Car Finance - HP help
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Paulholden590
Posts: 2 Newbie
in Loans
Hi, I'm hoping someone can give me some advise on what to do. I bought a car on HP from a reputable car dealer that I have used before, i traded my old car to them to use as a deposit, the finance was done through Zuuma Car Finance as a Hire Purchase agreement, I have been paying on time each month. I recently wanted to get an up to date account statement so went to Zuuma website which said that the finance company had gone into administration and it provided information on who the administrators were etc, and stated for customers to continue paying as normal.
This stage I was still unaware how much I had left to pay etc, so I thought I would check my credit file to see if I could see on there, when i logged on to my credit file, the car finance no longer showed, so I checked on another website and again its wasnt showing on there either. So I carried out a HPI check on my car and that came back with no finance recorded against the car.
So what does this mean has my finance company closed my case due to going into administration and has removed the finance marker off my car? If that's the case should I cancel my direct debit payment to the finance company? Or should I keep paying for the remainder of my agreement? I'm really unsure what to do?
Thanks in advance for the help.
This stage I was still unaware how much I had left to pay etc, so I thought I would check my credit file to see if I could see on there, when i logged on to my credit file, the car finance no longer showed, so I checked on another website and again its wasnt showing on there either. So I carried out a HPI check on my car and that came back with no finance recorded against the car.
So what does this mean has my finance company closed my case due to going into administration and has removed the finance marker off my car? If that's the case should I cancel my direct debit payment to the finance company? Or should I keep paying for the remainder of my agreement? I'm really unsure what to do?
Thanks in advance for the help.
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Comments
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Keep paying. You'll need to settle it, and best that you don't pick up a default on the way.0
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https://www.zuuma.co.uk/
- The Administration does not write off this debt
- You still owe this money, and it is very important that you keep paying in order to settle the amount you owe
- Please continue to pay as normal, whether that be through standing order, direct debit or card payments.
Phone : 023 9360 1730
Email : Customerservice@zuuma.co.uk
Zuuma Finance Limited c/o Hilton-Baird Collection Services Limited
Woollen Hall, Castle Way, Southampton, Hampshire, SO14 2AW0 -
Thank you both for your answers, I understand and I have read the bit on there website. However I find it strange that it was shown on my credit file and has now come off and when I did hpi check on my car it shows no record of finance. Why would the finance company remove it from my credit file and remove the finance marker from the car? This is why I am questioning if I do need to pay? A finance company does not remove indicators like finance marker on a car history or remove the HP loan off your credit file for no reason especially if they are still owed money.0
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Entries on your credit file and HPI markers are legally meaningless, it is the credit document you signed that counts and will have a clause to assign rights over the loan.0
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They haven’t taken money since April which usually comes out automatically . I looked them up today after realising since they usually chase even after a day and saw the administration.
Mines still listed as financed though0 -
Paulholden590 wrote: »Thank you both for your answers, I understand and I have read the bit on there website. However I find it strange that it was shown on my credit file and has now come off and when I did hpi check on my car it shows no record of finance. Why would the finance company remove it from my credit file and remove the finance marker from the car? This is why I am questioning if I do need to pay? A finance company does not remove indicators like finance marker on a car history or remove the HP loan off your credit file for no reason especially if they are still owed money.
You still owe the money, a finance company still have a legal right to reposes the car if you don't pay them. Not sure why you think you have a free car because a finance marker has been removed from a third party register.0 -
They haven’t taken money since April which usually comes out automatically . I looked them up today after realising since they usually chase even after a day and saw the administration.
Mines still listed as financed though
Call the administers - keep hold of the payments - you will need to pay at some point.0 -
I think I’ll just keep hold of the money and wait for posted instructions .
First thing they’ll ask me if I call is my details for data protection ...I don’t know this new company so could be unwittingly be handing over my details to somebody who doesn’t have them .
If they have a legal right to the money or the car I’m sure there’s a process they’ll follow .
They were a dreadful company0 -
Keep checking your credit reports in case you get a default.0
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Hi what was your outcome on this? Did you continue to pay0
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