Has anyone had a car written off that was still in finance?

[Psy2]

I had a car accident a few weeks ago. Driver hit me full speed whilst I was stationary and wrote my finance car off.

The figure that they are offering me covers the settlement figure however I have asked the car finance people if I can have the payment from the insurance and buy a new car whilst still keeping my finance agreement.

At first they said yes but when I phoned today they said no. My credit rating has become poor since I financed the car. I had a lot of time off work unpaid with a broken leg and my finances suffered.

I'm worried I won't get finance after its been paid off and will be left with nothing when the accident wanting fault. anyone had similar?

Assuming it's on Hire Purchase, the finance company own the car so you have to settle the agreement with them.

Obviously it's frustrating that you are no longer able to pass their affordability checks for new credit. It may be if you're desperate you'll have to get a loan at a higher rate via a different lender to finance a new car.

If the car is written off you need to find out if you have return to invoice gap insurance. This will enable you to walk away with no financial ties

I have horrific credit but managed to get accepted for 0% finance with a Vauxhall dealer. Don’t give up hope on getting a new one on finance, you may just have to shop around a bit