Apologies if this is rather long.
DP bought a motorbike from an ex colleague. The motorbike had been in an accident and as the owner had TPO insurance he decides to write off his losses and sell the bike to DP at a discounted rate.
The colleague has outstanding finance on the vehicle which he has assured dp he is going to pay. Part of this finance agreement was that the vehicle had to have comprehensive insurance cover- so he is in breach of his agreement.
Dp has spent time and money fixing the bike with a view to selling it on and it is now worth considerably more than he payed for it.
Dp suffers from severe anxiety problems and is getting very panicked that the finance company may cease the vehicle and he will lose the money he paid for the bike and doing up which is around £3000 or he won't be able to sell it on.
Does anybody where we stand on this?
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Outstanding finance on vehicle
3 replies
Wannabestepfordwife · 17/06/2015 10:54
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