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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Purchased on Finance But Written Off

I bought a car from a dealer and got a finance deal, however I had an accident in the snow in February near my home as I was coming off the motorway and the vehicle was declared an insurance write off. I did not have gap insurance and my insurer refused to pay out on an error on the MIC. I've been paying for the past 4 months for a car that I no longer have and will do for the remainder of the finance term, but is there anything I can do that may reduce the payments or the term due to the nature of the situation without accruing more interest? Your soonest reply would be much appreciated. Best Regards, Chris

Posted by Chris Taylor on


Hi Chris, thank you for your question and i apologise for the late reply. Have you had a solicitor look into your case as to why your insurance company won't pay out? What was the exact reason they gave you? It's an incredibly tricky situation that you're in i'm afraid. From the finance companies point of view you owe them the money and that is legal fact. If you had the funds to pay them off early that would save on potential interest building up. However, i doubt that you're in this position. If you're insurance company won't pay out and they have solid grounds for not doing so then you really are stumped. You'll have to continue paying for a car that you no longer have. Please get back to me with answers to my questions and i'll try and help a little more. Kind Regards, Edwin

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