Funding Corporation car finance - unsigned bill of sale & PPI reclaim

[Smileymiley]

Dear All,I

'm new to this and would like a bit of advice. I'm an existing customer of the above and to be honest having a terrible time with them.

We took an agreement out in June 2007 and after a few months things got quite difficult for us and we had to send the car back.

Due to financial difficulties we then fell behind with payments and low and behold TFC then registered a CCJ against us.

 

To cut a long story short we then advised them that we were entering into an IVA agreement and passed them the details of the insolvency practioner

but rather sneekily they actually placed a charge on our property, we rather foolishly ignored the paperwork from TFC as we wanted to ensure

we still had a roof over our heads and also sort our IVA which was subsequently approved in January 2009.

 

It wasn't until recently that I was looking on this forum with regards to TFC to see if anybody had a similar experiences and I little gem I managed to pick up was regarding The Bill of Sale.

 

As I never had a copy of this from the original purchase I requested a copy and low and behold it was not executed properly.

 

It wasn't signed by myself or my partner only the salesperson from ACF when I complained to TFC they acknowledged that the Bill of Sale was invalid

but the agreement still stood as we had signed the ceredit agreemnt,

 

however, when you look at the terms on the agreement it states that "Item 4.5

"You will, immediately upon obtaining the goods from the supplier execute a Bill of Sale in the form produced by us in order to secure your obligations to us under this Agreement"

"When questioned this term with them they stated that as they had a charging order it still stood.

 

I have referred it to the fos who have had it now for 12 weeks with no action.

 

Your thoughts on this would be appreciated.

Regards

Ps Apologies for the lengthy message

[dx100uk]

you might wis to PM postggj

 

you are both going thru the same issue i think.

 

dx

[Smileymiley]

many thanks for your note has anybody actually won against Funding Corporation and why uis it they continue to do the same practices and nothing is done against them surely their consumer credit licence should be revoked

[Smileymiley]

Update from Financial Ombudsman due to the fact TFC have a ccj and secured on property they are unable to assist. Does this mean that I now have to contact the court direct and present the new evidence of the Bill of Sale???? or is it a case let sleeping dogs lie and continue with the claim for mis sold PPI?Can anyone advise

[dx100uk]

i'd certainly reclaim the ppi whatever else you do

 

dx

[Smileymiley]

PPI claim going through but if the policy was cancelled by TFC should I received a rebate? If policy documentation wasn't sent within the required 30 days are they in breach of any regulations if so what are they are what is the remedy

[dx100uk]

i would worry about any technicalities

if you've done the fos customer complaint form and an soc then just wait for them to reply

 

dx

[Smileymiley]

FOS complaint form sent in, forgive me for being thick whats a SOC? Also sent in copy of credit agreement plus details of my diabetes

[dx100uk]

soc is a spreadsheet of charges or schedule of charges

 

you need to let them know you have done your research and what you expect back

 

dx

[Smileymiley]

Many thanks for that not sent that how do I work that out?

[dx100uk]

have a read of a few threads in the PPI forum

 

dx

[Smileymiley]

Many thanks for your help

[Smileymiley]

How do I find out the contractutral rate of interest?

[Smileymiley]

I have just heard from the FOS and they have requested a Demands & Needs statement from The Funding Corporation has anyone heard of one of these and what is it

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?221488-Direct-Line-RBS-PPI-Demands-and-Needs&highlight=Demands+Needs+statement

 

dx

[Smileymiley]

Many thanks for the link, just received update from FOS which looks promising

[tamj]

I recently requested a copy of the bos, and was not worth the paper it was printed on i challanged them on this n they have admitted that they have no legal intrest in my car so i am now free to sell my car, what i do have with them is an unsecured loan. Going to continue to battle out with them as there are few charges on account which dont quite look right to me. They are a nightmare of a company to deal with this has been going on for 5 yrs now and has been a very expensive learning curb.

[dx100uk]

I recently requested a copy of the bos, and was not worth the paper it was printed on i challanged them on this n they have admitted that they have no legal intrest in my car so i am now free to sell my car, what i do have with them is an unsecured loan. Going to continue to battle out with them as there are few charges on account which dont quite look right to me. They are a nightmare of a company to deal with this has been going on for 5 yrs now and has been a very expensive learning curb.

 

start your own thread please

 

see the info in my sig below for a video

 

dx

[Smileymiley]

With reference to the above the FOS found in my favour back in November but TFC disputed their findings what a surprise and so it has been referred to Ombudsman for final decision. Bascially FOS ripped into TFC for selling a policy to me which basically would not of met my demands and needs due to pre exiasting health conditions. They even had the gall to say that despite having pre existing health conditions I could claim ion policy however when you read the policy it clearly states that you cant.Will update when hear more

[dx100uk]

great news

 

dx

[quinnyg]

so what about the bill of sale i have the same problem with them

[Smileymiley]

The Ombudsman has found in my favour - final decision.

 

They have said they want me back in the position I would of been if I hadn't taken out the PPI

 

does that mean that the PPI premium will be refunded plus 8% interest simple

+ Interest charged for the PPI + 8% Interest Simple

and refund of premiums paid + 8% interest simple.

 

Refund of Payment Protection Insurance + 8% Interest (simple) therefore 2903.03 x 8% x (1781 / 365 ) = 2,903.03 + 1,133.22 = 4,036.25

 

Refund of interest for Insurance + 8% Interest (simple) therefore 6,426.00 x 8% x (1781 / 365) = 6,426.00 + 2,508.43 = 8,934.43

 

Refund of Premiums made + 8% Interest (simple) = 1,351.42 + 460.89 = 1,812.31

 

Total owed therefore would be 4,036.25 + 8,934.43 + 1,812.31 = 14,782.99

 

The above is what I have worked out can someone advise if this is correct please?

[dx100uk]

use the spreadsheets?

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

did you not do one?

 

dx

[Smileymiley]

I did do the spreadsheet but TFC added 3522.97 interest onto the loan for PPI so not sure how this is treated. I have also just looked at the contract and found an error with the workings. They have stated the total amount payable is worked out as follows:Original Cash Price + Interest + Arrangement Fee + Credit Facility Fee Interest is calculated by original cash price less advance payment x aprI thought it would be Amount of credit (cash price less advance payment) + Interest + Arrangement Fee + Credit Facility FeeWould the above be correct if so is the contract voidable?

[Smileymiley]

I have just found out the FOS has issued its Final Decision in my favour. TFC now owe me in excess of £16k for PPI, interest they charged on the PPI + 8% interest simple. Now I think its about time I turned the tables on them and gave them a taste of their own medicine and start harrassing them for my money. Revenge is sweet