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1 Total LOSS CLAIM on Fri Sep 15, 2017 12:24 pm


Arresto Menor
I need some legal advise on this matter. Anyone who has a knowledge on this are free to share their inputs. My car was considered total loss/wreck by the insurance few weeks ago after that they told me its going to be on process and wait for their call. The comprehensive insurance i bought was directly from the bank i already paid my premium few days before the accident, it was considered as an own damage base on the police report. My problem is the process for a total loss claim is taking so long, the car that was accidentaly damaged is still in mortgage for 5 years, i have a good credit with the bank since my payment monthly is always up to date been paying for 2 years now and i still have 3 year to pay for the loan. Since i cannot use the car anymore and their insurance is taking so long do i still need to pay for my monthly ammortization knowing it was already declared as a totall loss and eventualy insurance will give me the insured amount? Is the bank will take it against me if i dont pay? The insurance broker from the bank is not answering my calls and emails also been trying to contact the insurance company but seems not coordinating, they did not gave a turn around time for this process. Im totaly lost and dont know what to do at this point and the fact that i dont have a car to use kn a daily basis. Please help!

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2 Re: Total LOSS CLAIM on Thu May 31, 2018 12:08 am


Reclusion Perpetua
When the car is lost, only the security for the loan was lost, but the loan itself was not extinguished. What you have is a secured obligation that became unsecured because of the loss of the collateral. Since the loan itself subsists, I believe that you still have to pay for that, and it is still enforceable against you. So better be prepared using the insurance proceeds to pay off your debt once your claim is finally settled by the insurance company.

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