Help & FAQs    Search BCF    Members    Groups    Events Calendar
Resend my activation email : Register : Log in 
BCF: Bike Chat Forums


Help with my finance company

 Reply to topic
Bike Chat Forums Index -> General Bike Chat
View previous topic : View next topic  
Author Message

qwerty killer
Nova Slayer



Joined: 03 Feb 2008
Karma :
PostPosted: 11:54 - 11 Jul 2009    Post subject: Help with my finance company Reply with quote
Hi all, my bike was stolen a few weeks ago.

All details are in my post "if it ant tied down"

Anyway the bike is a write off and the insurance will be paying out about £2K- £2.5K. Now I have been paying for the bike on finance never missed a payment e.c.t. and now they are asking me to settle the balance witch is about £1800. I dont have an issue with this its just that i was going to spend the insurance payout on a 2nd hand bike because I still have to get to work e.c.t.

I dont have payment protection, but years ago when my car had the same issue it was as simple as. I get the insurance money and i just continue with the payments.

Can i just say to the finance compay that i need to get another bike for my livelihood.

Any help would be great.
____________________
Arbeit macht frei!!
 Back to top
View user's profile Send private message You must be logged in to rate posts

Kickstart
The Oracle



Joined: 04 Feb 2002
Karma :
PostPosted: 12:02 - 11 Jul 2009    Post subject: Reply with quote
Hi

Depends on the loan. If it is a loan secured on the bike then you probably cannot do it. If it is just a personal loan then no reason why not.

All the best

Keith
____________________
Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Kwaks
I'm not a fast rider



Joined: 28 Jan 2006
Karma :
PostPosted: 13:21 - 11 Jul 2009    Post subject: Reply with quote
As Kickstart says, if the loan is through a finance company specifically to buy the bike then they in fact still own it until the debt is settled. In this case you have no option but to clear it off. However they will lend you the money to buy another if you have not had any issues regarding your payments. Thumbs Up
____________________
Fallen Angel "Nae sniffing my seat now!!!!! "
www.cliqueycuntsmcc.co.uk
I AM NOT A FAST RIDER!!!!!!!!!
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

Darth
World Chat Champion



Joined: 15 Mar 2008
Karma :
PostPosted: 20:06 - 11 Jul 2009    Post subject: Reply with quote
kwaker6r wrote:
As Kickstart says, if the loan is through a finance company specifically to buy the bike then they in fact still own it until the debt is settled. In this case you have no option but to clear it off. However they will lend you the money to buy another if you have not had any issues regarding your payments. Thumbs Up


Agree with the above. If you haven't finished paying for the bike then the insurance money isn't technically yours but the value of the bike which isnt fully yours yet either.

Pay off the balance and start again with a new credit agreement. Or better still, buy something boring, cheap but reliable to get you to work and back while you save up to buy something nicer with your own dosh Thumbs Up
____________________
Harold_Shand wrote: I suppose it's like anything, you get your fingers burned when you start out, you learn from it and eventually become a complete arsehole about the whole thing.
 Back to top
View user's profile Send private message Send e-mail You must be logged in to rate posts

iooi
Super Spammer



Joined: 14 Jan 2007
Karma :
PostPosted: 09:25 - 12 Jul 2009    Post subject: Reply with quote
I'm surprised that if the bike is under finance from one of the brokers/hire purchase co's and not a personal loan, that the ins co don't make the payment to them to cover the balance left and then send you a cheque for the remainder.

If the bike was the security of the loan, and its no longer avaiable. Then you will have to pay it off. Because if you were to default on future payments. They have nothing to reclaim to cover the debt.
____________________
Just because my bike was A DIVVY, does not mean i am......
 Back to top
View user's profile Send private message You must be logged in to rate posts
Old Thread Alert!

The last post was made 17 years, 39 days ago. Instead of replying here, would creating a new thread be more useful?
  Display posts from previous:   
This page may contain affiliate links, which means we may earn a small commission if a visitor clicks through and makes a purchase. By clicking on an affiliate link, you accept that third-party cookies will be set.

Post new topic   Reply to topic    Bike Chat Forums Index -> General Bike Chat All times are GMT + 1 Hour
Page 1 of 1

 
 You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum

Read the Terms of Use! - Powered by phpBB © phpBB Group
 
Debug Mode: ON - Server: birks (www) - Page Generation Time: 0.07 Sec - Server Load: 0.26 - MySQL Queries: 13 - Page Size: 45.85 Kb