Hi I just found out that my mh has got a chattel mortgage on it can anyone advise me&

[Dollysjg]

Hi just found out that my my has a chattel mortgage on it
Can anybody help with advice

 

[IanFraser]

Absolutely agree it would be but the problem here, I think, is that most of the chattel mortgages are owned by a large number of individual personal investors rather than a company or large firm who specialise in providing finance or investments.

Individual private investors may be less likely to know how to register with HPI and I imagine HPI wouldn't be able to give an answer as to what private investors were not registered with them.

The whole situation is a real shambles.

Must admit I was unsure as to who the onus is on to register ie the I/v giving company the money to secure the van or the company once purchased, no harm in asking HPI the question eg. If they could state they had 800 mortgages registered by Unbeatable might be worth paying the money to save you the hassle you’ve had so far. I’d really like to think you’ve been lucky finding paperwork showing mortgage in yours was settled, in conjunction with having heard nothing else in the meantime when many have fingers crossed all’s well

 

[Maluisarot]

I'm hoping so Ian
We've only had the van 3 weeks now though so if the [choose own expletive]'s at Unbeatable have ripped off one of their investors by lodging another mortgage at an earlier date since the original was paid off, we won't hear about it until the investors solicitors request the new owner's (my) details from the DVLA.

 

[Maluisarot]

There have been cases where investors have given Unbeatable an amount in the region of £70k only for them to discover the mortgage has been lodged on an older used MH less than half that value.

 

[deleted79651]

Must admit I was unsure as to who the onus is on to register ie the I/v giving company the money to secure the van or the company once purchased, no harm in asking HPI the question eg. If they could state they had 800 mortgages registered by Unbeatable might be worth paying the money to save you the hassle you’ve had so far. I’d really like to think you’ve been lucky finding paperwork showing mortgage in yours was settled, in conjunction with having heard nothing else in the meantime when many have fingers crossed all’s well

The company has the duty to register the Charge at Companies House, but anyone with an interest, e.g. a secured creditor, can take the action. That's why Banks automatically register Charges, Debentures etc directly, rather than relying upon its borrowing Customer to do so.

Steve

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[Colino]

So would the last owner in the log book still be the current owner? And if so going forward it might be a good idea to phone the last owner in log book to ask if they still own it ? I know having the log book in ones name doesn't make them the legal owner, but it could still be worth contacting them before purchase. Wouldn't it ?

 

[wigster]

I know if i lost a van like this i would do some digging to find the person who was to blame and give them politely a chance to give me my money back.

 

[Swifter]

Hi Maluisarot . I’ve just noticed you are active and still posting on the forum . Please can you update this thread so we know what happened please ?

 

[Maluisarot]

Hey swifter

I trawled through the companies House website, checking for out vin on each of the chattels registered and the one with ours on states it had been settled. Why there isn't a more simple process where you cab just put a VIN in I don't know!

It's been over a year now and haven't heard anything so I'm guessing were in the clear.

 

[chaser]

So what happened to the op?
Dollysjg

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[Coolcats]

.

 

[Figaro]

So what happened to the op?
Dollysjg

Last seen on Monday.

 

[wiljoy]

It's not uncommon for the dodgy dealers to rip off the public. Two years ago a reputable dealer in Scotland used elaborate fraud to dube motorhome owners. I was had by CamperNE who sold my vehicle without telling me and went bust. He also refinanced many customers vehicles without there knowledge.

 

[PDrill]

What is chattel mortgage / what does it mean? This thread sounds strange.

 

[Abacist]

What is chattel mortgage / what does it mean? This thread sounds strange.

A chattel is a personal belonging other than land and/or buildings. Apply the concept of a mortgage to a Motorhome and you have the position where a dealer has borrowed money from a lender and the lender has secured the loan by taking out a chattel mortgage on the Motorhome. If dealer does not pay off the chattel mortgage when you buy the Motorhome then he had no right to sell it and it can be repossessed from you or you have to pay off the mortgage and reclaim your money back from the dealer who is usually either broke or disappeared by this time leaving you substantially out of pocket!

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[PDrill]

Uh, how can that be possible In my country the motohome would've been registered to the person/company who has given a loan against it and it could not be sold by anyone else.

 

[pwilmo]

Sounds very similar to log book loans, there also, there is no legal obligation to register the loan/ debt.
The finance firm own the vehicle, the debt should be paid off before the vehicle can legally be sold.
On ordinary finance checks, the log book loans are not investigated so you must do your own ...horrible business, nasty deceitful people selling vehicles they owe money on.

 

[ExiledDragon]

Having read this post I thought it may be useful to give everyone an overview, as far as I'm aware having done some research, which may prove helpful, going forward. I have been interested in purchasing a Chausson Motorhome, when , purely by chance, came across the worrying issue of "Chattel Mortgages". The term Chattel mortgage is used to describe a debt or loan that attaches to a Chattel, which is a moveable item of property, so a Motorhome would be a good example of a Chattel. If a loan is taken out (secured) on the Motorhome the debt to the lender of the loan is registered, but this seems to be where things can go awry. There is a legal requirement for such a debt to be registered within a Bill of Sale with the Court of Justice in London. Anyone can subsequently apply, for a small fee, to establish if a particular Chattel (Motorhome) has been registered as having such a debt attaching to it. It is my understanding that there is no requirement to notify this debt under the HPI scheme, so checking for any debt via HPI may not show anything. If the owner of the Motorhome was a limited company a search can be made on the company house website for any loans/debt attaching to the vehicle concerned which have been registered as a charge by the company, as is legally required, using the VIN number (or the registration number if used by the company registering the charge). Most Motorhome dealers do a HPI check but, from my research, this would appear to be inadequate in trying to ensure, as far as possible, that a Motorhome they are selling is free of any debt. I guess it really is "Buyer Beware" until the legislation is changed as regards this type of asset ( I believe there was an intention to change the legislation to protect the individual buying the Motorhome but this has stalled). Please note that this is my own understanding of the position and I am more than happy for anyone to correct me if I have misunderstood anything. Please also note that nothing I have said here should be relied upon without seeking your own independent advice beforehand.