We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Car Write Off and Hire Purchase
frosteeeh21
Posts: 3 Newbie
Hello
To cut a long story short, I wrote my car off last Thursday, completely my fault the accident and I have a car on Hire Purchase. Insurance has given me an award but advised the following....
"Please contact your Finance Company and provide authority for them to release the current outstanding settlement figure to us. We will make payment to the Finance Company and send any remaining balance to you. If an outstanding finance amount remains after our payment to the Finance Company, this must be paid by you."
Can I request with the Finance Company this doesn't happen, and I continue to make my regular payments as I was going to anyway. Would ideally like the money to buy a brand new car which won't be possible if the finance company gets all the money. I'd still have about £800 left to pay as well.
To cut a long story short, I wrote my car off last Thursday, completely my fault the accident and I have a car on Hire Purchase. Insurance has given me an award but advised the following....
"Please contact your Finance Company and provide authority for them to release the current outstanding settlement figure to us. We will make payment to the Finance Company and send any remaining balance to you. If an outstanding finance amount remains after our payment to the Finance Company, this must be paid by you."
Can I request with the Finance Company this doesn't happen, and I continue to make my regular payments as I was going to anyway. Would ideally like the money to buy a brand new car which won't be possible if the finance company gets all the money. I'd still have about £800 left to pay as well.
0
Comments
-
frosteeeh21 wrote: »Can I request with the Finance Company this doesn't happen, and I continue to make my regular payments as I was going to anyway. Would ideally like the money to buy a brand new car which won't be possible if the finance company gets all the money. I'd still have about £800 left to pay as well.
In a word no - the finance company should immediately get what they're owed as their asset doesn't exist any more0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards