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Can we pursue a defaulted hirer for an outstanding balance after auctioning the car?
Manage episode 273793896 series 2786453
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My wife and I have been running a hire purchase company for the last few years, but it has been a real struggle. Our company helps people buy cars. Many times their cheques will bounce or they will try to remove the tracker and hide the cars. Luckily our brother is an auctioneer, so he helps us recover and sell cars whose buyers have not been paying. Two months ago, we repossessed such a car. The buyer had given it to a Shylock and his cheques had been bouncing. Because of tough times of Corona, we only got 150k when we sold it, but even then there was a balance of 50k left since he had only paid 400 out of the 600k. How can we pursue him for the balance?
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