the funding corp worst company ever!!!

[drob]

JonCris .... i agree what you have said, although gillypam has not yet established if the Bill of Sale in Invalid.

If the Bill of Sale is Invalid, the funding corporation will attempt to rely on the credit agreement. I have had months and months of hassle from these chimps and now have a firm of solicitors acting on my behalf.

[JonCris]

drob that's not what you implied you suggested it was.

For reasons I won't go into here it's known their BoS's are invalid & as the credit agreement relies on that document it too becomes unenforceable.

See below (I have underlined the particularly juicy bits as stated by their Lordships)

House of Lords - Wilson and others v. Secretary of State for Trade and Industry (Appellant)

29. The court's powers under section 127(1) are subject to significant qualification in two types of cases. The first type is where section 61(1)(a), regarding signing of agreements, is not complied with. In such cases the court 'shall not make' an enforcement order unless a document, whether or not in the prescribed form, containing all the prescribed terms, was signed by the debtor: section 127(3). Thus, signature of a document containing all the prescribed terms is an essential prerequisite to the court's power to make an enforcement order. The second type of case concerns failure to comply with the duty to supply a copy of an executed or unexecuted agreement pursuant to sections 62 and 63, or failure to comply with the duty to give notice of cancellation rights in accordance with section 64(1). Here again, subject to one exception regarding sections 62 and 63, section 127(4) precludes the court from making an enforcement order.

49. I consider, however, that there is no relevant restitutionary remedy generally available to a lender in the circumstances now under consideration. The message to be gleaned from sections 65, 106, 113 and 127 of the Consumer Credit Act is that where a court dismisses an application for an enforcement order under section 65 the lender is intended by Parliament to be left without recourse against the borrower in respect of the loan. That being the consequence intended by Parliament, the lender cannot assert at common law that the borrower has been unjustly enriched. That would be inconsistent with the parliamentary intention in rendering the entire agreement unenforceable. True, the Consumer Credit Act does not expressly negative any other remedy available to the lender, nor does it render an improperly executed agreement unlawful. But when legislation renders the entire agreement inoperative, to use a neutral word, for failure to comply with prescribed formalities the legislation itself is the primary source of guidance on what are the legal consequences. Here the intention of Parliament is clear.

[JonCris]

Forgot to ask is it Mark, Sandra, Debbie or Andrew who handling your matter??

[gillypam]

hi joncris.thanks for that l only wish it was as simple as that.l will keep you posted when l have been to see CAB they should be able to tell me were we stand with TFC and all the paper work.

[gillypam]

hi jocris.l had alook at my paper work after reading all the enters about the BOSand noticed my paper work was a BOS.so were do l start from getting to know if is void its proberly is knowing tfc .can you tell were to start from.cheers

[JonCris]

Originally Posted by gillypam

hi joncris.thanks for that l only wish it was as simple as that.l will keep you posted when l have been to see CAB they should be able to tell me were we stand with TFC and all the paper work.

It is.

Don't let yourself be confused by trying to engage in every angle. Read what I've already posted.

I'm afraid some CAB's aren't particularly well equipped to deal with matters involving the CCA. Some are beginning to learn but it's taking time.

By the time you have done a little research on here you will probably know more than them

I'm saying & I could be wrong, but don't expect solutions or even the correct answers from the local CAB. They are great for some things but this is as new to them as it is to us

[gillypam]

Hi joncris. thanks for that so were do l start from .tfc first see if the bos is void then were do l go from there.l know there a few address in the above posts.??

[gillypam]

Hi joncris.just made a copy of 182.so 1st l get in touch with tfc if it dose come back void which l think it will with what every body saying. were do l go from there we can,t afford silicitors fees so who to get in touch with to sort tfc out.do l let TFC now what l am planning on doing Are they scared of anything l,ve got to phone them this friday to make mouthly payment l will not give them my bank details so l need to know what to say.

[nish40]

Hi All, been quiet here lately regarding TFC, but good news comes to those who wait. I've had my phone call from the legal team dealing with my case, and although there is still no word from TFC (trying to ignore the solicitor), i have been advised that my case is being poured over by Barristers as we speak, along with....wait for it....................... ......................... ................wait for it....................... .................. 195 other cases (thats the first wave of pending court cases). It is that far advanced, i have stopped the remortgage on my house, so the charge on my property doesn't get paid off.
Also, on a well known website where you have a group and have friends and can email them, well i have a friend USED to work for them, they left because of the way they treat customers, well she told me they are going under, as their main backers, Barclays, have refused to loan them any more funds

[JonCris]

All these sub prime companies are backed by the prime lenders

Double bite at the cherry for the prime lenders as even if they default you & force you into the hands of their sub prime lenders they earn even more

One of the principal reasons for the quick expansion of the sub prime market

[toneighty170]

I have had a look at their accounts which are posted on their website.

I am no accountant but comparing ther latest figures to the ones in the previous year it appears that their account balances are slashed. The last number of months the figures have declined rapidly from last year.

Just hope that my very humble knweldge in accountancy is correct

[jakemate]

Hi, I bought a car with the funding corp about 4 years ago....
I also took out there gap insurance too.
The car was written off in a non-fault accident only six months later so both the insurance company paid out for the car but the gap insurance refused to pay the full remaining amount.
This left me with just under 2 grand that they wanted me to pay.
I obviously refused as the gap insurance and my own insurance should cover the total amount outstanding.
Four years on and I get a letter from a company called cabot finance.
The funding corp have sold my so called debt and now it is 5700 pounds!!!!
I rang them and explained that the gap insurance did not cover the price of the finance as stated but they are not interested and are proceeding with there collection dept.
I still have my gap insurance and credit agreement documents as I knew something like this would happen
I had full gap and fully comp insurance so how on earth can this happen and how do I get out of it??

[aj84]

Did you get back anything from GAP in terms of letters or the like?

I wrote my car off back in 05 and having the car only for 1 year 1 day, you can imagine how much was still left to pay!
Insurance paid out 5000 and GAP paid out the remaining 1500

I had to ring them up and tell them...they in-turn asked for the insurance details from norwich union (accident details, quotation etc)
Within a week, everything was settled and I had a cheque from both.

Having said that, I did not have this car on finance

I know on some GAP site (if you dont get it from the dealership at the point of purchase)
there are a number of ways to get GAP

One is return to invoice, return to value, return to finance etc

Do you know what you had? I would have thought the return to finance would pay the finance company the shortfall of what insurance give out and the remainder to be owed to the finance company

[jakemate]

The company that sold me the car also sold me the gap insurance at the same time, It dos'nt say what type of gap insurance it was but they left a shortfall of 1500 quid.
I wrote to the funding corp and told them my gap insurance and car insurance details and heard nothing of it until now, four years later...

[JonCris]

Gap insurance is as the name implies intended to bridge the GAP between the vehicles value & the amount outstanding on HP.

It's called insurance because the company which provides it takes the risk that the amount if any isn't to great

Anything else isn't GAP insurance & if that's what was said at the time of purchase they misled you

[stafford phil]

hi
i'm sure this has bieng asked a million times
but here i go anyway
bought car 3.5 years ago i had ccj's so it was the only way to get car i needed for work was given the deal and at the time this seemed ok untill about a year ago when we decided we should look close at athe agreement to our shock there was a lot of surprises first the gap insurence £4.468.03+ interest of £2,591 after you add on waranty and a ppi total cost of £8,157 the car cost 9,000 I feel that i was taken advantage of the car is now only worth £1200 and i still have 18 month to pay is there anything i can do

[gillypam]

Hi stafford phil.
give stephensons solicitors a ring tele 01942 777777 they should be able to help they helping us with our claim.