Hi All,
Hope someone could help me out here. My family was involved in a car accident a couple weeks ago and the vehicle was totalled. My wife sustained some injury but thankfully not too serious. The insurance company (ICBC) determined that the other driver was 100% at fault and offered us a fair settlement for the vehicle. ICBC did a title search and discovered that there was a lien registered on the vehicle by TD Bank a that originated one year before we purchased the car. I know - we should have done a lein search but didnt. The amount of the settlement does not cover the lein amount.
ICBC says that unless the bank issues a discharge letter they will have to issue a cheque in both my name and the bank's. In order for it to be cashed, both parties would have to sign. If I sign that cheque, the entire settlement will go to the bank and I will get nothing. If I don't sign the cheque it doesnt get cashed by anyone.
The bank and I have tried to contact the previous owners to get them to settle the debt, but they left the country and have been impossible to find.
ICBC tells me that the debt is not mine and that the bank should send them a discharge letter. The bank tells me that the debt follows the vehicle and they will not budge.
Is there anything I can do to get my cheque from the insurance company?
Thanks
Hope someone could help me out here. My family was involved in a car accident a couple weeks ago and the vehicle was totalled. My wife sustained some injury but thankfully not too serious. The insurance company (ICBC) determined that the other driver was 100% at fault and offered us a fair settlement for the vehicle. ICBC did a title search and discovered that there was a lien registered on the vehicle by TD Bank a that originated one year before we purchased the car. I know - we should have done a lein search but didnt. The amount of the settlement does not cover the lein amount.
ICBC says that unless the bank issues a discharge letter they will have to issue a cheque in both my name and the bank's. In order for it to be cashed, both parties would have to sign. If I sign that cheque, the entire settlement will go to the bank and I will get nothing. If I don't sign the cheque it doesnt get cashed by anyone.
The bank and I have tried to contact the previous owners to get them to settle the debt, but they left the country and have been impossible to find.
ICBC tells me that the debt is not mine and that the bank should send them a discharge letter. The bank tells me that the debt follows the vehicle and they will not budge.
Is there anything I can do to get my cheque from the insurance company?
Thanks
