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    • Just received the defence response from Evri. I'm surprised they are saying they don't have the parcel details etc, I've kept copies of emails and their responses where the parcel ID is mentioned. Regards, J 502MC299-claim-response.pdf502MC299-claim-response.pdf
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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
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      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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The Funding Corporation - Reduced payments


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Hi -

 

I have a car which is financed by TFC (the worst HP company ever, their staff are so arrogant).

 

I just wanted to find out if anyone has managed to come to a reduce payment agreement with them.

 

I have been trying for the last 2 1/2 years to have my monthly installments reduced,

reason being is I have had to reduce my work hours for health reasons so have lost +/-£300/month.

 

I have written, complained, phoned just about done flik-flaks in their offices and they are having none of it.

Their response is we do not consider your situation to be a material change in circumstance

 

My argument to that is if I had come to them with my current payslip would they have lent me the same amount of money being the reasonable lenders they are or would it have been less?

 

Also their BILL OF SALE BORROWER INFORMATION SHEET, which I believe is a form of false advertising states.

“If you have a material change of circumstances we will take this into consideration

and may agree to reduce your repayments until such time as you are to continue with your original contractual repayments.”

 

They recently sent me an income and expenditure form which I completed and returned

under the assumption that they would look at reducing my payments,

also according to one of the staff who stated

"I can see from you account that you have applied for a reduced payment"

when I queried about them receiving the forms, so it is on file,

 

the lady I spoke to today adamantly tells me its not somethign the company does!!!

Why send me the forms then,

 

will ask her when she phones back as was getting to upset and did not want to rock the boat.

 

has anyone managed to get reduced payments and if yes how?

 

Is the above worthy of a complaint to the FOS.

My agreement finishes in September 2016 so only have 11 months to go

but financially its killing me and my husband has just been made redundant so struggling big time.

Sharon

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Hi

All lenders have a duty of care to their customers. Your mistake is ringing them unless you have recorded the calls so it is unlikely they will have kept recordings.

 

Before going to the Ombudsman Service, you should have exhausted the complaints process first.

 

I would deal only in writing, ensure you have at least some proof of postage (ideally signed for delivery)

 

Lay out to them your complaint in as few words as possible and state what you would like them to do.

 

The have had your income and expenditure forms and from that they should have seen you were in some difficulty and agreed to lower the payments or even extending the loan term to reduce payments.

 

Just to be clear, TFC cannot just come and take the car. They must go to court first and if they state anything different, they are wrong.

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

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Hi thanks for the quick reply.

I have lots of paperwork and replies from them regarding reducing my payments.

 

 

The lady I spoke today said the calls were recorded as she took me off record when I gave her my debit card number

as they have bullied me AGAIN to making a full payment this month, despite me sending them income and expenditure.

 

 

Can I ask them why they sent me the forms if reducing monthly payments "is not something the company does"

according to Christine (the lady I spoke to today).

 

if they did decide to come and take the car as they are so sneaky,

I am only one month behind in my payments and have asked for this to be put on the end of my agreement

so am waiting for a reply as it has to be approved by a manager,

 

 

what would their next step be after sending a default?

I only have 11 months left on the car so would be a shame to have it taken back now,

did not realise BOS was not like HP were you could give back after certain time and then not be liable.

Have also looked into that and all seems above board, was registered on time etc.

 

 

Only loophole I think may have been that the registered document was signed by the car dealer when registered and not by TFC

. Is that something we could look at?

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since this is a logbook loan, if they were to send you a compliant default notice, and you failed to comply within the 14 days

 

they would then be entitled to repossess the car without a court order, if you could not comply you should look at a time order

 

moving thread to logbook loans, for admin purposes, please continue to post here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?452164-Log-Book-Loan-Guidance

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since this is a logbook loan, if they were to send you a compliant default notice, and you failed to comply within the 14 days

 

they would then be entitled to repossess the car without a court order, if you could not comply you should look at a time order

 

moving thread to logbook loans, for admin purposes, please continue to post here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?452164-Log-Book-Loan-Guidance

 

Rouge... Its not a LBL... ITs a HP agreement...

 

We could do with some help from you.

 

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**Fko-Filee**

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For the OP...

 

I would open a formal complaint with them and refer them, to the FCA's guidelines.

 

When in hard times, they should be making appropriate arrangements to help the customer get back into a state where they are on time with payments or at least not too far behind on arrears...

 

TFC have failed to do this quick enough IMHO... so...

 

[email protected] - MD of TFC

 

I would open a can of worms with them. Read the FCA Sourcebook on credit guidelines carefully

 

Then follow SF's advice, about referring to the FOS :)

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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Rouge... Its not a LBL... ITs a HP agreement...

if they did decide to come and take the car as they are so sneaky,

I am only one month behind in my payments and have asked for this to be put on the end of my agreement

so am waiting for a reply as it has to be approved by a manager,

 

what would their next step be after sending a default?

I only have 11 months left on the car so would be a shame to have it taken back now,

did not realise BOS was not like HP were you could give back after certain time and then not be liable.

Have also looked into that and all seems above board, was registered on time etc.

 

Only loophole I think may have been that the registered document was signed by the car dealer when registered and not by TFC

. Is that something we could look at?

 

my reading of the above suggests that it is a logbook loan, Can you please clarify the agreement type persha50

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Hi the agreement with The Funding Corporation is a Bill of Sale.

 

Will definitely give it my best shot as its terrible what they have done.

Its just there lack of empathy that gets me everytime and different stories

 

Speaking to one person who looks at your files says

"I can see that you have applied for a reduced payment"

which means something has been recorded,

 

then when you speak to the person who you have sent the forms to which unfortunately is the collections department you get

"I am sorry but the company does not offer reduced payment".

 

One thing they can never answer me on is when I ask them as they are supposed to be "responsbile lenders"

if I came to them with the payslips I had now would they have lent me the same amount of money or would it be reduced!

 

Will email the MD,

also lodge a complaint which has to be done by phone as have tried many times before via post,

when querying with customers service if they have got my letters/emails

they say yes and they have been forwarded to the relevant department

who have not even bothered to reply, and also the FCA.

 

Thanks for the advice and will keep you posted.

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A Bill of Sale IS a logbook loan where you borrow a set amount using the car as collateral but retain the right to use it. can you confirm that is what you did?

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

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This is from the Funding Corporation site:

 

The Funding Corporation Limited at a glance

 

 

At The Funding Corporation Limited, we have over 10 years’ experience in helping customers to buy the car they want with the finance they need.

As an experienced non-prime motor finance lender, we pride ourselves on the fair and honest customer policies which underpin our business.

We are passionate about delivering only first-class customer service across the company, and to treating every customer with respect, fairness, integrity and professionalism.

Proudly, The Funding Corporation Limited held the title of most ‘Responsible Lender of the Year’ for 2011/12, an accreditation awarded by Credit Today magazine, and fiercely competed for within the UK credit industry.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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what a load of cobra's

we all know what these firms are like

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Silverfox - yes that is correct.

Ell-enn - Thanks for that bit will definitely use it when I contact them. Gathering all my letters etc to put something together.

Dx - definitely a bunch of cobras ready to strike whenever they can.

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Have you got a copy of the agreement ?

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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Hi fkofilee - have been reading your link about log book loans. TFC do not hold the log book I have that. So is it still classed as a log book loan or just a Bill of Sale.

 

Hi - yes I have a copy of the agreement will scan and upload for you.

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Yes please... Id really like to see this...

 

I didnt think this was a "Log Book Loan" as such, it seemed by the way you worded it, it was a Hire Purchase agreement?

 

Did you already own the car when you applied for finance? Or did they source you the income to purchase the car?

 

The answer to the above question will determine what type of agreement this is...

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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Hi - found a copy of the agreement, but I think its all the documents I got from Approved Car Finance.

Not 100% sure if I got a signed agreement from TFC or a copy of the court documents when it was registered.

 

I did have all that with my previous car (I know sucker for punishment getting a 2nd car

- joys of not have lots and lots of money!!!).

 

So I think I will ask them on Monday for a copy of my file.

 

You will see from the last page of the agreement only I have signed it

(I deleted my signature but left the date in) and nothing has been signed by them???

Let me know once you have had a look very Interested in getting your opinion.

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Ok so it is a finance agreement with a Bill of Sale involved but is not a Logbook loan...

 

Interesting how there is no arrears management on this one?

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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Hi sorry forgot to answer you questions.

 

I had a car with them already which had about £2000 left on it,

so used that car as part exchange and got another car,

 

ACF sourced the loan etc for me at their offices,

I am not sure if they tried other companies or had to do with again with TFC due to their still being £2000 owed on it.

 

No - did not already own the car, got one from the dealership.

Hope that answers everything if not let me know.

 

Just out of couriosty and seeing as the copy I have has not been signed by TFC

how long should it take them to send me the documents with the agreement signed by them.

 

As I say I cannot remember as I am sure if they did I would've put them with all the papers I got from ACF.

 

Can I ask them when they sent the original documents to me,

is that something they should have on file.

 

Will see that the SAR brings in.

 

Sharon

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So we can ignore the fact that its not a logbook loan.

 

So are dealing with a finance agreement for a car. Okay... Lets see what the site team says. But have you read the FCA rules on arrears management etc?

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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would be better if you could pop the paperwork up as a PDF please

as per the upload

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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ok, so this is a standard sub prime form of vehicle purchase of a credit agreement secured by a bill of sale (a logbook loan)

 

by all means forward complaints as previously suggested, however a word of warning

 

your only protection under cc1974 is a compliant default notice, which if you receive one and do not remedy within 14 days

they are able to take back their car without a court order, and they will regardless of your complaints, sadly for now that is how these firms operate

 

so as previously advised, if you do receive a dn either comply, or look to instigate a time order

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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Thanks for that.

 

I did get a default notice which was for 2 months but I paid one of them as my hubby got a bit of money in

(he was made redundant so only have my salary which is not enough to even cover our rent), one payment has been made.

They wanted me to pay the outstanding amount at and extra £100 on my usual repayment.

 

i usually pay £280 so wanted me to pay £380 despite having my income and expenditure and letter or redundancy from my hubby,

I told them I could not and asked if it could be added onto the end of my agreement. That was last week Thursday,

 

she said she needed her manager to approve and would get back to me. I have not heard anything yet,

do you think there is a chance that they may come and take the car away despite being in contact with them

and discussing as I am still one month in arrears???

 

Sharon

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no, maintain contact though, if they refuse ask if you can spread the one month over the remaining 11 months of your agreement

 

ie, £25.45 per month extra

 

under FCA guidance of PRIN( principle6)they must treat you fairly

an example of unfair treatment is given in CONC 2.2.2G(consumer credit sourcebook)

not allowing customers who are unable to make payments a reasonable time and opportunity to meet payments

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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Wow that is brilliant advice did not even think of doing that.

Thank you.

 

Just had a quick read of their letter again and the last paragraph reads "

 

At the Funding Corporation we are comitted to treating our customers fairly.

We are willing to assist in helping you bring your account back to good order.

Please call us on ....... to make a payment to clear your arrears and we maybe able to assist in reducing your fees"!!!!!!!

 

I think they need to have a look at their generic letters and maybe change it to

We will NEVER assist in reducing your fees

as according to a lady called Christine is something that the Funding Corporation never does.

 

I have just had a quickl

look at the documents (CONC) mention above and it looks very very helpful, will read properly.

 

Just a quick question

if I have given them an income and expenditure which shows and income of 2450 with expenditure of 2341 and which DOES NOT including their monthly installment of 280,

would I be able to use as they are aware of my situation but are choosing to ignore it.

 

CONC 1.3 Guidance on financial difficulties

CONC 1.3.1G01/04/2014

 

In CONC (unless otherwise stated in or in relation to a rule), the following matters, among others, of which a firm is aware or ought reasonably to be aware, may indicate that a customer is in financial difficulties:

4 (4) inability to meet repayments out of disposable income or at all, for example, where there is evidence of non-payment of essential bills (such as, utility bills), the customer having to borrow further to repay existing debts, or the customer only being able to meet repayments of debts by the disposal of assets or security.

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