Car Write Off and Hire Purchase
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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.
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Comments
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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
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