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Help! I have a fixed sum loan agreement on a car. my car has been written off, who will get the money from the insurance company, I hear that they do a HP check and if it comes up they pay the finance dept not me, if i have a fixed term on it will this still flag up>? thanks

You will Len, as the vehicle is not subject to hire-purchase and is legally owned by yourself.

Hi many thanks for the reply. Please can you just clarify this for me as I have been worrying me head off all weekend! I had a car accident on thur, car looks to be written off. I have posted questions on yahoo answers re: Fixed sum loan agreement and they say (the majority) reply by saying that the finance company will get the money as they financed the car! Im confussed largly as I never had the money go through my bank when i got the car they dealer got the money and i just signed a document. Now I have read prevuous posts and hear they they have 'flags' come up on HP agreemnts agains their name....what happens if my insurance company do this then send the money to the finance people??

If it's on HP - then the money will go to the HP company.

If it was purchased via an unsecured loan - then the money will be sent to you.

The key to this will be in the wording of the agreement so have a hunt through to see what you can find.

Hi - on the front page it states: "congratulations on the purchasee of your vehicle. We are happy we could provide your finance facility. We can confirm that payment for your vehicle has been forwarded to your dealer..."
On the front page of the contract at the top it says "FIXED-SUM LOAN AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974"
It doesn't state anything about returing the vehilce -it also says I have no right to cancel the agreement. It also states on the last page (only 2 pages) "we will lend you the amount of credit shown.....if you fall into arrearss you will have to pay us all monies immediantly. How do i know if its a secured or unsecured? what would it state?

It does state the goods details on the fron page but no where in the document does it state about repossesion of the car!
Sorry im confussedddd!
Appreciate all your advice

Guess what, I did as you said and finally the finance link has been removed from the HP checks! thanks alot - this forum is a one off!! Thanks for all your adivce!