I had an accident while renting a vehicle from a friend

onyxmontana

iwb100 wrote: »

This is backwards. The finance arrangement has nothing to do with you. He should be the one paying it - it is his to settle.

The £1500 payout - I assume is being paid direct to you? I would argue morally and ethically that is his money to use for the purpose of paying off the outstanding finance.

Yes I know it has nothing to do with me. This 'friend' has offered for me to pay the outstanding balance and said that I would be made the owner. This would alleviate the anxiety caused to him as the finance will be settled. (Whether or not he can transfer ownership to me technically is still unknown to me as the finance company own it currently - I suppose that if the balance is paid he will be made owner and could then transfer ownership to me in this scenario).

Essentially I am happy to pay the £1200 to which he has requested to clear the finance but i don't believe he will clear the finance and use the money for something else (as he is known to do)

This is why I am proposing to pay the company directly after seeing evidence of the amount owed so that I can be sure it's been paid and hold him to his proposal of transferring ownership.

I don't, under any circumstances want to pay money to him more than £70 monthly agreement amount as he is known to renege on agreements and at the very least, if he did do that and I had paid the finance off. I'd know that nothing is owed and he isn't left out of pocket.

Additionally: My reason for not just clearing the total amount of £1500 is because he will, without fail, try to get more from me if I agree to that as he has tried to changed his terms several times throughout. I don't want the further hassle, I'm not concerned about the £300 difference, it's that he will either request more money after this or not settle the finance at all and say that it's still owed. This is why I'm sticking to the only terms we both agreed on and not wavering. I have had various dealings with him in the past and it wouldn't be unusual for him to make changes to terms after receiving payment or even changing his classification of what the payment was for.

Mercdriver

onyxmontana wrote: »

Yes I know it has nothing to do with me. This 'friend' has offered for me to pay the outstanding balance and said that I would be made the owner. This would alleviate the anxiety caused to him as the finance will be settled. (Whether or not he can transfer ownership to me technically is still unknown to me as the finance company own it currently - I suppose that if the balance is paid he will be made owner and could then transfer ownership to me in this scenario).

Essentially I am happy to pay the £1200 to which he has requested to clear the finance but i don't believe he will clear the finance and use the money for something else (as he is known to do)

This is why I am proposing to pay the company directly after seeing evidence of the amount owed so that I can be sure it's been paid and hold him to his proposal of transferring ownership.

I don't, under any circumstances want to pay money to him more than £70 monthly agreement amount as he is known to renege on agreements and at the very least, if he did do that and I had paid the finance off. I'd know that nothing is owed and he isn't left out of pocket.

You can only own the subject of a total loss if you purchase it from the insurance company. At the moment the third party's insurance company should own it, but they can't because it is owned by another party.

onyxmontana

Okay thank you, I appreciate your insight and I understand.

Mercdriver

onyxmontana wrote: »

Okay thank you, I appreciate your insight and I understand.

You are the recipient of the proceeds of the claim that should have been paid to the rightful owner given that it was on finance secured on the vehicle.

Is your "friend" the actual named person on the agreement? Have you seen the agreement?

You have effectively pocketed money that should have gone elsewhere. I am not a lawyer, but sounds like possible fraud. I can't understand why your friend doesn't want this dealt with and move on unless there is something we are not being told.

onyxmontana

"You are the recipient of the proceeds of the claim that should have been paid to the rightful owner given that it was on finance secured on the vehicle"

I've already made it clear that the insurance company have been made aware of this fact and I still making a payment to me directly.

I've also made it clear that my intention is to pay the rightful owner directly which would be the finance company.

Also, I haven't pocketed any money whatsoever. If anything I'm out of pocket as I'm paying insurance payments still.

Mistral001

onyxmontana wrote: »

I'm aware that he has likely breached his finance agreement by basically sub-leasing the vehicle to me so I don't believe he has much of an upper hand should this be taken to court.

Kind regards

The courts will also take a dim view of your behaviour as you knew about the finance on the bike before you agreed to rent the bike.

It was a tough break for the both of you. Maybe agree to split the £300 "gain" between you and avoid the courts.

onyxmontana

I can't understand why it makes a difference to me or my case of owing any money irrespective of whether the bike is financed or not as I've just rented it and am put down as the RK.

I can see that splitting the excess might be a reasonable course of action.

iwb100

onyxmontana wrote: »

Yes I know it has nothing to do with me. This 'friend' has offered for me to pay the outstanding balance and said that I would be made the owner. This would alleviate the anxiety caused to him as the finance will be settled. (Whether or not he can transfer ownership to me technically is still unknown to me as the finance company own it currently - I suppose that if the balance is paid he will be made owner and could then transfer ownership to me in this scenario).

Essentially I am happy to pay the £1200 to which he has requested to clear the finance but i don't believe he will clear the finance and use the money for something else (as he is known to do)

This is why I am proposing to pay the company directly after seeing evidence of the amount owed so that I can be sure it's been paid and hold him to his proposal of transferring ownership.

I don't, under any circumstances want to pay money to him more than £70 monthly agreement amount as he is known to renege on agreements and at the very least, if he did do that and I had paid the finance off. I'd know that nothing is owed and he isn't left out of pocket.

Additionally: My reason for not just clearing the total amount of £1500 is because he will, without fail, try to get more from me if I agree to that as he has tried to changed his terms several times throughout. I don't want the further hassle, I'm not concerned about the £300 difference, it's that he will either request more money after this or not settle the finance at all and say that it's still owed. This is why I'm sticking to the only terms we both agreed on and not wavering. I have had various dealings with him in the past and it wouldn't be unusual for him to make changes to terms after receiving payment or even changing his classification of what the payment was for.

You're making this too complicated.

He owns a bike that has been written off. The insurance company is paying out £1500.

You give him the money and walk away. What he does with it has nothing at all to do with you. The money settles the write off and given you aren't able to use the bike - means you never have to speak to him again.

If he foolishly blows the money on other things it has literally zero impact on you.

Mercdriver

onyxmontana wrote: »

"You are the recipient of the proceeds of the claim that should have been paid to the rightful owner given that it was on finance secured on the vehicle"

I've already made it clear that the insurance company have been made aware of this fact and I still making a payment to me directly.

I've also made it clear that my intention is to pay the rightful owner directly which would be the finance company.

Also, I haven't pocketed any money whatsoever. If anything I'm out of pocket as I'm paying insurance payments still.

You have been paid the money, correct? You are talking about splitting the excess with your "friend". You are and were always aware of the situation, and I think you knew that this wasn't the correct way of doing it. Now had you made it to the end of the secured loan it would have been "Happy Days". The gamble didn't pay off. It's somewhat of a mess. You act like it's simple, it's really not, and it can get a lot more complicated. Give your "friend" all the money via BACS transfer, and walk away.

onyxmontana

No I haven't been paid the money.

I didn't know it wasn't the correct way of doing things. I thought it was fine, I'm only speaking from what I have learnt since this incident

I will give them the money. Literally never said I wasn't or said that I felt that I shouldn't. I'm just going off what's been agreed to. The terms were changed and I sought advice on what to do.

I can't see why people are responding as though I have already made up my mind and acted in any way without it being agreed to by the other party.