selling car on fixed-sum loan agreement

[chris.g]

OK, just got off the phone to GE Money. They confirmed that the agreement type we have is a loan and not HP. When questioned about why there was a flag on HPI they could not give a valid reason but stated that it would be removed and the HPI would be updated within 48hrs. I asked for a confirmation letter to be sent. It is so annoying as I assume that I am not the only one that they and other creditors are doing this to.

Learning as I go along!!!

[Storm]

Thats good news - keep on top of the situation.

There is actually a technical reason why it happens - but 99% of people don't realise.

[chris.g]

Can you explain why, Storm? Surely a debt is either secured or unsecured, creditors should not be allowed to blur the lines when it suits them.

Learning as I go along!!!

[Storm]

The computer systems at GE registers the finance interest on all transactions for two real reasons - Trace and Recovery

It helps them identify customers who are looking to dispose of the vehicles so that the can increase collections activity (when in arears) and where the customer has gone missing it points there recovery team / Police (in the case of fraud) in the right direction.

Not wanting to scare you but I have known then turn up on a doorstep days after the HPI call and threaten to repo the vehicle unless arears are paid. Even though they have no legal right to do so...... most consumers are unaware of there legal position.

[chris.g]

Thanks Storm , the payments are upto date-so far!! Just out of curiousity, if we can't sell the car only my husband will be filing for bankruptcy on the 23rd Nov-I was going to use some of the spare cash to pay for my B fees. As the loan is in joint names will they come after me for the money even though my husband plans to include it in the bankruptcy?

Learning as I go along!!!

[ray_a]

Found this information to be very helpful!

Many thanks

[Adam Davies]

Hi
If the loan is in joint names then yes they have a right to chase you for the debt.Let's hope that they remove the flag and you can sell and file for bankruptcy at the same time.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[chris.g]

Yes, that's what I'm hoping too. Luckily, the dealer is quite understanding-the fact he wants the car is a bonus too-I'm just keeping my fingers crossed as we still have just over a week to sort it. What would be the worst they could do though, and how long would it take them?

Learning as I go along!!!

[MelanieGiles]

This poster has been assisted by expert posters on the forum giving a variety of advice and views. It does make you wonder how the majority of the general public, who must be faced with similar issues and are unaware about this valuable site, manage to deal with things like this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[chris.g]

I think they just plod along not knowing what they can really do. This forum is invaluable to me and I've only just started on the rocky road ahead. You can get honest, professional advice and great support. Keep up the good work everyone.
I am going to contact the dealer and get them to do another HPI after the 48hrs have passed, if not, I will phone GE Money again. I will keep trying on this one!!!

Learning as I go along!!!

[chris.g]

I know this is diversing a bit, but, we also have a 3 piece suite on a fixed sum loan. I'm no obviously wanting to sell this-we'd have nothing to sit on-but we have been advised to name it as an asset. Do you think this is the best advice and risk losing it or should we not name it? Thanks

Learning as I go along!!!

[MelanieGiles]

Domestic assets are not usually disclosed in either IVA or bankruptcy proceedings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ray_a]

Melanie

Referring to your post about the public at large they don't and I was fortunate to be strong enough to deal with it personally!

It wasn't until I had a major technical/legal problem with my IVA was I blown apart!

Hopefully this site will come up on search engines under financial problems and perhaps we should try and get links with consumer protection web sites under links pages! A point for the admin boys to look at!

[chris.g]

I totally agree!! To give people knowledge is to empower them, I have worried myself sick about not having a car to discover that I have the right to sell it now and buy another to enable both of us to carry on working after we go bankrupt. How many others have been or are in this situation and worrying unneccessarily, we have enough to worry about without this. Thanks to this forum I am a bit wiser on this topic.

Learning as I go along!!!

[chris.g]

Hiya, just an update on the situation. I've just carried out a HPI check on my car and THE HP FLAG HAS BEEN REMOVED!!! I'm so shocked, was not expecting GE Money to remove it without a fight! I'm off to try to sell my car now, try to get a descent price for it, more to go to the OR. [:D]

Learning as I go along!!!