Car is a right off - still have 4years to pay......help me get out of it please.

Elize_2

Please some helpful advice.

I have a car perchased on a Higher Puchase Finance Loan Agreement with Welcome car Finance and as the car was £6k + when I bought it in October 08 I couldn't afford to cover it fully comp as 3rd party is already costing £1400 (a few indiscretions on the road and i'm only 21)

The car was totalled last week and I realised what a naff situation I now have myself in and unless I can break the agreement I have to pay the remaining amount off as the insurance clearly will not cover it.

I just can't afford to do this and need a car to get to my job that starts before public transport runs.

I am afraid to speak with Welcome incase they get heavy handed - in the past they have been very severe. Do you think there is any way of avoiding paying the remaining amount on a car i don't have? Or to get welcome to give me a new one so that i still have a car and carry the payments on?

Help...Thank you!
:mad::mad:

lindsaygalaxy

Sorry, but if you are not covered fully comp I dont think there is anything you can do. you could trying talking to welcome but I am sure they will just want their money back.

Troubled_Joe

Elize wrote: »

Do you think there is any way of avoiding paying the remaining amount on a car i don't have? Or to get welcome to give me a new one so that i still have a car and carry the payments on?

I'm afraid not.

Why would they give you a new car after you destroyed and neglected to adequately insure the first one?

Andybez38

Im suprised with the car being purchaced on Hp agreement, you were not asked to get fully comp insurance by the lender.

Enfieldian

And here endeth the tale...

Young driver +
Convictions +
Expensive Car (On even more expensive finance) +
Inadequate Insurance Cover +
Accident =

Disaster all round, apart from Welcome, of course......

Enfieldian

Andybez38 wrote: »

Im suprised with the car being purchaced on Hp agreement, you were not asked to get fully comp insurance by the lender.

He probably was.

Would GAP insurance have been an option? Even on 3rd party....?

Welcome don't care though, they are still rightly entitled to their money....

As for "help me to get out of it" no, sorry, no can do.

It is your responsibility to amke sure your investment/commitment is aequately protected.

ILW

Elize wrote: »

The car was totalled last week and I realised what a naff situation I now have myself in and unless I can break the agreement I have to pay the remaining amount off as the insurance clearly will not cover it.


:mad::mad:

Whos fault was the accident?

Elize_2

The fault lies with me as I went into the back of a bus! The bus's lights weren't working but even so they will claim that I was too close to break in time.

The insurance was transferred from my previous car and although now i've looked at the agreement made with Welcome it does state the car must be covered fully comp - my insurance company didn't say this was the case though.

Enfieldian

Elize wrote: »

my insurance company didn't say this was the case though.

Why would they? It is not up to them what level of cover you get. The insurance company have had their money.

Welcome should have requested proof of comp cover but you could have taken out comp on the day you bought the car and then cancelled and switched to 3rd party the next day....

It is your responsibility to make sure the car is adequately insured.

Apples2

You drove into a stationary bus.... and it's the fault of the bus?

Is it beginning to dawn on you why the insurance company wanted £1,400 for third party cover only??

your option is to continue your payments as before.... for the next 4 years

and buy a £400 slow old banger, maybe you will learn how to drive if you can't even keep up with buses never mind trying to shunt them off the road

ILW

Them buses can be very difficult to see at times.