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Dm84

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About Dm84

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  1. Sorry to bother you all. Just a quick question really. I owned a 2015 car outright. Stupidly, I took a £3000 logbook loan out against it. I've been paying monthly etc just last week, was involved in a non fault accident. The insurance offer came back today and it just about covers the logbook loan. My question is this.. will my insurance company pay me directly? Or will they pay the logbook loan company first then give me whatever (if anything) is left? I'm in no way trying to get out of paying the loan back. .I owe it and will pay it I would have preferred to continue monthly payments as normal then I have money to buy another car. I read somewhere that if the loan is a "fixed sum loan agreement" the insurance company will pay me directly. They will only pay the loan company if it's on hire purchase. How true is this? I've looked at the logbook loan agreement from Varooma and it does say it's a fixed sum loan agreement. However, there is also a bill of sale.. all in all, will I get the insurance money it will Varooma get it? Thanks in advance
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