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Hi Guys,

 

I know there are hundereds of threads regarding these. I have read through alot and cannot seem to find help. Was wondering if anybody could offer advice.

 

My loan is due to finish at the end of this month. At present i am a taxi driver with a car ( loan secured upon this vehicle) that was smashed on friday. It was nobody's fault and there is nobody else involved (tire blew on motoway and smashed me into a barrier). The car was insurred 3rd party so there will be no insurance payout. I have arrears on the loan that the company are now chasing me for. I understand i owe these and will pay them back. However with the loan now secured on a smashed up car worth nothing, does this loan now become unsecurred? I cannot afford to pay the payments they want. I am happy to pay what i can afford and clear the arrears but am still being threatend with recovery. What can be recovered?

 

Many thank

 

Neo

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The problem here is as the loan was secured on the vehicle, they invariably insist that insurance is always comprehensive - they will not accept TP. Therefore you'll probably find them unsympathetic, so do be prepared for this.

 

They'll be told anyway if the vehicle is written off, whether you want them to know or not, so it might be best simply to work out what you can afford and write to them with your proposals of settlement..

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