Please Help: Hire Purchase Write Off

scottm426

Hi folks,

Don't post on here much but clutching at straws here. I was involved in an accident on Saturday evening. My back end slid out and the car crashed, rolled, etc. The car was on Hire Purchase and purchased at £5,800.00. Amount payable over 5 years was around £8,400.00. I need to know where to go from here as it looks as though the car will be written off. I understand that the Finance company will receive the payout from Insurance and quite realistically I will be left without a car. To top it off I had £160.00 stolen from my wallet which was in the car, some people eh? The police and ambulance were in attendance and I understand I am very lucky to be writing this today although not the best if things to be writing. I have a few question that need answered and I will be phoning the Finance Company first thing tomorrow though I thought I would ask a few question on here first.

1. I first assumed I would just continue monthly payments, now I know that is not the case: Will the Finance Company let me continue to pay the balance in monthly instalments or demand it straight away?

2. Will the finance company offer a new finance deal after the insurance company has paid them where I can move the balance to a new package in order to purchase a new car still with them but obviously increased payments etc

3. Will the insurance cover the £160.00 which has been stolen... I doubt it??

4. Will I pay a reduced figure as the Finance deal will be settled much quicker now and not over 5 years with added interest etc?

5. Will I make my payment due to the finance company of £139.00 on the 1st of the month or will I cancel the direct debit?

Any help would honestly be greatly appreciated as my head is spinning here with everything that has to be taken into account and things I don't understand.

Cheers
Scott

DUTR

1) Depends on if the balance is settled
2) Depends if you apply for one, I trust you didn't have GAP insurance?
3) Depends on the policy schedule and personal effects.
4) Depends on if the balance is settled and the T&Cs of the agreement.
5) See (4)

It would be interesting to know how the accident occured.

scottm426

Cheers for the reply.

The balance won't be settled. There will be around £3,000.00 left outstanding.

Thanks
Scott

scottm426

Accident occurred as I did not know the roads, we had hot weather for ) days in a row and then a heavy rainfall as I was going around the corner the back end slid out and there was no chance of keeping control.

robatwork

Slightly OT but do you know at what point in time / where the money was stolen from your car?

I had an accident and money went missing from my car - won't say any more until I learn more about your situation

scottm426

I'm not entirely sure. I was ok after the accident thankfully but automatically assumed that everything in the vehicle would be ok, won't make that mistake again!! There was someone who jumped in the car and got my phone for me so it could have been him. Then again when you look at it more it could have been anyone from police, recovery driver or recovery storage unit employees, not entirely sure. What about yourself?

robatwork

I had goods and money go missing sometimes between the accident and when I went to collect items after it had been towed away. So same as you really but I was with the car the whole time so I know nobody jumped in it before it got towed.....the police did "investigate" it.