Thread: The Funding Corporation - ACF - MY HELL!!!!!

It all started way back in May 2004. I already had a Car on finance from ACF and was financed by Welcome Finance. I had just got a new job and needed a more reliable car and as my credit rating was shot to pieces i decided to give ACF a call to see if i could part-ex, Yes come down and we will sort you a new car out, ACF said.

Upon arrival ACF took a few details and told me that they had good news, they have secured a line of Finance with a company called The Funding Corporation, little did i know ACF and The Funding Corporation are the same thing!!!

The Salesman said "Let's Go & Choose Your New Car" some of the cars they were offering was laughable they were worse than the car i had!!! I finally decided between a Ford Fiesta and Vauxall Astra and after taking Ford Fiesta for a test drive and found out that i was unable to stop and shooting past a juncton i decided to go for the Vauxhall Astra. When i had problems braking in the Ford Fiesta the salesman said " those brakes are a bit spongy aren't they"

After deciding on the vehicle we went back into the showroom to sort out the Sale. My plan was to part-ex my old car and finance the reminder and i thought that was the plan a all along, unfortunately ACF/The Funding Corporation had other ideas. ACF told me that they could not do a deal on my old car because of it's value but because i had paid over a half of my current finance deal with Welcome i could do a Voluntary Termination and Welcome will take my old car back with no penalty. I was unsure of this advise even though the Salesman told me that he had personaly Voluntary terminated his own car a few months previously and that i had nothing to worry about. I was still unsure so i was then passed to a Senior Salesman who spent nearly a hour convincing me it was the right thing to do.

After spending several hours at ACF i had had enough and stupidly agreed to the deal and signed my life away!!!! Nothing was clearly explained and nor was the PPI and the massive 45% APR. ACF agreed to deliver my new car the next day as i had to drive my old car home because i could not part-ex it. My new Astra arrived the very next day. What was worse they told me i could trade my Astra in after a couple of years for a newer model, since then i found out that it was not a HP deal but a BILL OF SALE, so yet again i was mis-led

I then wrote to Welcome Finance to VT my old car.

5 days later i received a call from ACF asking me to go back in as they had given me the wrong documents to sign as the documents i had signed were for the Ford Fiesta i had test drive. As i live 40 miles away i was not happy but agreed to do so.

Now because i had sent VT instruction to Welcome i ceased all payments, Welcome then sent me a Defualt notice because of a missed payment and told me that they have no records of my VT instructions. I then re-sent the VT instruction to welcome who then told me i was not able to VT because they had defualted me and that there was outstanding insurance on the agreement. After a lot of hassle Welcome allowed the VT to go through and i had to re-finance the outstanding insurance into a personal loan, not happy!!!!!

OK back to my friends at The Funding Corporation - I changed my Banking details last year and completed a new direct debit mandate and returned it to TFC, guess what they said that they didn't receive it. They then sent out another DD mandate, completed it and sent it back, guess what they didn,t receive this one also. As they had lost 2 DD mandates with my banking details i decided that i would pay them by Banking Order from my internet banking account. Becuse they do not receive payment when they think they should i receive an automated late payment letter and 2 days later i receive an automated defaut letter and they charge me £60 for the pleasure. They then bombard me with telephone calls, despite me asking them no to. I have never missed a payment and im up to date with payments.

I recently sent off for a Statement, copy of my credit agreement and a copy of the BILL OF SALE. To my horror The Funding Corporation have added over £700 in charges to my account for admin Fees & Default letters. I have now wrote to them askinf for these charges to be removed from my account. I have told them Your charges are excessive and do not reflect the cost of sending a automated letters. If you say that they are not, then will you please demonstrate this by letting me have a full Breakdown of the costs to which you have been put by as a result of my breaches, in order to reassure me that your penalties really do reflect your true costs.

THE BILL OF SALE..........The BILL OF SALE must be filed with the High Court of Justices within seven days of execution and The Funding Corporation' BILL OF SALE was an affidavit sworn at a firm of Solicitors, which does not constitute a true executed BILL OF SALE. A bill of sale can only be enforced if it was properly registered. I have now written to the Judgment and Orders Section of the High Court of Justices in London to confirm if The Funding Corporation has executed the BILL OF SALE correctly but i doubt it very much!!!

Also As the BILL OF SALE is regulated by the Consumer Credit Act. The terms of the BILL OF SALE must be consistent with the credit agreement; unfortunately this is not the case.

Affidavit states that the BILL OF SALE was executed on 23rd May 2004 yet the BILL OF SALE and credit agreement I have were both signed by me on 2nd June 2004.

The BILL OF SALE has the incorrect registration, chassis number and make of vehicle. What is even funnier the BILL OF SALE they had sent me was for the Ford Fiesta with the Spongy Brakes!!!!!

CREDIT AGREEMENT.......The total amount repayable under the agreement regulated by The Consumer Credit Act 1974 was £15,410.09. I have now calculated from my statement of account that I have now paid a total of £15,347.89, which now leaves a balance of £62.20. The rest of the account appears to be made up of charges that I deem to be unfair and have asked for them back. The car cost £5050.00 so with insurances and interest the total repaid is £15,347.89.

As the ACF advert says "We Could Help you Fast" "Repair your Credit Rating" what they fail to point out in my case is that it will cost you £10297.89 on top of you car price in interest and insurance...... let alone the £1000 loan i had to take out with Welcome to VT my old car.

I have previously had dealings with Welcome Finance before i dealt with The Fubding Corporation and to be honest Welcome were by far the best to deal with and that's saying something. I am now waiting for The Funding Corporation to reply to my letter requesting my charges to be refunded and that the BILL OF SALE in void and i will let you know what they say when i receive the replys.

Similar Threads:

• Funding Corporation
• The Funding Corporation
• The Funding Corporation
• PPI:The Funding Corporation
• nightmare with the funding corporation

I have received a response from from The Funding Corporation .....................

Dear drob

We have investigated your complaint and confirm that the BILL OF SALE is invalid. As a result we will not take action to reposess your vehicle, however your credit agreement remains valid and enforceable.

With regards to fees on your account I refer you to section 6 of your agreement which states; when you entered into the agreement you agreed to indemnify us against the costs we may incur in event of enforcing the agreement. This includes the cost of calls, lettters and the agents employed to carry out these avtivities. You have incurred a total of £770.00 in fees and there are currently £739.00 outstanding fees on your agreement.

I have reviewed your account and confirm that there have been:

6x unpaid direct debits plus late payments which resulted in 131 calls, 11 letters, 2 notices of seizure and 11 notices of default from our collections department, when broke down the charges are approximately £4.70 per call, letter, returned or late payment. In view of this we feel our charges are fair and reasonable reflection of our costs incurred as a result of your breach of agreement.



1. Do you think that 131 calls, despite me writing to them on several occassions informing that due to my hours of work i will not be at home to take their calls, constitutes
Harassement by telephone.

2. I have incurred 2 notices of seizure despite the BILL OF SALE being void and have incurred charges, why???

3. I have unpaid Direct Debits because on 2 occassions i have returned completed direct debit mandates, but The Funding Corporation tell me they did not receive them.

4. It clearly states on the letters they have sent to me and on statements that i have been charged the following, so how on earth do they claim that there charges when broke
down equal approximately £4.70 per call, letter, returned or late payment.