Jurgen-Jm-Imports Posted January 12, 2005 Author Share Posted January 12, 2005 As the others have said, going down the route of a contract sale is very dodgy and could turn into a nightmare. Your legal recourse is next to nothing and the cost of litigation would be quite high. I would also not recomend the option of keeping it in your name and insuring him as a second driver. What if he smashes it up? You will lose your NCB and wll have to declare the claim on your future insurances. I think thsi is one occassion whereby I would walk away unless he can come up with the readies. thats true too Link to comment Share on other sites More sharing options...
Dale B Posted January 12, 2005 Share Posted January 12, 2005 As the others have said, going down the route of a contract sale is very dodgy and could turn into a nightmare. Your legal recourse is next to nothing and the cost of litigation would be quite high. I would also not recomend the option of keeping it in your name and insuring him as a second driver. What if he smashes it up? You will lose your NCB and wll have to declare the claim on your future insurances. I think thsi is one occassion whereby I would walk away unless he can come up with the readies. It'll be fresh insurance policy tho ie a second car. So he'll be starting with either 0 or 30% NCB...either way its a seperate insurance policy and wont effect his main one. Link to comment Share on other sites More sharing options...
CJ Posted January 12, 2005 Share Posted January 12, 2005 It'll be fresh insurance policy tho ie a second car. So he'll be starting with either 0 or 30% NCB...either way its a seperate insurance policy and wont effect his main one. But it will as you have to declare any insurance claims regrdles what policy it was claimed on. Link to comment Share on other sites More sharing options...
Dale B Posted January 12, 2005 Share Posted January 12, 2005 Ah...I thought you meant on that policy. Good to have you NCB protected then Link to comment Share on other sites More sharing options...
The Hornet Posted January 12, 2005 Share Posted January 12, 2005 Not absolutely true there Dale, Even if you have an accident on a 2nd car policy when it comes to renewal of your 1st car policy you are obliged to inform them of any accident. Now although this may not effect your premium with some companies, it will cause premiums rises if you change insurer! Although I wish it did work they you described They tell you all this in the "failure to disclose relevant information" part of their policies - same sort of thing for most financial contracts or insurances. Link to comment Share on other sites More sharing options...
DaveRex Posted January 12, 2005 Share Posted January 12, 2005 Sorry, I wouldn't do this ever, think of what could go wrong, nuff said ! Link to comment Share on other sites More sharing options...
Jurgen-Jm-Imports Posted January 12, 2005 Author Share Posted January 12, 2005 Sorry, I wouldn't do this ever, think of what could go wrong, nuff said ! am put off now. Will show him this link Link to comment Share on other sites More sharing options...
DaveRex Posted January 12, 2005 Share Posted January 12, 2005 Just peoples opinions mate, only you know the bloke and situation good luck Link to comment Share on other sites More sharing options...
The Hornet Posted January 12, 2005 Share Posted January 12, 2005 Like DaveRex said, its our opinions and we can't judge the other person. But at least you know what your options are etc. Best of luck matey. Hornet Link to comment Share on other sites More sharing options...
bens747 Posted January 13, 2005 Share Posted January 13, 2005 he is going to pay £250 for 18 months its a very trusted friends brother. he is 36 and he says he wont muck me about. his brother says he could get the keys and log book back if there was problems. just need a nice letter. a i have a bad point about me that i am too trustworthy of other people. I agree .... if he ain't got the money up front then don't do it ..... not worth the risk ......... Link to comment Share on other sites More sharing options...
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