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14 June 2010

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

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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