Car finance reclaim

Sweetpea19

Hi. My daughter in law’s dad took out car finance on her behalf nearly 5 years ago. He died in 2022 and she’s continued making the payments. Would she still be able to apply to reclaim any overpaid interest?

DullGreyGuy

What overpaid interest?

Have they advised the bank that the debtor is deceased or concealed it from them?

Sweetpea19

Have you not seen ML? His death wasn’t ‘concealed’ just never disclosed as not needed. I believe should've been as debt would’ve died with him. 

DullGreyGuy

Sweetpea19 said:

Have you not seen ML? His death wasn’t ‘concealed’ just never disclosed as not needed. I believe should've been as debt would’ve died with him. 

I have seen that the FCA are investigating that some car dealers got additional commission in exchange for giving higher interest rates which means it was a conflict of interests but you haven't said anything to suggest interest rates were increased?

You are obliged to tell a lender when the debtor has died. A debt doesn't "die with him" but impacts the estate, it can be that the estate is insolvent in which case there are processes to follow and ultimately the insolvency is written off.  Depending on what type of car finance it is however it is more complex as the finance company often still own the vehicle until the finance is paid off so only if you are in negative equity on the finance would the finance company not either get its money or get the car.

elsien

Sweetpea19 said:

Have you not seen ML? His death wasn’t ‘concealed’ just never disclosed as not needed. I believe should've been as debt would’ve died with him. 

Do you not think that’s just a matter of semantics? 

dunstonh

Have you not seen ML?

Have you?    as the issue here is not something ML is likely to have talked about.

 His death wasn’t ‘concealed’ just never disclosed as not needed. I believe should've been as debt would’ve died with him. 

Wrong.   
a) The car finance would most likely have been secured against the car.    So, they would have taken the car back if the executor of the estate failed to repay the debt.
b) The executor has to repay liabilities from the value of assets in the estate.   if the executor distributed assets/money without paying the debt then the executor is on the hook for the debt.
c) only if there are no more assets to repay all of the debt, is the remainder written off.

And his death is required to be notified.  Intentionally failing to do so for personal gain (i.e. continued use of the car by a third party) is fraud.

Ayr_Rage

@Sweetpea19 it sounds completely fraudulent.

SHAZA530

So we got finance with with pcf finance who no longer do trade in the UK will we still be able claim

Nasqueron

SHAZA530 said:

So we got finance with with pcf finance who no longer do trade in the UK will we still be able claim

There is no "claim" but if the firm is no longer operating in the UK you will find it hard to make a complaint, let alone prove there was mis-selling 

dunstonh

SHAZA530 said:

So we got finance with with pcf finance who no longer do trade in the UK will we still be able claim

please do not post your question on an unrelated thread.   Thread hijacking is considered poor form.  

DullGreyGuy

SHAZA530 said:

So we got finance with with pcf finance who no longer do trade in the UK will we still be able claim

It doesn't matter if the company still operates in the UK or not, it matters if the legal entity still exists or not.