Next steps

[Yeboah]

I have recently been convicted of refusing to provide a specimen .. I was involved in an rtc but wasn’t the driver I would have been over the limit and when asked to blow I refused as I didn’t want the stigma of being x over the limit .. I now massively regret this decision
I have got 20month reduced to 15 and a pretty large fine
I would like some advice on the next steps I should take and potentially the sequence
I have a very expensive car on a 4 yr pcp with no gap !!
My insurance with axa will be void although I’m still making payments ?
Do I tell the insurance ?
Do I tell the finance company or just continue to make the payments and lock up the car ?
Is it possible to get cover for fire and theft whilst not driving ?
Could my daughter insure it and drive it whilst I can’t ?
I’m massively in debt already my solicitor promised me the earth which I fell for 8k Bill !!
i need to keep the car as I’m sure there will be a shortfall on the pcp only 6 months into it ..
any help advice would be greatly appreciated
Want to sort this as I’m highly likely to loose my job due to the commute 1hr although I don’t specifically need a car to do my job but I am senior management then if I loose my job my house will go
This is a nightmare
Thanks

 

[Recovered22]

You can't hold motor insurance without a valid full UK driver's licence, in the event of fire or theft the first thing they will do is ask for your driving licence and once you can not provide it they will deny your claim.

Your daughter can insure and drive the car as long as the insurance are aware that she is not the registered keeper of the car, on confused.com under registered keeper just put father. Not many companies offer insurance if you are not the registered keeper but there are a few, would probably save a lot of hastle to just move the log book over into her name but be aware this will add a registered keeper to the car and effect the overall value. Start asking around in work if anyone lives in your area and would be willing to ride share to work, you would be surprised how empathetic some people can be and it's only for 15 months. If not then I would start looking at public transport and how close that'll get you to work, a bus + a short taxi every day will be cheaper for you than losing the house. Unfortunately there is no way out of PCP until half the value of the car has been paid off which is usually around the 2 and a half year mark on a 4 year PCP.

 

[Yeboah]

Many thanks for your reply / advice
I may need this spelling out to me
Re the pcp
I’m happy to continue making the payments as I plan to keep the car long term
But a Clause in the pcp states it must be fully comprehensively insured ? If I can’t get any cover due to not holding a license what options do I have ? I can’t really risk it being stolen ? However unlikely the risk is ?
thanks again

 

[topchippyles]

Cannot see why you cannot list your daughter as the registered keeper as long as you draw up an agreement stating you have finance on the car but you are the guarantor. Registered keeper is not the owner

 

[Recovered22]

Your daughter can insure the car fully comprehensive as long as she holds a full UK licence. Like I said, go onto confused.com and use your daughter's info but list the registered keeper as yourself and see what sort of quotes come back.

 

[price1367]

It isn’t as easy as people are making out. (except Grice 96 who may well be on the right track)
There are BIG restrictions on what you can, or rather can’t, do when you have a car on PCP. This includes not changing the registered keeper.
Here is a link to read about the pitfalls:

Personal Contract Purchase (PCP) car finance explained | The Car Expert

The personal contract purchase (PCP) is the most popular type of car finance. The Car Expert tells you everything you need to know about PCP car finance.

www.thecarexpert.co.uk

You may have to ask the finance company for advice on how you proceed.