Legal Question in Credit and Debt Law in South Carolina

My wife and I each borrowed money from a local finance company. We had to list personal property and they required us to buy insurance through the finance company on said property.
Over a month ago, our home was struck by lightening, destroying most of the personal property, which is covered by the insurance. After a rep. of the finance company came out and inspected the items, the insurance co. said they needed proof of the lightening strike. I obtained reports from the phone company from when they repaired the outside phone box and from our power company stating they had to replace our meter which was damaged in the strike. Luckily, I had also taken pictures of the damage to the phone box.
The terms of the insurance are that they will only pay the finance company the balance of the loans. Now the finance company wants us to continue making our payments, saying the insurance is slow, and they will 'probably' reimburse us for any payments we make after the strike.
Are we obligated to make these payments while the insurance company drags their feet? The damaged property amount is much more than the amounts of the loans.

Asked on 9/21/10, 7:31 am

John Jackson Law Office of John A. Jackson, P.C.

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0 attorneys agreed

It depends on what your contract with the finance company says.

Answered on 9/26/10, 7:58 am

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