Thanks for your information , Which is the best financial firm online which can support and give details for all....

Thank you for your advise, I've agreed a settlement figure with my insures which I'll buy a replacement car with & simply continue to make my monthly payments to the finance company. I've learnt my lesson for next time.
Thank you
Vic xx

Vic82:

set up finance with the well established garage, I was taken through step by step before signing.Has any one ever experienced this before? I've gone back to the garage and am awaiting a phone call but not sure what they can do so long after the sale?

They clearly didn't go through step by step... Personal Loan terms can be offered through a Car Dealership when the situation suits the lender. Clauses within the contracts differ with things like Early Voluntary Termination and your repossession rights not appearing at all in a Personal Loan. There can be differing levels of commission to the Dealership between Loans and Regulated HP agreements - but thats another story

Save yourself the time and heartache of trying to track down your dealer - he won't want to know (probably) and, at any rate, wouldn't be able to do anything as you have an agreement with the finance company - not the Dealership.

Similarly I wouldn't pursue the Finance Company as you have signed an agreement and you won't get much joy there either.

Put your energies into having a fight with your Insurer to get the highest possible valuation for your write-off therefore reducing the shortfall you are going to have to fork out.

Oh, and next time you finance a car like that, buy GAP Insurance too.

HTH

JJ

If the car is not subject to finance, then this is between you and the insurance company, and not the loan company.

The insurance company should settle directly with you.

They originally offered £5600, are they now reducing this offer? How have they justified this?

A soon as you buy a car it crashes in value, and the vast majority of cars on finance are in negative 'equity'.

Hi everyone,

I'm wondering if anyone could offer advise?

I crashed my car in the snow a couple of weeks ago and was told later that it was a write-off, so I contacted my insurance as you do and been awaiting a pay out figure. I spoke to them yesterday and was told that they valued my Peugeot 207, 1.4 S, 07 Reg with 25,000 miles on the clock for £5600 which I was pleasantly suprised by as I'd heard horror stories that insurance companies pay out a fraction of what you pay for the car. They then asked if I had finance on the vehical which I do however when they'd done an HPI check it didn't show? They said if the car was on finance they'd pay off the settlement figure to the company and that I needed to contact my finance company to get this and then call them back.

I called the finance company only to be informed that I didn't have finance but had a personal loan that wasn't secured on my car which really puzzled me as I'd bought the car 13 months ago and set up finance with the well established garage, I was taken through step by step before signing. I have a receipt which says nothing of loan or finance but has a total figure but do have two previous quotes which clearly say finance. I opted to not take PPI. If I'd of been aware that I was signing for a personal loan I would have simple applied at my bank which I'm sure would have offered a lower rate of interest.

My situation is now that my insurance company will only pay the market value of the car which leaves me with a £1000 shortfall to what I owe, I also need to find a new car.

Has any one ever experienced this before? I've gone back to the garage and am awaiting a phone call but not sure what they can do so long after the sale?

Many Thanks

Vic x