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Can I sell car and keep paying monthly payments?

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gaz407
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Joined: Tue Jun 20, 2017 5:22 am
by gaz407 » Tue Jun 20, 2017 5:22 am
Hi
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 ?
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Foggy
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Joined: Fri Dec 17, 2010 11:14 am
by Foggy » Tue Jun 20, 2017 6:51 am
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.
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gaz407
Posts: 2
Joined: Tue Jun 20, 2017 5:22 am
by gaz407 » Tue Jun 20, 2017 9:46 am
Hi
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 .
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Lisa Thomas
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by Lisa Thomas » Tue Jun 20, 2017 11:31 am
Are you currently in an IVA?
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