Hpi help creation finance can this....

[dannyjpuk]

Evening all i need your help...
in the past i have allways used blackhorse for my car finance but when i got rid of my vectra which was about 6months ago the dealers used a company called creation finance ltd .... getting rid of the vectra saved me abit a month its took my payments from £245 to £132 a month anyway creation finance sorted everything i have been paying my payments for about 6 months i rang up to get a settlement fig and it has only gone down by a shocking £70 whattt!! but i am still not to bothard as instead of owing over £10k which i owed on the vectra i only owe about £5k now... THIS IS WHERE IM STARTING TO THINK HMMMM.... i rang creation to see about my settlement fig and i was told that its a PERSONAL loan and not HPI so that kind of goes in my favour if god forbid i lost my job ect atleast they cant take the car off me.... anyway i have seen a piccaso for £3k which i was going to use for a taxi ect so i went to the garage they where going to give me approx £2500 which is ok as i was going to pay the rest cash and pay my personal loan which im happy doing anyway garage does a search and says its on HPI i rang creation OHH SIR WE CAN LIFT THE HPI IT TAKES 48HRS as long as i keep paying the ££ a month there not bothard as they say its a personal loan i starting to think WTF as when i ring up i need to call back or the person i was talking to is not in ect ect just seems odd what you people think thanks all

[dannyjpuk]

sorry just to add when i asked why it was HPI and why i was told its a personal loan they said it was HPI for security reasons hmmmm

[hoochydady]

hmmmmmmmmmmmmm i have heard of the personal loan on your cars v5 as collateral but 6 months and its only went down £70 whats the intrest rate your on? if you like scan your hp loan agrement omit your reg and name adress ect and post it up bud lets have a wee look see if we can spot anything

[dannyjpuk]

they say its 13.8% and i think its front loaded interest i used benfield tbh they where the worst companys to use i just think its strange in the fact that they can jst lift the HPI off....the garage where toss@@@@ they wouldnt touch me as im saying no no its a personal loan and not hp but there print out said its hp... i rang creation up and they said yes they can lift the hpi off ... there words where as long as i keep paying my monthly installments there not bothard

[BigLad]

Are you sure this isnt something called 'logbook loans' sure I have seen them on watchdog or something.

[GazVXLINE170]

HPI is where the loan is secured to the car so if you are unfortunate and loose your job - God Forbid - then they will take the car.

A personal which I had on my Vectra is not secured so if the worst happens you would need to sell the car to pay off the dept or at least some of it.

Gazza4

[paul_sri150]

Sorry but in my own experience creation are a gang of ******s and are legalised thieves!

I paid the over 5k (on a 307 I owned) but yet when I got a settlement figure, I still owed them 3k more than I originally borrowed!!

[Leemarksmith]

Pretty much All loans are front loaded, so if car was 5k, interest takes it to 6k your payments come off the 6k...

But any settlement figure usually refunds the remaining terms interest...

[dannyjpuk]

they just sound very unprofesional when i call up and question the why was i told its a personal loan and then go to the garage and its flashing up its HPI they say ahh its for security reasons and that they can lift the hpi they said as long as i pay the ££ over the agreed term they are not bothard its mad i have paid nerly £900 over the 6mnths and when i said what!!! £70 is only paid offf they said there was admin fees ect i will deffo not use them again

[dannyjpuk]

bump