Have a car on a fixed sum loan with Barclays partner finance.i have done 2 Hpi checks on the car and both come back as no outstanding finance. Can I sell the car and keep paying the monthly payments ?
Sounds like you have a personal loan, rather than one secured on the car, in which case, yes. If the loan is secured on the car then, no. Check your loan documentation.
If you are in an IVA there could be further complications if the car loan has been serviced by being included in your allowances as it could well be considered an asset.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Thanks for your reply
There is no mention in the loan agreement that the car is secured ,I have done 2 seperste Hpi checks and both come back as no outstanding finance on the car.
I was led to believe fixed sum loan agreement meant you owned the car from the start .i was wanting to PX the car against something newer keep up the payments and add some savings towards the newer car .