Thread: help & advice needed....

Hi thanks for the reponse, i do understand it will be up the the insurance company to authorise any repairs etc, but my question is.

if the Funding Corps reckon the car is only worth £800 (As i have believe it or not still £10,000 owing on the car!!), my question is according to The Fund Corps, it's worth £800, will they make the garage fix the car, so i keep my payments, or will it be written off if the cost of repair is more than £800. (I believe it may run into a few thousand as it doesn't look good from the back end of the car).


If they write the car off am i still going to pay for it even though the car is a write off? Will the Fund Corps still want any of the outstanding balance of up to £10,000 for the car even though by their own admission it is only worth £800 to them.
Thanks again!

Well the car is going or about £1800-£2400 in the trader, but i was told over the phone it was only worth £800 to them. But i still have an outstanding debt of about £10,000 owing to them, inclusive of fees, interest etc.

If the repairs are going to cost more than the car is worth to them at £800, the insurance company could write it off, what is done with the outstanding debt? Is that also written off as well?

Originally Posted by little_evo

Well the car is going or about £1800-£2400 in the trader, but i was told over the phone it was only worth £800 to them. But i still have an outstanding debt of about £10,000 owing to them, inclusive of fees, interest etc.

If the repairs are going to cost more than the car is worth to them at £800, the insurance company could write it off, what is done with the outstanding debt? Is that also written off as well?

The £1000 difference will be a) because they will also incur recovery costs and auction fees and b) they will sell it to the trade, which will be for a lower price. They will not sell it to the public even if it gets them (and you) more money for it because they then incur S.O.G.A. liabilities to the new buyer.

Sorry to hear that you've got such a shortfall between the car's value and the amount you owe. If the car is written off then the insurance company will probably pay their settlement to the funding corp.

Have you got GAP insurance? This is supposed to pay the difference on your account, so you could come up trumps after all.

I believe i do have GAP insurance, but not too sure to be honest, i know i have PPI on the payments though, not sure if this is one or the same, and i didn't know about the PPI until i was made redundant a few weeks ago.

You said that if the car is written off, the insurance will possibly pay a settlement fee? Which means? (sorry to sound so dumb)

The reason for asking the questions is simple though i guess, although the car is only worth £800 to them, if it is fixed i understand the repayments etc will be the same, but what happens if the car is wrote off, do i pay the £10,000 i owe, even though i don't have the car anymore? Or is it all just wiped clean, as it were?

Originally Posted by little_evo

I believe i do have GAP insurance, but not too sure to be honest, i know i have PPI on the payments though, not sure if this is one or the same, and i didn't know about the PPI until i was made redundant a few weeks ago.

You said that if the car is written off, the insurance will possibly pay a settlement fee? Which means? (sorry to sound so dumb)

The reason for asking the questions is simple though i guess, although the car is only worth £800 to them, if it is fixed i understand the repayments etc will be the same, but what happens if the car is wrote off, do i pay the £10,000 i owe, even though i don't have the car anymore? Or is it all just wiped clean, as it were?

Sorry if I wasn't clear in my last post - the insurance settlement means the amount they will pay to settle the claim, which in their eyes will be the actual value of the car (although they often try and lowball this figure). You will still remain liable for the differences, but if you have GAP insurance then you seriously need to get on to them about this, as this could be the answer to your prayers because this type of insurance is designed to pay off the rest of the finance in the event of your car being written off.

In fact, I would recommend speaking to the funding corp and giving them the full picture. I know they don't figure too highly in many peoples opinions on this forum but if you have got GAP then I would have thought that it would be in their own interests to help you get this sorted out.

If your car is repaired instead then you are correct in saying that your payments would simply continue, but you also need to follow your PPi claim through as well - that is supposed to be the reason that these insurances are made available, to give you cover when you need it.

It seems i have the PPI, but not the GAP insurance, i guess at the time i did not want to pay for (in effect) 2 insurance policies on the car when i puchased it, (the PPI & GAP), as you have mentioned TFC are not the greatest of listeners when one has a problem, and sadly i have spent far too much of my time talking to them and basically getting nowhere fast in the past.

How much did you insure the vehicle for ?

Well i insured the vehicle for £2,500, but according to TFC it is only worth £800. Similar vehicles are selling for anywhere between £1800-2500. But i do have a lot of mileage on the clock which will depreciate it even more.

Hi
Are you still having problems? I used to work for TFC and I may be able to help you.

Originally Posted by ted7781

Hi
Are you still having problems? I used to work for TFC and I may be able to help you.

Hi Ted sorry to sound a bit blunt, but if you USED to work for TFC why have you only just registered here? it is known TFC come on these pages.

Evo, i can sympathise with you but what has been said on this thread is true im afraid.
The TFC say the car is only worth £800, but that is to them, a private sale would get what would be nearer the true value, but obviously you cant sell it cos of the finance etc.

Wether this will work i dont know, but give the paperwork to a debt solicitor, i know a very good one if you email me ill give you their details, if anything happens to be wrong with the paperwork, you can dispute it, and once these solicitors get hold of the case, you can stop paying them altogether (ill add that it may not happen so pay till told otherwise, i am currently in that situation, i have not paid my agreement for 4 months now, and as papers have been filed they cannot contact me and cannot take action).
I hate these muppets at TFC, I am so close to wiping the smile off their faces i cannot wait, just for the record i owe £15000 and they are being sued to write off the debt and for the £5500 ive already paid, happy days

Hi thanks Nish for the post, at the time all is quiet here, but still are being bombarded by TFC for payments, even though i am out of work. Is there anyway of perhaps negotiating a token payment to them until things look a little brighter?

I do have PPI, and am currently waiting for that insurance firm to see whether i am "eligable" for it to be paid out...

Hi Nish too be blunt I didn't know the site existed.I found it by accident.I was very heavily involved with all complaints that are referred to and I just wanted to offer some advice.The offer still stands.

Originally Posted by nish40

Hi Ted sorry to sound a bit blunt, but if you USED to work for TFC why have you only just registered here? it is known TFC come on these pages.

Evo, i can sympathise with you but what has been said on this thread is true im afraid.
The TFC say the car is only worth £800, but that is to them, a private sale would get what would be nearer the true value, but obviously you cant sell it cos of the finance etc.

Wether this will work i dont know, but give the paperwork to a debt solicitor, i know a very good one if you email me ill give you their details, if anything happens to be wrong with the paperwork, you can dispute it, and once these solicitors get hold of the case, you can stop paying them altogether (ill add that it may not happen so pay till told otherwise, i am currently in that situation, i have not paid my agreement for 4 months now, and as papers have been filed they cannot contact me and cannot take action).
I hate these muppets at TFC, I am so close to wiping the smile off their faces i cannot wait, just for the record i owe £15000 and they are being sued to write off the debt and for the £5500 ive already paid, happy days

Have been on the phone to HSBC with regards to the RTA i was involved in with said car from TFC. Now they informed me it is "borderline total damage", meaning i guess they are 50/50 in writing this car off.

Now i have an outstanding balance of about £10k on the car, i requested a settlement figure back in the autumn they quoted £6k. Now if they do decide to write the car off and pay me say £3k for it, could i not then claim back all the PPI (£42 per month since the car was purchased) and £850 i paid for a non existent warranty, and effectively pay the car off on the settlement figure?

Any thoughts???

Hi all,
Just a quick update with regards to TFC, today i received 2 letters yes 2 letters at a cost of £60 which will go to the ever growing "Arrears" account. One was for a late payment, and the other more serious with regards to a Final Demand, Pre litigation notice.

After calling them they are pursuing the debt of the car in excess of £10k, even though they know i have just been made redundant and the PPI claim is taking longer than it should, they said i could re-arrange payments until the PPI is sorted or until i find another job, i said i can make £5 per month until either the PPI or job find is successful, and they said no.

I explained the PPI company will not call them to see whether it has been accepted or not, and TFC will not call them either, so i have to do the chasing it seems.

Currently i am paying £100 per month (£42 of which goes towards PPI), if and when te PPI is sorted will the PPI pay the £100 per month or the original agreement of £200 i was paying before i defaulted?

Any thoughts.
Thanks