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Car stolen! Who gets the money?
dance_the_night
Posts: 2 Newbie
My car has been stolen but I have a personal loan on it for a large amount and the payments now go to the debt company. Will I get the money from the insurance to replace the car or will the money go straight to the debt company to pay the debt off? 
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Comments
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It will go to the debt company if the car is recorded against the loan.
The insurers will carry out a MIAFTR check (motor insurance anti fraud and theft register) and this is linked to the HPI database. The loan company will see that the check has been carried out and confirm the outstanding value to the insurers and request the settlement.
If there is any left over, you will receive that. Of course, there can sometimes be a shortfall between what is owing and what the car was worth in which case, the loan company will pursue you for the balance.0 -
Thanks for your help Mattymoo, one good thing, the debt or at least a lump of it will get paid off I guess. Public transport it is then
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