Funding Corparation & ACF

[tonycard]

two weeks ago a vehicle hp agreement was voluntary terminated after reaching the settlement figure {1/2}

 

 

the direct debit was then cancelled before the next payment was due.

 

 

there is a seperate agreement liabilty of £1,392.55 for ppi,

 

 

yesterday she was told that she must keep paying the full monthly agreement of £342.29 until the ppi is cleared.

 

 

is this correct as the statement of price reads payment protection 48 months at £57.43.

 

 

I believe she has been mis sold this ppi on a couple of major issues.

 

 

{1}she holds 2 jobs both over 17 hours a week and the finance was given on the added figures of these jobs,

she would have to loose both jobs for the unemployment part to kick in.

 

 

{2}She is a civil servant 35 hours a week so gets paid while sick so there was no need for sickness part

 

 

{3} she was told it help her case for finance if she took out insurances

 

 

does she have a valid case for claiming back the ppi thanks for any help peeps

[dj1971]

Hi Tonycard,

 

I do not have any experience of dealing with hp companies, perhaps someone with more experience will be along shortly to help advise.

 

I have however submitted 4 claims against barclays bank for mis sold ppi on loans and 2 against barclaycard for mis sold ppi on cards on behalf of OH.

 

In my limited experience it is best to fully arm yourself with as much info as possible, so I suggest you read the stickies at the top of the page. There is some very valuable information on this site and great people who are only too willing to help.

 

Next step I suggest would be to send off a SAR (Subject Access Request) to the finance company requesting all the information they hold on "her" as a data subject.

 

This should be sent to the finance companies registered address along with a postal order for £10. They will have 40 days to comply and once you have all the info, come back and ask for help.

 

Best of luck

 

Dj

[dx100uk]

two weeks ago a vehicle hp agreement was voluntary terminated after reaching the settlement figure {1/2} the direct debit was then canceld before the next payment was due.there is a seperate agreement liabilty of £1,392.55 for ppi, yesterday she was told that she must keep paying the full monthly agreement of £342.29 until the ppi is cleared. is this correct as the statement of price reads payment protection 48 months at £57.43.I believe she has been mis sold this ppi on a couple of major issues. {1}she holds 2 jobs both over 17 hours a week and the finance was given on the added figures of these jobs, she would have to loose both jobs for the unemployment part to kick in. {2}She is a civil servant 35 hours a week so gets paid while sick so there was no need for sickness part{3} she was told it help her case for finance if she took out insurances does she have a valid case for claiming back the ppi thanks for any help peeps

 

simple

write and cancel the PPI.

 

it is NOT complusory on a load .

 

then start the reclaim for mis-selling of it.

 

dx

[tonycard]

In Oct 2009 my daughter took out a credit agreement to purchase a car from ACF, Funding Corparation supplied the finance.

 

In Oct 2010 she a had a riding accident which left her in intensive care on life support with serious brain damage.

she is now on the road to recovery but suffers with short term memory loss so is unable to work

 

We informed the Funding Corparation of the circumstances and told them we would meet her committments,

which we have uptill now ( payments been late a couple of times ) this month we where 11 days late so they sent us a default notice.

 

As we had thought we had made 24 payments our daughter suggested that we vt it as she still has not been cleared to drive.

 

So it was a shock to her that it wasnt a hp agreement but a credit agreement secured on the car by way of a bill of sale,

I do beleive she was misled by the sales person as she did ask him would she be able to upgrade the car or vt after half the term.

She is at fault for beleiving him and not reading the documents properly.

 

I dont know how to work out if the figures are right but if I type them up as they appear on the agreements could someone pleasego over them and see if they are correct (no scanner)

[tonycard]

AFC USED VEHICLE FORM

 

VEHICLE PRICE( TAX INCLUSIVE) 8,500.00

 

GARDX

 

[email protected]

 

SUB TOTAL 8,500.00

GROSS AMOUNT DUE 8,500.00

LESS PART EX ALLOWANCE 1,500.OO

AMOUNT DUE FROM FINANCE CO 7,000.00

 

 

CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974

 

 

KEY FINANCIAL INFORMATION

 

CREDIT SALE

Amount of credit £7,000.00

Total amount payable £18,368.80

APR 46.9%

Instalment Value (B) £273.73

The totalamount payable (A) less any Advance Payment is payable by one instalment of £250.00 1 MONTH AFTER THE DATE OF THIS AGREEMENT

followed by 59 monthly instalments equal to the instalment value (B) the first payable 3 months after the date of this agreement folowed by a final payment of £468.73 payable after 1 month after thelast of the previous instalments. The arragement Fee is payable with (and is included in) the first instalment .The credit facillity fee is payablewith ( and is in cluded in) the last instalment

The period of the agreement is 62 months

 

OTHER FINANCIAL INFORMATION

Descreption of goods

FORD

FOCUS

credit sale

cash price £8,500.00

less advance payment £1,500.00

Finance Charges £9,423.80

Arrangement fee £250.00

Credit facility fee £195.00

Total Charge for Credit £9,868.80

The fixed rate of interest per annum 26.06%

[ver1]

Sounds awful for you - Im not in a position to answer but I think in a situation like this you should contact your local citizens advice and ask how they can help - They are really good and will give you great advice and support- Sorry your daughter was so badly injured and thank god she is getting better - Good luck

[tonycard]

Thank you for your kind comments. I have been in touch with trading standards as there are other issues but I dont seem able to get any straight answers,it appears the bill of sale is confusing them they keep calling it a log book loan but it is a regulated agreement.

 

Heres a couple of issues that they are not sure of : Number of missed payments before default notice issued.

 

Failure to send out yearly statements

 

Whether she should have recieved a copy from the finance co. of a properly registered bill of sale (high court london stamp?)

 

I think the first two are still covered by the cca 1974

[ver1]

bloody joke??? as far as im aware a logbook loan is a ridiculous offer where you use your own car as security against a loan payment - I was thinking of getting one a while ago for fast finance and i contacted a logbook loan company to ask how it worked , in order to get a loan i had to give the loan company my V5 document and a spare key to my car ?? The payments were horrendous as the interest is massive . Do you know if your daughter did this to get the finance - Although that wouldnt make sense as she would have got the money not a car - google log book loans and see for yourself - thats weird - Whats trading standards saying ? are they writing to them on your behalf - Have you emailed this place as id say keep all communication with them recorded in writing

 

I didn't take the logbook loan offer and just spoke to my bank instead -

[ims21]

Thread moved to more appropriate forum

[ims21]

Hi

 

The maths in post #2 seems OK.

 

What is it specifically that you want checking in respect of the figures.

 

Also have a read of the stickies in this forum as there is some information that may help you with the BoS.

 

How many payments have been late? They have sent you a default notice....have you remedied the default?

 

ims

[tonycard]

why the 1500 was included in the figures

1 payment 11 days late ( the payments are up to date as of jan 2012) we recieved default notice for febs 2012 late payment

 

registered later asking to reduce payment and freeze interest

[tonycard]

sorry dont know how many late payments, never recieved any yearly statements, poss 2/3, usually week late as own finances come first

always paid by my debit card so will get bank statements,

[ims21]

why the 1500 was included in the figures

 

Hi

 

I assume you mean in the figure of £18,368 as the total amount payable. If so then it is correct because the total payable for the goods is the £7,000 amount of credit plus the charges of £9,868.80 plus the advance payment of £1,500 = £18,368.80.

 

As regards the default notice, if the account payments are not made on time then the lender can issue a notice of default which gives you a certain amount of time to remedy the default. If you remedy the default within the allowed time then nothing further happens.

 

ims

[tonycard]

sorry ims I`m a bit thick, but why does the 1500 become an advance? she borrowed 7000 the 1500 was the price she was given on her car which was debt free

[ims21]

Hi

 

£1,500 advance payment i.e. a deposit...she used her old vehicle as the advance payment (deposit) on the new credit agreeement

 

ims

[tonycard]

so if I add the first and last figures together and multiply the payments by 59 ( roughly 16,825) this is actually what she owes?

[ims21]

Hi

 

What she owes is the amount of money borrowed (£7,000) plus the total charge for credit (£9,868.80) which totals £16,868.80.

 

This is payable by 1 instalment of £250, followed by 59 instalments of £273.73 (£16,150.07) and 1 fial instalment of £468.73.

 

£250 + £16,150.07 + £468.73 = £16,868.80

 

ims

[tonycard]

thanks ims got it now told u i wus fick

[just_jue]

Hi, I see you daughter paid for GARDX. I had this with Welcome. Did your daughter get any paperwork regarding the GARDX application? As I was charged £300 for it but it hadn't be registered with GARDX. Did you daughter take out and insurances as well?

 

JJ

[tonycard]

hi jj, just gap insurance, and the only mention of the gardx is whats in post 2.

[just_jue]

Worth finding out how much you was charged for the GARDX as it seems another insurance that you can't claim on

[tonycard]

Well no reply from funding corporation regarding the request for lower payments, and surprisingly no phone calls (had up to 8 a day when we have been late before)

 

As the time to remedy the default is up on monday I am expecting the meat heads to come for repossesion soon after,its not like we are trying to avoid the debt she`s already paid off over 8k no missed payments, only late payments that happened when we have tried to keep the account up todate .It appears we have very little rights when it comes to credit agreements secured by way of bill of sale and the funding corporation dont seem interested in helping us resolve this matter.

 

The only way I can see to delay things is to cca them and ask for docs mentioned on the credit agreement namely a true copy of the registered bill of sale or the regestration no

so a can obtain it myself, if they ignore this I can put the account into dispute and this should in theory should stop any repossesion any thoughts on this?

 

As for them repoing before this well, as they dont want to play fair, due to daughters memory problems she cant remember who she garaged the car with, we will also inform them that we are no longer representing her and they will have to deal directly with her and as she is a single mother on esa with mental health problems this may class her as vunerable person and perhaps this will make them more open to negotiations.One can only hope

[just_jue]

Hi, it might be worth giving debtline a call, they could give you some more ideas on what to do.

 

Hope you get it sorted.

 

JJ

[just_jue]

Sorry the nationaldebtline

 

JJ

[tonycard]

Today received the expected termenation letter. It states the balance at £10,419.28

 

 

the terms of the payments as in above posts work out to £16,868.80

 

default letter says total amount paid £8,224.52 is the balance they give correct?

 

As this is a regulated credit agrrement as well as a bill of sale could this apply as they have never sent any yearly statements? and have they defaulted and terminated the contract unlawfully?

 

Required statement Section 6 of the Consumer Credit Act 2006 inserts a new section (s77A) whereby a statement must be provided if the agreement is a fixed sum credit agreement under section 77A. The statement should explain the money borrowed, money paid, interest in all cases and the outstanding amount. Particulars The creditor under a regulated agreement for fixed sum credit:

• Shall (with in the period of one year beginning with the day after the day on which the agreement is made), give the debtor a statement under this section; and
  
• After the giving of that statement, shall give the debtor further statements under this section at intervals of not more than one year.
  

Failure to provide the statement If the creditor fails to give the debtor an annual statement, then he is not entitled to enforce the agreement during the period of his noncompliance and the debtor is not liable to pay any interest during this period. The debtor is also not liable to pay any default sum that would have become payable during the period of non-compliance or would have become payable after the end of that period in connection with a breach of the agreement occurring during that period. However a creditor will not be required to give the debtor an annual statement if there is no further sums payable under the agreement.