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Mobile Money What Should I Do?

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I signed up with Mobile Money for a loan of £850 on the 12th October 2009 on a six month agreement to pay £135 a month with a final payment of £765. At the end of the agreement in April i had paid off £723 and they said that left the balance of £765 and that i had to resign a new agreement as the old one had expired for the outstanding final balance of £765. I resigned the new agreement which i have also got a copy of but is the same as the first one just with different figures i can upload if you wish to see it. I have made a payment of £200 the other month and want to pay off the outstanding balance to get them off my back though i know that i have paid through the nose for this silly loan. I am just wondering what people think i should do and wondered if the agreements are right and the bill of sale. The car is not worth paying off the outstanding balance of just over £1000 but as i have read they will sting me if i just let them have the car. TBH i would rather let them just have the car and do whatever and buy a better car with the £1000 and am not bothered if they chase me for the outstanding balance as does the loan agreement is only secured against the car and cannot do any more damage to me other than giving me a ccj. What do people think my best options are or what i should do?

Thanks for the advice.

Paul

 

 

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Pre contract Information1.jpg

Agreement2.jpg

Agreement4.jpg

Payments1.jpg


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Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Agreement4.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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PrecontractInformation1.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Agreement2.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Agreement3.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Agreement5.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Payments1.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Payments2.jpg

If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Could someone please help and let me know what they think or what i should do please. thanks Paul


If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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Well they come and took the car first thing this morning and even though i jumped in the car to stop them they still put it on the tow truck and when the police turned up they just said if i dont get out they will arrest me. they wouldnt show me the bill of sale or any other paperwork other than a piece of paper with just a court stamp on it dated the 10th may which must be from when i re-signed the papers on the 30th April. Well dont look like i can do anything about it now :( they may aswell just have the car and with the money just buy a cheap run around for now :(


If you find this info useful please click on the scales in the bottom left corner of the thread :wink:

 

Vodafone To Remove Default Notices thread

Paid In Full HSBC Was Claiming £3851.42 But Instead of Paying Me Decided to pay my £4900 Loan OffDG Solictors. Need Help

Concluded Lloyds TSB 27/05/2006 Action Against LloydsTSB

Concluded Lloyds TSB for Girlfriend. 27/05/2006

Paid In Full Capital One £160 Settled

Paid In Full Capital One Sent 15/05/06 for £1372 for Girlfriend

Paid In Full Cetelem £130 Settled

Paid In Full The AA £400 Settled

Paid In Full First National £160 Settled

PDA LloydsTsb Credit Card Hand Delivered 26/04/06 £180

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I worked for Mobile Money and can confirm each time you resign, a fresh bill of sale is lodged with the courts. The problem you had was 'minimum payment option' meaning even if your payments had run correctly and been upto date on the first agreement, following the first 5 payments you would have had a balance of £765 to either pay as the 6th payment or resign for another 6 month term.

What has hampered your case is the additional charges you have incurred.

The loan is only secured against the car and as they have had a combination of payments and 'the goods' back, let them swivel for the balance which they will still chase, but as long as you remain consistent with 'I haven't got any money and not willing to pay', the level of contact will slow off as time goes by.

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I worked for Mobile Money and can confirm each time you resign, a fresh bill of sale is lodged with the courts. The problem you had was 'minimum payment option' meaning even if your payments had run correctly and been upto date on the first agreement, following the first 5 payments you would have had a balance of £765 to either pay as the 6th payment or resign for another 6 month term.

What has hampered your case is the additional charges you have incurred.

The loan is only secured against the car and as they have had a combination of payments and 'the goods' back, let them swivel for the balance which they will still chase, but as long as you remain consistent with 'I haven't got any money and not willing to pay', the level of contact will slow off as time goes by.

 

Hi Black and Amber

 

Thanks for coming on the forum : )

 

I suspect your insight will be invaluable to many caggers as many will have loans with MM.

 

I've had a look at the detail submitted by the cagger above - I've noticed that the figures for the first instalment on the Bill of Sale (quoted at £121.67 followed by 4 of the same and a final payment of £751.65) differ from those quoted in the credit agreement - did you spot that too?

 

Without clarification - Looks like MM may have a case to answer - considering they took his vehicle as well!!!

 

Apple

 

It causes me to wonder if the figures stack up - i.e does the APR quoted reflect the final payment requested?????


[COLOR="red"][B][CENTER]"Errors do not cease to be errors simply because they’re ratified into law.” [/CENTER][/B][/COLOR][B][CENTER] E.A. Bucchianeri[/CENTER][/B]

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Hi ppauls150

 

Let me give you a heads up as to where you stand........

 

MM have failed to show the correct terms of credit on your bill of sale - they should be the same on the BoS as on the credit agreement. The APR therefore cannot be true. See the CCA 1974.

 

The Bill of Sale Act 1882 requires that when they seek to 'seize' the vehicle - that they 'seize' it (i.e inpound it - this is not the same as 'take it away') they must leave it at the place they 'seize it' for a period of 5 days. s. 13 of the Act says they cannot take it away from a private place.

 

Long before they take action to 'enforce' the terms of the Bill of Sale or the CCA - at s.7a of the BoS Act 1882 - they must revert to the re-mit of the CCA 1974 - which requires that they serve you with a default notice - giving you 14 days to correct the default - that default notice should not demand the amount of the arrears - only the default charges (i.e if they charge £12 per letter - then it is a calculation of these charges that must be the amount they want you to pay - the default notice can and will/should show the amount of the outstanding arrears) it is when you don't pay the 'default amount' that they can then apply to court seeking an order for enforcement of the agreement - the reason the law works in this way is to protect your consumer rights - it's so that you get the opportunity to state in a court of law any reason why it should be that the lender cannot enforce the terms of the bos and the ca against you - you may have financial difficulty and require a time order for example - the lender has denied you this consumer right - by enforcing the BoS and the agreement without a court order. It is only a Judge that can give authority for ANY lender to enforce the terms of a Bill of Sale or a Credit Agreement!!

 

You mentioned a document that had a court stamp on it - has the matter gone to court? was an enforcement order actually granted? - if you did not get notice of a court hearing and you do not have a copy of an order as sent to you from the court - then the document they showed to the police may be fraudulent - naughty, naughty!!!

 

Regrettably, lenders plea on the ignorance of consumers to throw their weight around with documents that they claim are 'official' because 'you signed it' ....... They are bang out of order and you have every right to sue them in a court of law if you wish to based on the information and synopsis of events that you have been good enough to share with us.

 

If you decide to take the matter further - there is a wealth of information on this forum to assist you.

 

I will help further where time permits - but, I confess - I am slow at getting back to caggers - so rely where you can on previous posts

 

Apple : )


[COLOR="red"][B][CENTER]"Errors do not cease to be errors simply because they’re ratified into law.” [/CENTER][/B][/COLOR][B][CENTER] E.A. Bucchianeri[/CENTER][/B]

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