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Thread: Do I pay the finance off...?

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    Default Do I pay the finance off...?

    Help... Please! lol

    My old car that is in the process of being written off has outstanding finance on it.. The balance of that finance is £2300. But my settlement figure is £2030... Now the thing is do I pay off the finance myself for the £2030 price or do I wait another week or 2 or 3 for the cheque to go straight to the finance company from the 3rd partys insurance...

    The thing im worried about is that the finance company will be asking for £2300 rather than the settlement figure of £2030 so if the insurance pays that amount (my payout for the value of the car is £2670) then I will only have £370 change for myself but if I was to pay the finance off for £2030 then I'd get the payout cheque of £2670 thus leaving me with £670...

    If anyone can understand that please help!

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    Regular Member sonic's Avatar
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    I would say speak to the insurance Co, get them to send the settlement amount direct to the finance co and the rest to you.
    I would have thought your own insurance co should be able to advise you.
    You shouldn't be out of pocket.

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    So u reckon they'll pay the settlement amount? It seems pretty obvious they would, but im a bit worried as im gonna have a huge income tax bill next month and can do with all the cash I can, lol. Ill give em a buzz next tues.

    Thanks for your reply dude...

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    Moderator & Events Assistant paulhb's Avatar
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    This happened to my mate and his L200 he ended up paying the finance company £350 as the insurance paid out less than he owed, thats the thing about finance they will want all of the monies owing even if its more than you get.

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    Yeah Ive heard thats pretty common, they do gap insurance for that i think...
    Just want to make sure I get that couple of hundred quid..!

    Just heard one of my girlfriends best mates overtook a car on a bend pulled in too quick clipped the car and spun off, shes been in intensive care for the past day, 6 hour op on her pelvis (broken in 4 places) broken leg and arm, and her arm probably wont be able to bend properly again.. Omg...

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    Default

    I would say that you will have to make up the shortfall between what is owed and that which the insurance actually paid out. In honesty, why would you think you do not have to make it up??

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    Well the settlement figure is going to be lower as you dont get charged as much interest as you are payin off early... The payout will cover the value of the car whatever happens with change for me... I was just wondering if any1 had any experience of this before..
    Im thinking I might just pay it off myself for £2030 and have the cheque from the insurance company be paid to me... When they finally sort it...

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