Finance Agreement - Car Written Off

Beefy1403

Hi

I'm a new user, so apologies if this has been answered elsewhere.

I took out a Finance Agreement in 2007 to purchase a car, and am coming up to the last 12 months of the 60 month term. Unfortunately I wrote off the car in an accident last week, and someone advised me that if I have paid off more than half of the agreement, I can get the remainder of the term wiped off if the company are regulated??

I'm not sure if this is correct, and how it would work if it was?

I'd be really grateful if anyone could give me advice on this.

Many thanks

spiro

I 'think' you can hand the car back if you are over half way through. In your case you dont have a car to hand back. You will need to settle the outstanding finance using the payout from your insurnace company.

Beefy1403

I thought that may be the case. Thank you!

forgotmyname

From reading other posts the insurance may pay the loan company directly.

I guess it depends on the loan type.