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Help with my finance company

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qwerty killer
Nova Slayer



Joined: 03 Feb 2008
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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.
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Kickstart
The Oracle



Joined: 04 Feb 2002
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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
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Kwaks
I'm not a fast rider



Joined: 28 Jan 2006
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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
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Darth
World Chat Champion



Joined: 15 Mar 2008
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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
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iooi
Super Spammer



Joined: 14 Jan 2007
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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.
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