hp car finance

3 posts Page 1 of 1
Post Reply
 
 

lou

User avatar
Posts: 3
Joined: Thu Mar 27, 2008 3:48 pm
Location:
Post by lou » Mon Jun 02, 2008 11:22 am
Quote
If the company repossess the car does that mean I wouldn't owe any money to them? or does the full debt stand?
Top
 
 

chris.g

User avatar
Posts: 2102
Joined: Thu Oct 25, 2007 10:38 pm
Location: United Kingdom
Post by chris.g » Mon Jun 02, 2008 11:29 am
Quote
They will sell the car, usually at auction and you will be liable for any shortfall in the finance. You may be able to hand the car back, depending on how much you have paid. You will need to read through the credit agreement, it's usually when you have equity in the car,
Last edited by chris.g on Mon Jun 02, 2008 11:32 am, edited 1 time in total.
It's nice to be back......
Top
 
 

Oliver

User avatar
Posts: 1854
Joined: Sun Sep 11, 2005 12:15 pm
Location:
Post by Oliver » Mon Jun 02, 2008 11:35 am
Quote
Hi,
If the car is subject to an HP agreement and the vehicle is recovered by the finance company, they will issue you with a final demand of any outstanding charges for recovery and outstanding amounts left unpaid, if you are proposing and IVA it is better to anticipate the shortfall and include this within the proposal. i.e. outstanding HP £5000 + £250 charges = £5250 estimated resale of vehicle £3000, anticipated debt for IVA is £2500.
Best Regards
Oliver
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for june”