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Old 04-29-2002, 00:41   #1 (permalink)
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Trouble with my Finance people

Ok, here's the story.

You guys remember about a month ago when I had my EF writen-off by some moron. Well, I took out a $15,500 loan for that car. It covered the cost of the car, and insurance.

The insurance company can only give me $10,500. That leaves me with $5000 owing to my finance company. Now, I have to cough this up from my own pocket. Paying for the car wouldn't piss me off if I still had the f*cking car!! but I don't thanks to this f*ckwit! So I have to pay $5000 for a car that I don't have!

You have no idea how pissed off this makes me.

I've come to you guys for help. Is there anyone out there that has had this problem before, or has some advice that might help me out here... I'm looking for something along the lines of:
"how I can make the f@%&wit pay for it"

The finance company says if I don't come up with it quick it will go against my credit rating.

I'm desperate here people.. any suggestions.
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Old 04-29-2002, 01:02   #2 (permalink)
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Dunno the legalities but can't you take action against the "f*ckwit" for the costs? You should be able to.
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Old 04-29-2002, 02:10   #3 (permalink)
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You can no doubt take action against the guy in the small claims tribunal (which is cheap) - varies from State to State but in most cases $5k will fit.
However a judgement in your favour will probably mean that you'll get $10 a week for the next 9 years unless he was insured in which case you can also nominate his insurer as a party to the action.

Which raises another point - one of the reasons insurers ask whether the vehicle is under finance is that they increase the premium 'cos they know they'll face a bigger payout. Contact the ICA (Insurance Council of Australia) and ask them for the position in your State.

In the meantime come to some arrangement with you finance company to accept interest only payments until you resolve the issue with the SCT or ICA. They should have no problem with this unless they are being complete pricks (in which case take it to the Ombudsmans office).

Hope this helps
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Old 04-29-2002, 07:12   #4 (permalink)
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How much was the car insured for? If it was $10500 then thats all you can get. You cant sue the guy for depreciation or the cost of insurance. You should be able to get some of the insurance money back by cancelling it though.

Now unless the car had $5000 worth of mods which wernt covered by the insurance you may be able to get this amount from him.
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Old 04-29-2002, 08:12   #5 (permalink)
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on the face of it, the nsurance companies actions sound a bit odd. they must have known there was finance (you had to tell them). also, the finance company would have required some sort of evidence of insurance to disburse the loan.

also, you can take action against the other driver, assuming he was in the wrong. either his insurance would have to pay up, or you can take him to court. however, as russellw pointed out, you will get piss all out of him for the next 10 years.

if the car was insured for the full amount, and you are not getting any joy from the insurance company, go to the ombudsman. but as russellw also pointed out, you really need to come sort of arrangement with the finance company. this is VERY important. they would be quite withing their rights to lodge a default against you if you cease payments. also, it could end up with debt collectors, court appearances, accrued interest etc.

DONT deal with the finance company (or the insurance company) over the phone. people find it much harder to be 'tough' with you face - to face. also, you will really need to get a name and have some sort of rapport with ONE person. you cant get that on a phone.

good luck mate.
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Old 04-29-2002, 18:47   #6 (permalink)
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Thanks guys.. I've been on the phone today to all sorts of people asking for advice.
I think I'l give the small claims tribunal a call. I think his insurance company should be able to pay it though, if he's not able to. Then they can get f-all from him for the next 10 years!
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Old 04-29-2002, 18:51   #7 (permalink)
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Quote:
Originally posted by Pearly-XF
Thanks guys.. I've been on the phone today to all sorts of people asking for advice.
I think I'l give the small claims tribunal a call. I think his insurance company should be able to pay it though, if he's not able to. Then they can get f-all from him for the next 10 years!
As far as i'm aware whatever is the insurance policy agreed value on the car, thats what your entitled to get if the car is written off.
Sounds like your car is insured for $15,500 and they are only giving you $10,000, if thats the case they i sure you can claim the $5500.
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Old 04-29-2002, 19:03   #8 (permalink)
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You could refinance to pay the $5000 owing, and then try to make a claim against the person who wrote your car off.

That will stop you getting your credit rating ruined.
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Old 04-29-2002, 19:04   #9 (permalink)
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The car was only insured for $10500 - market value.
But the thing is.. that I'm now inconvinienced with not having a vehicle and still having to pay for it because of this moron not paying attention to the road!
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Old 04-29-2002, 19:12   #10 (permalink)
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XR8chic: Looks like that's what I'll have to do as the finance people aren't giving me any options, or time.
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