Hire Purchase company gone into Administration: Advice??

antrobus

Gaz83 wrote: »

Your contract will include a term saying that the debt can be sold on or transferred between companies.

The way these things work (for small car finance companies) is that the small finance company does a HP deal with a customer, and then does a HP deal with a bigger bank to finance it.

In the case of Credit 4 Cars Ltd this would be Fidor Bank AG of Munich. In due course, Fidor Bank are likely to flog the book off to some debt collector.

Andrewkilpatrick

I am also in a similar predicament. I have checked with HPI and there is no outstanding finance on the car?!?!? I only owe about £1,000. I don't understand, surely if there is showing no outstanding finance, then the car is mine!

robatwork

Sorry no good advice for you other than to contact the administrators (by phone then with letter) to request a lowering of your payments. Administrators are normally nice reasonable people. Just like loan [STRIKE]sharks[/STRIKE] companies.

My suggestion is to change the subject of your post as a few other people in the same boat as you have contributed so this thread may well run and run, and it would be helpful to googlers and browsers to have Credit4Cars ltd in the subject title rather than just HP company.