Vehicle Surrender - Have I been mislead - welcome/ the funding corp.

[Edinburgh7]

Hi all

 

My first post, so please be gentle.

 

Okay a quick bit of background information: Im 34 years old and have been in debt most of my adult life, at one point owing around £45,000!!!! I have since through hard work, selling my home, motorbike etc paid most of it off and now owe around £12,000. Now I have negociated with most of my creditors and have interest frozen on some accounts and for the first time in my life have a real chance of being "debt free" in the near future!!

 

The main problem Im having is with The Funding Corporation. I purchased a vehicle through them and was paying it no problem, but then found myself in financial difficulty and was having trouble making repayments. It didnt help that the vehicle Id bought required nearly £1700 worth of repairs!!!

 

So as Id paid half of the agreement, it was my intention to hand the vehicle back with no further cost incurred by myself. The Funding Coproration sent me the necessary paperwork and informed me that I had to have the vehicle MOTd and serviced before it was returned to them.

 

Because of the unbelieveable amount of money it cost to repair the vehicle and because of other personal problems, it took me a few months to get the money together to have the vehicle repaired - that was a few months without making my monthly payments again.

 

In the end they sent the debt to another company who demanded voluntary surrender of the vehicle or face repossession. I explained that it was now MOT'd and I wanted to return it (as Id paid half of the original agreement) but was told it was too late for that and that it had to be surrendered.

 

So, I surrendered the vehicle which was later was auctioned for a silly price (after all if spent on it) and they are now at me for over £3000!!!! One minute im returning it with no costs incurred as id paid half of the agreement and the next im owing £3k for a car I no longer have.

 

I cant see how this can be right (both ethically and legally). Have I been mislead? Is it my own fault for being so nieve? is there anything I can do about it now (this was 6 months ago)?

 

Sorry for such a long post but any advice offered will be very, very much appreciated. I can fionally see light at the end of the debt tunnel and this has just completely set me back.

Edited July 6, 2010 by Edinburgh7

[MARTIN3030]

the funding corp worst company ever!!! - The Consumer Forums

 

 

 

The Consumer Forums - CachedThe Funding Corporation PPI‎ -

The Funding Corporation‎ -

The Funding Corporation Charges‎ -

Voluntary Termination and PPI coupled with the Funding Corporation ...‎ -

[MARTIN3030]

Some threads to read !

[Edinburgh7]

Thank you my friend............ I will start working through them now. Any advice on my poisition still very much appreciated.

[MARTIN3030]

Can you say when you took out the agreement ?

Was there PPI ?

Do you have the original agreement ?

Have you kept any communications ?

Who was dealing as third party -whats the name ? (collection agents)

 

Can you give a breakdown of the original cost,amounts paid etc.

 

Has there been charges added ?

[Edinburgh7]

In my stupidity, I binned all documentation after handing the vehicle back (I know, I know)

 

I have written to them (yesterday) and am chasing up with a phonecall today. I hope to obtain as much of this info as possible and as soon as I do will post it up here.

[dx100uk]

cca them

 

you dont owe a penny, you've been fleeced here.

 

hello guests..........

 

 

dx

[postggj]

hello guests

 

postggj is now on line

 

hello edingburgh and welcome

 

me and the funding co are old friends

 

to begin with, can you answer martins questions

[Edinburgh7]

cca them

 

you dont owe a penny, you've been fleeced here.

 

hello guests..........

 

 

dx

 

What process should I follow for this? Is there a series of template letters or how do I start the ball rolling.

 

 

Just off the phone to one of there Customer Advisors (The only nice one Ive ever spoken to) and she couldnt figure it out............. she said I had every right to terminate and hand the vehicle back as Id paid half.

 

She then went and checked and came back with "the reason it HAD to be voluntary surrendered is because you didnt send the documents in on time." She couldnt elaborate, but if I rememebr correctly it was one of there forms plus the V5 (which I had sent but they claim non reciept, so I had to apply for another one from DVLA)

[Edinburgh7]

hello guests

 

postggj is now on line

 

hello edingburgh and welcome

 

me and the funding co are old friends

 

to begin with, can you answer martins questions

 

Hi

 

Will do....... Im just waiting on details being posted out to me from TFC.

[dx100uk]

ruddy fleecing you more like it.

 

TBH: i'd stop phoning these people

you need things in writing so's you have a paper trail in case you need to take them to court.

 

dx

[postggj]

what the hell has a v5 got to do with a vt

 

these are given when you surender the car

 

did they book an apointment for the rac/aa to inspect the car

[MARTIN3030]

First of all-a bit of good advice.

DONT DEAL BY PHONE-keep EVERYTHING in writing,keep copies,and make it clear to them that you will only deal in writing.

A request under the CCA is one avenue-but in order for us to give you some thoughts and pointers-we need you to give some more detailed info-as prev asked !!

[MARTIN3030]

In my stupidity, I binned all documentation after handing the vehicle back (I know, I know)

 

I have written to them (yesterday) and am chasing up with a phonecall today. I hope to obtain as much of this info as possible and as soon as I do will post it up here.

 

 

What did you request in your letter ?

And what address did you send it to ?

[postggj]

send this to the funding co by recorded delivery

 

 

 

Data Protection Act 1998

Subject Access Request

 

 

 

Dear Sir/Madam

 

 

ACCOUNT NUMBER: xxxxxxxxx (or multiple numbers if more than one account)

 

 

Please supply me with copies of all the data which you hold on me in relation to any matter and in any form and for any period of time.

Please note that I require disclosure of anypersonal data which you hold on me for the entire period of my dealings with you.

The Subject Access is not limited to my transaction history and it is not linited merely to 6 years of historical information.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my financial business with you.

I require all information on details of all insurance products supplied by the funding co. This is to include the statement of means, statement of price, details of all insurance premium tax paid, and underwriting sheets.

 

 

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

 

I enclose the statutory maximum fee of £10. You have 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties or charges which are invalid under the Unfair Terms in Consumer Contracts Regulations against me, then I shall be reclaiming them together with anyinterest which you have levied on them.

As it is your wrongdoing and mishandling of my account which has created the necessity for this Subject Access Request, I shall also be reclaiming the enclosed £10 Data Protection Act subject access request fee.

 

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.

 

 

Yours faithfully,

[Edinburgh7]

what the hell has a v5 got to do with a vt

 

these are given when you surender the car

 

did they book an apointment for the rac/aa to inspect the car

 

My bold - I may be wrong with that part but there was definitely a form/document of some description that they sent me which i returned and they claim they didnt recieve. Sorry thats a bit vague but I had a lot of personal issues at home during this time, which is why I just let them walk over me without questioning it.

 

No - no RAC appointments booked or anything similar. Just a demand to have the car MOT'd, serviced and the form completed. As I said it took me a while to sort this (as the repairs were a fortune) but when I finally got it done they werent interested.

 

I had no PPI

The collection agents were red to black

In terms of payment I paid aprox £3215 which is half of the agreement

 

I will post full and accurate details as I recieve them. Ive also requested (in writing) a copy of the original agreement, of all correspondence that was sent and a full statement/breakdown of costs.

[postggj]

hope we are not crossing posts martin but it all helps

[Edinburgh7]

Outstanding - a subject access request on its way!! Is there a charge for this?

 

.............. and just to say to all of you who have replied - THANK YOU!!! It is comforting to know in these situations, that your not alone and that there is good, solid advice from decent people out there.

[MARTIN3030]

Its ok.

IMH this can be dealt with in ther same way as WF.

 

The other info requested obv would help in sorting out a plan of action while waiting for the SAR or CC request-you prob guessed that already.

[postggj]

the sar will cost £10

 

send by postal order and print, never sign your name

 

i see red 2 black are in this, now thats a name ive not come by in a while

 

i see my old friends in chester are still at it

Edited July 6, 2010 by postggj

[postggj]

please confirm what info you have requested from the funding co so far

[Edinburgh7]

Yeah Red2Black were the collection agents. The thing is normally Id be on the ball and question everything, but as I said at the time I was a bit "out of it". But telling me on one hand I cannot VT as its too late but then I can VS??? Key word Voluntary!! Its sounding more and more like Ive been stung!!

 

I have the letter here but havent posted it yet - basically Ive requested a copy of the original agreement, a full statement of account covering the whole agreement and a copy of all and any correspondence between myself and TFC. Should I send this or hold back and just go with the SAR?

[postggj]

yep

 

you have been stung, but its nothing new this, seen it all before:-)

 

we can deal with it:grin:

 

now what info have you asked so far from the funding co to send you

[postggj]

just send the sar then

 

ime posting up a second letter to go with it

 

give me 5 min

[Edinburgh7]

just send the sar then

 

ime posting up a second letter to go with it

 

give me 5 min

 

You my friend are a legend!!