Fixed Sum Loan Agreement

[DannyC10]

Hi guys,

 

I've seen a few threads regarding this issue.

I have a fixed sum loan agreement with Creation Finance, from my understanding this is an unsecured loan against ME and NOT the car, but they have placed a HPI flag.

I want to trade the car in for another one, no monies involved pretty much a straight swap.

Creation say they WON'T remove the flag but will send a fax to the garage saying they have no financial interest, but I need them to remove it completely.

People have managed it with Black Horse but Creation won't budge, I'm wondering what legal terms I can use to get them to remove as it's against the law, there is no mention of HP or that they will place the flag on my car in my agreement so they have breached their contract as far as I'm concerned.

Everything is set up with the new garage for the new car, have also been told by 3 customer services reps that it just gets 'removed' but the areas department won't do it. Advice please?

[rebel11]

Hi dan

 

Welcome to CAG

The guys will advise as soon as they are available.

 

Thread moved.

[postggj]

if its a fixed sum loan agreement then the vehicle is yours

 

tell the finance compamy you will be sending a report to the ico and the oft as this is an example of unfair trading under the consumer protection from unfair trading regulations

[pt2537]

can you post the agreement so that we can see if it is indeed a fixed sum loan

 

If it is then the car is indeed yours to do with as you wish and any hpi marker ought to be removed forthwith

[DannyC10]

Agreement says fixed lump sum at the top.

Nothing in the terms regarding the flag but they will not budge on it saying it won't be removed until its paid, am I right in saying they have breached contract with unfair actiond?

[postggj]

Yes

 

thats why i say use

cputr

[DannyC10]

Thanks guys

Anything else I can quote to get them to do it over the phone? I don't want this dragging out if I can help it.

[postggj]

as them what legal statute they are relying on

 

ask where it states ths in the cca 1974 about a fixed sum agreement and the property not belonging to you as the finance co have registered an interst

[DannyC10]

Right, have all the relevant numbers ready to call tomorrow to make sure I'm doing everything right, stating the laws mentioned above. I hope to get this sorted on the phone, shall I start by asking them to remove it, if they say no, continue onto all the acts that are in my favour?

[DannyC10]

Case closed

After her constantly telling me they have no financial interest and the the HP flag would NOT be removed, I started quoting the Data Protection Act and that they had used my data without prior consent as it wasn't in the agreement. I also stated I would be proceeding to take a Court Order out for them to remove the marker as there was no legal statue for them to relate too.

She kindly said, 'The HP marker will be removed within 72 hours and I'll send a fax to the garage stating this'

She also questioned my ability to keep up with them payments, I said 'At 20 years of age, I'm not going to default on a payment, making it harder for me to secure credit in the future'

 

A long a drawn out battle.....knew I should have trained to be a lawyer Thanks for the help gentlemen! Very kind

[postggj]

GLAD ITS SORTED

 

KNOWLEDGE IS POWER:whoo:

[redissert]

Hi all

 

We are having the EXACT same problem with Creation but the guy I spoke to in the Accounts Dept will not budge and had a wonderful half hour patronising me before hanging up. Have quoted all the above but am getting nowhere- I am like a dog with a bone and will not let this go. We have been told that they have no interest in the car yet how can we sell it? We found a car to swap (no cash involved) but the dealer won;t touch it while the marker is there. Dealer willing to get logbook and fax Creation stating that he plans to buy the car and requesting they remove the marker before he does this. But Creation say they will NOT remove UNTIL the logbook is in someone elses name as then they would be breaking the law if they didn't??!?!?! Am sure this is wrong on so many levels- who can I speak to hugher up as the 'Accounts Manager' I spoke to has got to be one of the vilest human beings I have ever spoken to in a call centre. I will not let this go, but in the meantime the car we have spent weeks finding will probably be sold!!!

 

 

Help!

[Gaston Grimsdyke]

Is there a term in your agreement saying you must settle the loan if you sell the vehicle?

[redissert]

Nope, nothing- and Creation themselves say we are free to sell the car but how can we!!!!!! Could we transfer it into my name? Oh this is So annoying- also, OH spoke to OFT and they said it's not against the law and basically we can;t do anything- so how come some people threaten this stuff and get nowhere and others succeed? So annoying!

[redissert]

Now Creation are saying they won't remove the marker even if the car is transferred into someone elses name (ie me), despite the guy telling us yesterday telling us they would be breaking the law if they left it on. The woman I just sopke to refused to speak to me (despite my OH being in the room and verifying himself), and said that she is telling her supervisor that the guy who spoke to me yesterday broke data protection by discussing anything with me. She refused to believe that they make it difficult to sell the car and blamed the garages we have been to for not accepting a fax instead of removal of the marker? We don;t live at the same address or have the same name.... the very rude woman hung up yet again after a clam phonecall? Can safely say they are the rudest people I have ever spoke to!

[Danny133]

so glad i found this!

 

exact same issue exact same company but they WILL NOT budge

 

i have a paid a deposit on a car and the dealer will not touch mine due to the marker

 

help please - anybody have a number of someone in a dept high enough to listen.

 

the "account managers" are rude and have told me to clear off basically

[postggj]

send a formal notice to the finance company

explain that the vehicle is yours outright as its a fixed sum loan agreement

 

ask why there is a hpi marker showing an interest in the vehicle by the finance company and why they will not remove it

 

ask them under what STATUTE LEGISLATION they are relying on to include the marker with the hpi register

 

give them 14 days to respond or you will consider it contrary to The Consumer Protection From Unfair Trading Regulations 2008

 

AND WILL ESCALATE THE MATTER TO THE OFFICE OF FAIR TRADING TO CONSIDER YOUR FITNESS TO HOLD A CONSUMER CREDIT LICENSE

 

ask also contrary to the data protection act 1998

 

why have they transmitted your data to hpi (which is owned by experian the credit agency)

 

without your express consent and to tell you where they are authorized to to this in the t&c

 

(that's only to the hpi register being a fixed sum loan agreement)

 

SEND RECORDED DELIVERY

Edited June 30, 2011 by postggj

[Danny133]

there is a letter now in the post with words to that effect recorded delivery

 

i have also emailed stephen hunt who appears to be the companys CEO - along with all email addresses i can find for the company.

 

i do hope this has a speedy resolution

[redissert]

there is a letter now in the post with words to that effect recorded delivery

 

i have also emailed stephen hunt who appears to be the companys CEO - along with all email addresses i can find for the company.

 

i do hope this has a speedy resolution

 

 

Hi can you PM meor put on here the emails you have found and the names addresses of where to send letter etc please? And let me know if you have any luck?

 

T x

[laalaa]

there is a letter now in the post with words to that effect recorded delivery

 

i have also emailed stephen hunt who appears to be the companys CEO - along with all email addresses i can find for the company.

 

i do hope this has a speedy resolution

 

 

Hi there, we too have just become aware of this issue with creation ( cowboys ) !! exactly the same .. have told us over the phone that they have no interest in our vehicle at all yet a hpi flag is showing up on our car ! i am about to start proceedings tommorow starting with a phone call though tbh i dont hold much hope seeing as no one there seems to know what theyre talking about ! Any chance you could possibly post email addresses that you have got for them as no doubt i will be going down this route i have limited paperwork for this company due to the fact that they dont send you much ! just want to get rid of them asap

many thanks

[laalaa]

there is a letter now in the post with words to that effect recorded delivery

 

i have also emailed stephen hunt who appears to be the companys CEO - along with all email addresses i can find for the company.

 

i do hope this has a speedy resolution

 

 

To danny133

 

Thanks for the advice, i have just phoned creation and put on my poshest voice ever lol !! read the rights act to them and qouted all of the advice above they have agreed to remove the marker and it will be off in 72 hours ..... obviously i will get this checked as soon as the 72 hours are up ! if not il have to send letters etc but at the moment all is good,

so glad i found this forum and GOOD LUCK to everyone else trying out there i wish you well x x x

[laalaa]

Now Creation are saying they won't remove the marker even if the car is transferred into someone elses name (ie me), despite the guy telling us yesterday telling us they would be breaking the law if they left it on. The woman I just sopke to refused to speak to me (despite my OH being in the room and verifying himself), and said that she is telling her supervisor that the guy who spoke to me yesterday broke data protection by discussing anything with me. She refused to believe that they make it difficult to sell the car and blamed the garages we have been to for not accepting a fax instead of removal of the marker? We don;t live at the same address or have the same name.... the very rude woman hung up yet again after a clam phonecall? Can safely say they are the rudest people I have ever spoke to!

 

hi thanks for the message you sent me, i started with a phone call and quickly pushed the data protection act on them along with the legislation of the cca 1974 !! ( they get scared when they hear words to this effect ! ) and bingo they have agreed to remove the hpi flag within 72 hours !! thanks for the advice it was much appreciated and im so glad i found this forum x