Creation Finance - hpi register

njs22

Just a thread to see if i anybody else has had problems with creation finance or other companies offering unsecured car finance.

Back in September 2009 i went out to buy a car on finance, at the time i was earning very good money at the time and was assured by work the money would continue to come and the job i was doing would become a permanent fixture. I went and got a car on finance that was supplied by creation consumer finance, everything went well untill september 2010 when the job and extra money came to an end. At this point i entered a DMP with CCCS as i fell into hardship, my Car Finance was including in this DMP as the car was bought with an Unsecured fixed sum loan not HPI.

I have been advised by CCCS to sell my car in order to downgrade and put the difference back into my debt owed. The problem is i went to sell my car however Creation has a registered interest on the HPI register as HPI Outstanding, preventing me to sell the car. I have spoken to consumer direct and the financial ombudsman as the loan was not secured against the car nor was it HPI, however creation wil not remove the interest until i settle the account in full. I know they are not allowed to do this and have been advised they are not leaglly entitled to, what i want to know is has anybody else been through the same with unsecured car finance and is there an end in sight?

i know some will say that i have gone into hardsip and they have every right to prevent me from selling my vehicle as i owe them money, which i do agree. howver i have got into a bad situation and am trying to repay what i owe and this just seems like they are doing this because they can!

mymatestella

Obviously you can't sell a car you haven't paid for even if you are in hardship you don't have the right to sell it. Pay for it or return it.

dealer_wins

Creation Finance are not stupid then LOL

thebristolian

They have no right to do this if you have an unsecured loan. They would have taken this into account with original lending decision and interest rate. Do you have a copy of the original agreement?

rdwarr

Why was this reopened after seven months? OP has probably worked it out for himself by now.