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This shambles of a tin-pot company gave me a really poor finance deal on a car I bought from my local Ford dealer. A few years ago when I was a student I was broke and fell behind on a few payments, I remember them charging me over £300 in fees, that was in just two months.
Does anyone else have any experience with this company? I cant seem to find them on these forums, I have prepared my DPA and have the contact address for them as:
Legal Department
The Funding Corporation
International House
Kingsfield Court
Chester Business Park
Chester
CH4 9RF
Hello and welcome. Never heard of them but they don't seem to be as tin pot as you think. Thier holding company is quite big and they control some companies which you may have heard of. Not sure how the folloing will paste but let's give it a go:
Ok, I recieved the information through the DPA and worked out they had charged me £475 in returned DD fees.
I recieved this response from my prelim:
Thank you for your letter dated 22 May 2006, I am sorry to hear you are unhappy with the charges applied to your agreement. I would like to confirm the following information to you:
The charges applied to your agreement are not unlawful. I have enclosed a copy of your credit agreement and have highlighted section 4.3 and 6.1 for you. The highlighted areas will confirm you agreed to make propmt contractual monthly payments to us and also confirm we would charge certain fees for the administration of your credit agreement.
I note from your agreement that since December 2004 we have only had 9 payments on or before the due date. The remainder of the payments have been late and subsequent charges have been applied to your account.
After careful consideration there will not be any refund of the charges you have paid, however it was agreed on 26 August 2005 that £97.00 of late payment charges would be removed from the agreement. Unfortunately these charges were not removed. Please accept my sincere apologies for this. I confirm I have removed these charges from your agreement today.
I trust you understand our position and regret I am unable to assist you any further.
Yours sincerely
Debbie Polley
Customer Liaison Officer
First of all, the bit I highlighted red is a bit strange. There were a few late and missed payments from that date but only for a few months, so I dont know why they have brought that up.
Yes I did let it fall behind when my bank cancelled their direct debit, on numerous occasions, but when they charge £25 for a failed payment attempt it gets kind of risky trying to pay when you think funds have cleared. On one occasion they charged me twice in ONE DAY!!
Secondly, the fact that they have just plain forgotten to refund my charges that was agreed when I called them last summer to try and sort out the mess. I really am not happy with them.
So really I just want to know what you think I should do next. Sure i've got £97 back... but surely I shouldn't have to suffer such high fees from a company that clearly have no idea what is going on. Yes I admit I fell behind for a few months when I was travelling, but should that really cost me so much?!
HSBC Current: Total Fines £542.50 LBA sent 22/05 Deadline for Reply 06/06 Capital One: DPA sent 04/05 Deadline 13/06 Intelligent Finance: DPA sent 04/05 Deadline 13/06 Barclaycard: DPA sent 04/05 Deadline 13/06 Funding Corporation: Total Owed £475 Prelim sent 22/05 Deadline for Reply 06/06
Move on to the next stage. Send the lba (knocking off the £97 you have already received).
Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice you must always consult a registered and insured lawyer.
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This company are truly deserving of the title tin-pot shower.
My partner had a Full and final settlement of an secured loan confirmed in Feb 2007. She receieved a letter in mid march confirming the the accaount had been settled and closed.
In mid may they are holding the land registry docs for our newly re-financed house and refuse to hand over to solicitors until further £3000 is paid to them as result of missing charges that suddenly appear.
It seems according to T F C that an arrangement was made at later date. This was certainly not ever mentioned until May.
In the meantime, we may soon be in breach of our new mortgageterms and conditions because the outstanding second charge. Ombudsman cannot act until 8 weeks after the conclusion of this extrordinary case.
Hi mwisby,
I am claiming my money back from this company. They sent me a letter refusing to pay, similar to yours. They also sent me a copy of the T&Cs which states they will charge for letters, phones, dd refusal/missed payments. I am currently looking for a bit of advice on this. Will follow your case. Good luck!
This company are truly deserving of the title tin-pot shower.
My partner had a Full and final settlement of an secured loan confirmed in Feb 2007. She receieved a letter in mid march confirming the the accaount had been settled and closed.
In mid may they are holding the land registry docs for our newly re-financed house and refuse to hand over to solicitors until further £3000 is paid to them as result of missing charges that suddenly appear.
It seems according to T F C that an arrangement was made at later date. This was certainly not ever mentioned until May.
In the meantime, we may soon be in breach of our new mortgageterms and conditions because the outstanding second charge. Ombudsman cannot act until 8 weeks after the conclusion of this extrordinary case.
Hi, new to this site but have been in a total desperate state since the start of this year because of this company. My self and my mum took out a secured loan from them in 2005. It was originally through a broker called quick decision loans. When we took the loan, the repayments were supposed to be around 500 pounds per month and that was great. The loan was for 45000. When we got documents through from T F C we were being charged 779 per month!!! It all went pear shaped from there. We tried to keep the payments up but it seemed impossible. After the first couple of months it was too much so we decided it would be best to maybe remortgage to property......When we got the settlement figure from the funding corp it was nearly 16000 more than we had borrowed.
At the end of last year i lost me job and a clause in the insurance said we couldn't claim because the property was in my mum's name although i was on the loan. When we decided to sell the house in july to get them paid off as they had been bombarding us with calls, the basically told us that we would do a runner (even although i had answered every call and made as much of the payments as we could and called them regularly to keep them updated).....if we sold the house and have gone for repossesion.
Our solicitor has called them a number of names as they refused to hold off until we could finalise sales etc. To top it all off, when we eventually went to court the judge said that we would be ok, get the sale and T F C would have to wait. When we asked them for final figure it had increased again to 16000 on top off the original settlement they gave us..... Selling the house is only just going to cover the loan, never mind the mortgage and they won't even budge a little to help us out.
They are the worst company you will ever come across and out solicitor has advised to go for damages after this is settled as we would have a good case against them.
I hope no-one else has to go through this as it has ripped me and my mum apart. Not knowing whether we will have a home or not. We are just another client to them and they are losing nothing by holding things back.
Sorry for the ramble but people need to know what kind of crooks this company are......
I have an account with these shylocks.
I have never defaulted although they did lose a few payments into another account and threatened me with action if I didn't pay up again. Fortunately my bank contacted them and threatened them so I heard no more about it.
I will say this though. You will get a better interest rate by going to a Glasgow loan shark than you will from this bunch of chancers.
hi we need your help
my husband took out car finance with this company over 6 years ago he lost his job and could not make the payments. he had got over the halfway point so asked for a voluntary termination of the contract. the finance company came out and recovered the car. 2 months ago he received a letter from a deby collection company saying he ows them £3600 for the car. can they make him pay this? what can we do about this? we have been in contact with the financial Ombudsman who has sent them a letter saying that we are disputing the debt and they are looking into it but i have little doubt that they will come back and say he still owes it. when we spoke to the funding corporation the staff were rude and refused to send out copies of the account and the terms and conditions applicable at the time. HELP
This quite an old thread. It would be better for you to start your own thread so that you can get more help.
Steven
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The Funding Corporation
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Originally Posted by mikey09
