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Personal guarantor for PCP via business
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This discussion was created from comments split from: Dad died with PCP, can they do this?.
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I have a car through my business which is PCP the business has gone into liquidation and I am the Personal guarantor for the car. I want to give the car back under the halves and thirds rule however The finance company are saying I cannot give the car back under that as it’s though a business, the business no longer exists!! Can I get around this somehow.. help !
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You need to start your own thread on the correct board. I think the Debt free wannabe would be your best bet.Lauralouise89 said:I have a car through my business which is PCP the business has gone into liquidation and I am the Personal guarantor for the car. I want to give the car back under the halves and thirds rule however The finance company are saying I cannot give the car back under that as it’s though a business, the business no longer exists!! Can I get around this somehow.. help !
https://forums.moneysavingexpert.com/categories/debt-free-wannabe
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Bump this thread,@fatbellyI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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The right to return the car come from the Consumer Credit Act. The entity that contracted was a company and therefore the CCA will not apply to the contract even though you gave a personal guarantee on behalf of the company.Lauralouise89 said:I have a car through my business which is PCP the business has gone into liquidation and I am the Personal guarantor for the car. I want to give the car back under the halves and thirds rule however The finance company are saying I cannot give the car back under that as it’s though a business, the business no longer exists!! Can I get around this somehow.. help !
You'll need to negotiate with the finance company on an early termination if thats what you want to to, else see how much you could sell the car for -v- the early settlement figure.0 -
I have worked in motor finance for many years, a business PCP is a different legal product to a personal one as above, therefore as the personal guarantor you are liable. negotiation is your best option here, try motorway for a decent trade valuation and no hassle.Baby Step 6/7 . £15000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!
Currently Negotiating with HMRC !2 -
I got the call!
Unfortunately this is going to count as a business debt and so the sort of thing I would refer to Business Debtline
https://www.businessdebtline.org/
I'd run it past them1
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