Finance not being taken?

ctowers1

I bought a new motorbike in May. Paid my deposit, sorted the finance and thought it was all sorted.

Since then i have not received a single letter from the finance company and no money has been taken from my account. Im not even 100% who the finance should be with. Also the bike is showing as HPI clear and no finance is outstanding.

What should i do? What happens if i decide to sell the bike?

Ive been putting the money aside each month but how do i know when/if they will come for it?

somethingcorporate

If you applied and were approved for finance surely you have some documentation that outlines the amount, the APR, the T&Cs etc?

I'd try and make contact with them. I know you haven't mentioned it specifically but don't get your hopes up for a free bike!

Edit: I forgot to mention, well done for being sensible and putting the money aside.

ctowers1

I have nothing. I was told i would receive it in the post in a few days (this was when i collected the bike in May).

Im definitely aware i wont get a free bike. I know the bike shop use 2 or 3 companies for their finance but i dont know who mine is with. I have a feeling it may be Black horse but surely they wouldnt let it slip the radar? Just seems very strange the bike is HPI clear.

somethingcorporate

I think it could potentially mean it was a personal loan rather than a HP agreement - although I am no expert.

I am suprised you were not given anything to go away with - did you not sign something on the premises?

I'd give the shop a call and find out who your finance is with and chase up with them, there is really no upside to you not paying.

owitemisermusa

Call them ASAP. You shouldn't leave something like this unsorted for 2-3 months!

BTW, you might be on an automatic 'payment holiday'. The only way is to call and find out.

gizmo111

Check your credit report - should have a new credit agreement on it and details of who with. Did you sign a DD for this - check with your bank if it has been set up and when the 1st payment is due. The 3 month holiday sounds most likely.

ctowers1

Yeah there is nothing on my credit file either.

Ill call black horse today to ask them

Fiddlestick

ctowers1 wrote: »

Ive been putting the money aside each month but how do i know when/if they will come for it?

Sensible man

ctowers1

Well ive spent all morning trying to sort this out.

Bike shop told me it should be with black horse. They were supposed to call me straight back (but didnt).

Anyway i found the agreement number at home and it states Black horse so i called them again and they still could not find anything. I have a personal loan with them and thats all they could fine for me (i asked them to make notes on that agreement about the phone call).

It LOOKS like the bike shop never put the finance through and never got their money. This assumption is based on the fact that they have not yet called me back and therfore maybe realised?

It will be interesting to see what happens now.

I have been putting the effort in to rectify this though.