulkner
    Love rating 11
    kimfaulkner posted

    Try http://www.nationaldebtline.co.uk/ or ring them on 0808 808 4000. They are a registered charity offering free debt advice. Alternatively you can go to your local Citizens Advice Bureau or their website http://www.citizensadvice.org.uk/.

    As far as the agreement is concerned, Mobile Money should be able to provide you with a copy.

    Posted on 14 June 2010 | Love Love  1 love Report
  • manzanilla
    Love rating 426
    manzanilla posted

    Can I sugest that you post on this board: http://boards.fool.co.uk/dealing-with-debt-50079.aspx?mid=11951724 as it's better for serious debt matters.

    Posted on 14 June 2010 | Love Love  0 loves Report
  • scissors36
    Love rating 0
    scissors36 posted

    hi there, i have a similar issue, i took out a loan mobile money and have struggled to pay anything to them, im trying to sort out my finances now but have had no option but put them on the back of the list, my 3 children, food and general bills must come first, i have had lots of issues with hounding calls etc, i have explained i will do my darnedest to get them their money but the previous issues come first, its been so stressful and upsetting to me especially as my Mum sadly passed away at the age of 57 suddenly, and now have them on phone threatening to take the car i use to check on my dad and get the kids to school 2 miles away!!, can anyone give me advise as i dont think many debt assistance companies deal with secured loans, or am i wrong?

    Posted on 24 March 2011 | Love Love  0 loves Report

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