need a hand please with Hyperaktiv

[izzitme101]

hi guys, i am posting this thread on behalf of a brother that does not have net access at the minute.

Basically, in 2003 he got a car on hp from a well known car finance company.

18 months later he was laid off work, and the car was demanded back, to which my brother eventually agreed.

They took the car back, and recently i found out they were asking for the full balance still, despite the car being sold on.

I believe they have to offset what the car was sold on for from the owing debt.

I have cca'ed them, and gotten a half reply. They sent the cca, which i will post a copy of in a few minutes, but haven't sent a statement of account.

And suddenly after 2-3 years of paying through a dmp demanding to know why he is questioning the account among other things.

No t&c's reffered to on the page that the cca refers to have been sent, and i believe the prescribed terms are not quite right to.

The usual rubbish about not being a creditor even though they claim to own the debt, and strangely, an offer of 20% discount, while recommending using cccs.

[izzitme101]

here is the first page of the cca they sent

oops didnt see that

Edited March 21, 2009 by izzitme101
editing detail out, try that

[izzitme101]

don't need to do page2, of the 2 pages they sent, as it's just the bank details for the direct debits, unless you need to see them.

Will post the letter from aktiv in a few.

[IdaInFife]

the prescribed terms seem to be there but I would send the finance firm a SAR to see where they are getting the figures from.

 

 

how much did he pay back?

 

and you rally should remove the reg no from the docs

 

 

Ida x

[izzitme101]

currently claiming 4.6k back still, bearing in mind its been being paid for the last 6 years, although at a reduced rate.

 

Am i right in thinking though, that the APR is not a prescribed term? i was under the impression it had to be the correct interest rate.

[IdaInFife]

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

B Repayments

A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following-

(a) Number of repayments;

(b) Amount of repayments;

© Frequency and timing of repayments;

(d) Dates of repayments;

(e) The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

 

C Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement

D Credit limit

This may be a term or the manner in which it will be determined or that there is no credit limit.

 

For a Hire Agreement

 

B is Applicable

 

 

 

Hire purchase is totally different to s standard loan

 

you brother agreed for them to take the car back? they didn't get court order?

 

did he pay more than £3118 when the car was taken?

 

Ida x

[izzitme101]

ok, total amount payable was 6.2k. over 18 months at the rate of payback, the amount paid back would be approx 3.5k.

The reposession was agreed, however, the price the car was resold for was never taken off the total left, which it should have been i believe, they have always claimed he has to pay back the full amount, so in effect they were paid the full amount twice for the same item.

 

figures are nearest approx, until i get a SAR.

The firm in question were liquidated years ago i think, it was yes car credit.

[izzitme101]

just confirmed it was 4-5 months, not 18, so that would have made it between 800-1k paid back.

[IdaInFife]

makes sense now.

 

you'll need to do the SAR to check the figures

 

Ida x

[izzitme101]

okie thanks will get that done on wed when he gets paid

[IdaInFife]

thanks

[izzitme101]

While i think about it, can anyone point me to the rules/law governing reposession and offsetting?

As i mentioned, the car was repossesed and sold on, but there was no offset, they demanded the full amount still.

I know for sure this isn't right, as i have had long discussions with my finance company at the minute about this.

They tell me if i sell my motorbike, i pass everything to them, and if theres any left owing, they stop the interest, and let me pay it as quickly as is reasonably possible.