Good morning,

I have found that my wife has taken two loans out with Car Cashpoint, one in 2012 and the second last year 2014.

I have checked the agreements and Bill of sales and they appear all correct and registered.

I have seen on here that the issuing of 2 bill of sales is legally not correct and maybe fraudulent.

Can I ask why please?

They did not clear the first account with the second loan just gave a top up.

Hi guys, realise it is the weekend but can anyone help with query on multiple bills of sale?

When you sign a bill of sale, you effectively transfer ownership of your vehicle to the logbook loan co

It wouldtherefore not be possible to effect a transfer to a different company by way of a BOS as it is no longer your car

As these loans were with the same LBL co, no technical challenge would be possible

Where are you as regards your specific problem with the loan eg default , repo etc

Ho and thanks for the reply.

She is in arrears and is considering giving the car up.

I have identified some irregularities with the accounts in that when she was paying they were only crediting to one account, on the second account they were adding charges for non payment.

When these issues were identified they completed internal transfers but only to interest and not paying anything back to the principal sum. Also they did not remove the charges.

Saw posts from applekart in 2010 that said about the multiple bill of sales running concurrently.

under the cca code, she can of course hand the car back, in full and final settlement of all liabilities but this is not a legal right

you can of course do a formal complaint as regards the payments and charges, which could be forwarded to the fos if rejected

I would not recommend time and money spent on legal challenges as regards lbl,s, highly complex and unlikely to suceed

if you have been issued with a compliant default notice you need to reach an agreeement with the lbl co as regards agreed repayments

in order to avoid the car being repossessed

Thanks

She has entered a formal complaint regarding the charges and account mismanagement and also mis-selling of the second loan as they gave this even though the first account, although up to date at the time, had shown late payments and charges and therefore query due diligence on responsible lending.

She has also requested written confirmation that if the vehicle is surrendered that it would be full and final.

Hi all,

Would appreciate thoughts on below letter sent to Car Cashpoint reference issues regarding 2 loans taken out by my wife, she is currently in dispute with them. Do the issues raised have any mileage or am I just wasting my time. If can do anything, how should I follow up as fairly sure they will come back with a standard reply?

Dear Mr ......,

Re: Agreements number ...... and ......

Thank you for your written response, dated 13th October, to my letter of complaint.

I note your comments regarding the complaint of irresponsible lending and your statement that "payment history on this agreement was also extremely good with no significant concerns whatsoever". The statements you have provided show that there were 9 missed payments on the account and 6 late charges levied on the account at the inception of the new loan. Also as of 13th February 2013 an agreement was reached, with yourselves, to increase weekly payments to £30 to bring the account up to date.

Additionally when loan reference ......., for the sum of £460, was started the existing loan, reference...... was indeed in credit by £240.27 due to the continued over payment that had been agreed to clear the arrears. You had continued to accept over payment which resulted in no 'benefit' to me as a customer and by issuing and allowing a new loan were in fact re-lending over 50% of this loan to me of my own monies and charging me interest for that privilege. Had you offered to either suspend payments until such time the account was back in balance or indeed returned the over payments this may have been enough for me to not require further lending. At 16/05/2014 the account actually reached a credit balance of £255.14.

In light of these facts I believe your lending decision on agreement number ...... was unfair, irresponsible and did not show due diligence and therefore is in breach of CCTA and Consumer Credit lending guidelines. This is also in breach of section 7.2 of the loan terms and conditions and is an unfair and deceitful contract.

I note regarding charges applied to the account when payments were made your comment that these will be manually removed, however you do not state which charges are to be removed and I would therefore request you provide full details and an updated statement of account showing these changes.

With regard to the statements provided, these are incomplete statements not showing amount loaned or interest payable. Further they do not show amounts outstanding pursuant to section 77B of the Consumer Credit Act 1974 and as stated in the fixed sum loan agreements. They only show installment due, payments made and charges applied. I therefore request full and correct statement of accounts for both loan ref: ...... and .......

I note that you, in your response, have not addressed the issue of allocation of payments. I also note that your terms and conditions do not state how payments will be applied. I further note that the copies of terms and conditions you have supplied are incomplete with section 7.1 not detailed in full.

On the following dates statements show that the outstanding balance has been brought up to date with the account at a zero balance yet no reduction of the principal amount has been applied;

Loan ......

19/05/2014, 23/06/2014.

Loan ......

24/12/2014 - this payment actually took the account into a credit position.

If all outstanding payments have been brought up to date it is logical, as payments due include interest and principal repayment, to expect to see co-responding reductions recorded to both interest and the principal amounts.

Taking account of the above issues I believe there is sufficient evidence of financial mismanagement of the accounts and believe that account ........ amounts to an unfair contract that was completed deceitfully and was an irresponsible lending decision.

I look forward to your early response and suggested remedies to the issues raised.

would need to see all the docs,agreements and statements to be able to comment

wait and see what they come back with

An update on this one.

Sadly wife's complaint was not upheld and an agreement on payments was made.

New question,

the first loan taken out - is now complete in that all principal and interest has been paid back.

There is however late charges outstanding of £168.

Does the bill of sale still apply to this as she is currently setting up an IVA

and if it is not then would include those charges as an unsecured debt on the IVA?

Hi all, can anyone answer the query regards this bill of sale?

Thanks in anticipation

late charges are a PENALTY and unlawful under FCA rules.

get reclaiming them back

ive merged your old thread on this to

it has more history

dx

Bill of sale irrelevant if they have realised their security , the dispute would be regarding the associated credit agreement

However as said before would need to see docs and agreement in order to comment