un payed the finance on a damaged car ( whats gonna happen)

[celicagt]

hi,

i had an accident with my car that was on black horse finance. The insurance company putted my car on cat D and payed me the book value of the vehicle. The money i have recived from the insurace company has been spended on other thinks than the finance. The finance company is going to collect the car back of me because i have stopped paying for the car. The car is in a un driveable condition to be resold so what legal action would they take against me.

[WendyB]

Re: un payed the finance on a damaged car ( whats gonna happen)

Not sure, tbh but will bump this for you, I'm sure someone will be along to advise.

[Sapphire]

Re: un payed the finance on a damaged car ( whats gonna happen)

Hiya,

What normally happens is the car will be collected and sent for sale at Auction, usually the car will sell at a price at lot less than the amount you owe and then the company will then chase you for the outstanding amount. If you don't pay then it will go to DCA's and so on.

Because you say the car is in an undriveable condition (is it an insurance write off ?) then I believe the car will be scrapped and you will be liable for the amount outstanding.

Just my opinion, but I'm sure someone will pop along and verify or correct what I have said.

[Paule]

Re: un payed the finance on a damaged car ( whats gonna happen)

Can you give us a breakdown of what correspondance you have recieved from Black Horse, and what you have sent to them if any.

Going from what you said they will look to recover the remainder of the money you owe.
IF it is a dedicated car HP loan, there will be a clause in it that states you must keep the car in good condition and working order.

Can I ask why you stopped making payments, was it just because the car had been wrote off.

Is it a dedicated HP Car loan?

PKea

[righty]

Re: un payed the finance on a damaged car ( whats gonna happen)

Chances are being Black Horse it's one of their convoluted personal loans masquerading as normal HP (this is done in the hope they can avoid sec75 of the consumer credit act 74) Either way whatever they do (& you can refuse to give them the car as it's a personal loan & not HP) but if you do they will scrap it & chase you for the money

Another reason I mention it may not be an HP agreement because if it was it would have been registered with HPI & the insurer will have checked & if registered paid BH not you