Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
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Firstly i would like to say hello to everyone on here, i have just found this board and am hoping you can help me.
I bought a car from CarCraft back in january and took out finance with the funding corporation. Original amount for the car was £2292 and was meant to cost £94 per month for 3 years at 16.5% apr. Anyway, the agreement from the finance company came through for £137 per month at 42.9% apr with a total amount to repay of £7311.76. I tried phoning the finance company but they couldn't explain the difference in the apr rates and basically blames car craft for misselling.
I requested a copy of all the paper work from them and when it arrived it now says the amount we borrowed for the car was £3287 and we have to repay £8814.40 but the apr is 39.1%. All other details (car make / model / registration, my husbands details and agreement number) have remained the same.
This change makes absolutely no sense to me, our monthly payments have not changed but we cancelled the payment protection so thinking about it our payments should have gone down. It looks like they have put the price of the payment protection onto the price of the car so it looks like we no longer have the protection but we paid more for the car. Surely they cannot do this and by changing the terms of the contract without our express say so they make the agreement nul and void? How can they suddenly up the amount we borrowed by over £1000 when we also have the car craft receipt to say how much the car cost?
I have now written to both car craft and the funding corporation and am awaiting a reply but just wondered if anyone could advise me as to where i stand and what i should do next.
what does your receipt say?
Do you have any notes scribbled down with figures etc?
What are the figures on the finance application?
does the paperwork they sent with the new figures have your signature on?
I think Cara might ask you to accompany her to carcraft
who was brave enough to take the photo?
Am not the best person to take Darren.
I only have full knowledge of firearms.
Cyclic velocity, that doesnt mean how fast you can peddle.
I hate guns, they scare me.
Close protection can be fun!
I do however have a good knowledge of finance agreements relating to vehicles.
The original agreement must state the apr. It is normal practise to add interest to front end PPI. This is single payment PPI, which is normally sub-contracted out to a third party insurance company. To reclaim this is quite easy if you can prove you have been mis-sold the policy or informed that you MUST take it get the finance. The other thing is that you are entitled to shop around for PPI if it is a condition of the finance agreement, ie banks etc or search the net. If you were not informed of this then this is mis-selling.
I am also with the funding corporation and owe them a lot more than you so i can understand your concerns.
TFC are difficult to deal with,you have to speak to the right people, they have many depts and some are ok and others are very rude.
Generally the most friendly dept is 'collections' who will listen and try to sort problems out but be aware all the depts seem to use different computer systems and what info is available on one persons screen does not always seem to be on anothers!.
They don't like putting things in writing and they don't ever admit they are in the wrong but they do seem to like the old 'hidden charges' [problem].
Good luck with sorting out your problem but much as i hate to say it i think you will have an uphill struggle.
p.s in terms of re-claiming PPI from TFC/ AXA insurance, i have been trying for 6 months and have got nowhere so far.
Cara, send them request for CCA that you signed. Send asap, some say by recorded delivery but I say send it special delivery as it is not guaranteed to get there by recorded and I have had this prob. Once it is signed for then all debt and debt collection is put on hold, put in your letter the debt is disputed. The onus is on the funder to provide proof off the original debt. Forget carcraft at this point as your agreement is with the funder and not carcraft, they supplied the goods and advised, SHOULD HAVE ADVISED, on exactly what you were signing. There are express things that the party signing the finance docs must be made aware of, most importantly PPI and gap, this is laid down by FSA. Do not panic, this will get sorted out and I will do all I can to assist you.
Gav am sorry you have been into this for six months. Try doing as I have suggested to cara, they will sit up and take notice. Don't call them it's like ****ing in the wind. all correspondence in writing only, even if they call you do not discuss anything, tell them to write to you.
There is a good thread on PPI here on the site. Use it, learn and act upon the advice given is the best thing I can say.
nightmare with the funding corporation
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Originally Posted by Darren
