I have 1 bike that is being tow back by the motor shop after i fail to pay my motor installment for 3 month and the inspection and insurance is going to be due on 31/05/07 so wondering what should i do if i don intend to want back the motor and it has just been towed back by the motor shop a few days ago and what should I do now since in my mind, i don intend to take back the reprocess motor that is taken back by the motor shop , will i need to pay any thing or will I be charge? Please advise. will i break any law if i don pay and contact them anymore.
If you failed to contact the Motor shop, they will still send you letter to give you 7 or 14 days to clear the instalment and the repossession/ storage charges. If you did not pay up, the motor shop will re-value the bike, and deduce the instalment balance. If there is a deficit, you will be told to pay them the different. Most likely they will pass to a lawyer to send you the letter. Take note the lawyer is normally around S$500.
You just have to pay up if there are different, there is no issue of breaking the law here.
But to avoid more charges (such as lawyer fee), I would advice you to contact the motor shop, see whether they can take back the bike, or you may find a buyer in the open market. |
