"Motor Loan" - a secured debt?

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onlyhere1nce

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Post by onlyhere1nce » Thu May 22, 2008 12:51 pm
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I have a loan with GE money. This is detailed as a "Motor Loan" and the Car registration number is on the agreement form.
Question - is this a secured debt?

If this is secured, should I refinance the car loan in order to reduce outgoings & increase the amount available for a Trust Deed?


thanks for any advice
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Oliver

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Post by Oliver » Thu May 22, 2008 1:32 pm
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Hi
It does sound like a standard loan but it’s very easy to get this wrong, you will have to look at the agreement very closely, you must also be prepared to give the car up or downgrade if required.
Best Regards
Oliver
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chris.g

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Post by chris.g » Thu May 22, 2008 4:10 pm
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Sounds like the same as we had on our car. It was a fixed sum loan agreement. Very different to HP as the car is not used as security, it is, in effect, a personal loan.
xx
It's nice to be back......
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ianmillington

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Post by ianmillington » Thu May 22, 2008 4:40 pm
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I would agree it sounds like an unsecured loan but the only way to know for sure is to have a good look at the terms.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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angela18

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Post by angela18 » Thu May 22, 2008 5:23 pm
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Ours was GE money for our car.. its been included in our IVA.. I worried about the same. You need to check the agreement
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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onlyhere1nce

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Post by onlyhere1nce » Thu May 22, 2008 6:43 pm
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Many Thanks to all respondees.
My first question answered...many more in mind

You're a long time dead, get the most from life
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