Finance Questions

Archive for the ‘Personal Finance’ Category

Question: Can a Finance Company use someone elses car for collateral on a personal loan?

My father took out a personal loan through a Finance Company last year in 2006. The Finance Company wanted a car for collateral and he used my car title even though the car title is in my name. He passed away in April of 2007, I can not afford to pay the Finance Company the payment amount they were charginghim on the loan on a monthly basis. They are threatining to take my car if I can not pay it even though the loan is in my father's name and the car title is in my name only. He did not leave a will and his house was under mortgage so there is no estate. Is there anything I can do to save MY car from repossession. I do understand that paying the bill for the loan each month is the way to do that but I recieve SSI and do not have as much income as my father had. Please help?

Answer: I recommend that you talk to an atorney immediately.

Many attorneys will talk to you for 15 or 20 minutes at no charge. They will help you determine if you have a case;.

It sounds to me like your father may have been guilty of fraud. Since the car was in your name, and not his name, I do not see how your father could have used your car as collateral for the loan.

It sounds to me like the Finance Company essentially made an unsecured loan to your father and the Finance Company may have a claim against your father's estate, but they should have no claim against your car.

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Question: peoples views good & bad on paragon Personal Finance?

thinkin of takin out a secured loan with paragon Personal Finance, the offer i,ve been given looks good on paper. would like to hear your stories if you,ve had dealings with them as to how good they REALLY ARE. thanks!!!!

Answer: mmmm...wouldnt touch them. Have you read what their policy is on redeeming their charge early etc? should you wish to refinance - what is their arrangement fee? What is their rate? For secured loans, there are better rates and better lenders out there - have a look at www.moneyshop.co.uk - The Northern Rock deal looks a good one but again these offers change daily - Good luck

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