The Funding Corporation Nightmare!!!

[Mandalou2]

Hi would like some advise if possible please. My Car loan with TFC is due to end in July this year but I have received a statement and they have added so many charges on top i'll have to pay almost an extra £600 (which are all charges). There is no way I can afford to pay this before the end of the agreement. What is likely to happen, will they try taking the car just because of the fees due? I have paid almost £14,000 already with another £1736 left to pay (£600 of that is charges). For the last 2 years, I have paid the monthly payment 2 weeks late as that is when I get paid, this will not alter dates. But I have always made the payment of £236 per month, yet they charge me numerous times every month. The agreement was taken out in May 2010 and I have requested a copy of my BOS along with the high court stamp reference number. Can anyone suggest anything else? Thanks

[BankFodder]

Do I understand that you have tried to change the payment date and they have refused?

 

Have you done this in writing or on the phone?

 

How much is each charge?

[Mandalou2]

Hi yes it was requested over the phone. I know it's my fault as I was a full time student and got a job 2 years ago. When I first got the job I had to wait until the following month to get paid, I am always playing catchup. They said they wouldn't change it as it is due at the end of the month now and they could only move the date in the current month.

 

Each charges are £10 a month admin fee + £10 a month default fee just had statement for past year and £180 alone.

 

Should I request copies of all charges?

 

Thanks

[BankFodder]

Send an SAR. Do it straightaway.

Read our customer service guide.

 

Follow the advice in the guide completely and then call them and asked them once again to change your payment date. Get everything down on a recording.

 

Try to reason with them a little bit and see if they continue to refuse. Get their reasons for refusal.

 

Stay very polite. The whole objective here is simply to get it all recorded.

 

Do that now. Even it it costs you a few quid for the recording device, it is very important and you must do it now. Get this done before you send the SAR

[fkofilee]

Yes I agree, As admin fees are concerned, I think you could get them refunded... Like BF said, If they refuse then you get why and if they continue top butt heads with you, refer it to thre FOS.

They cant take the car without a court order as youve paid over a 3rd and to be honest even if they tried a judge would laugh at it because of the total amount outstanding with bee charges and not actually part of the loan

[BankFodder]

I think that there is a potential to challenge the refusal to change the date under COBS. It is grossly unfair not to have accommodated a reasonable request to change the payment date. Most organisations will do it.

 

Followthe advice I gave earlier. When you get the info, we will discuss taking a small claims action under COBS. If you do, then I can pretty well guarantee some swift results.

[BankFodder]

Are they regulated by the FCA? I don't see any sign of it on their website

[theoldrouge]

yes they are authorised by the FCA,

 

just to correct one misconception for anyone reading the thread

 

the protections offered by hire purchase (the one third paid)

 

do not apply to logbook loans except in the very rare instance that the BOS

 

is linked to an hp agreement rather than the normal credit agreement

[Mandalou2]

Thanks for your replies...so it seems unless I can get them to reduce fees (unlikely) or the BOS was not registered (not that lucky) im going to have to try and find the money? I will try calling and have downloaded a free recording app but I know they won't change date, even so that doesn't help with charges already added

[BankFodder]

I disagree. If they are regulated by the FCA then they have a duty to treat you fairly.

 

If you're prepared to make a small claim in the County Court then I think that there is a high chance that you will get all of your money back.

 

Please follow the advice I've given you as to sending an SAR and also calling them after having read our customer services guide.

 

Let us know what information you manage to get.

 

Are you prepared to take a small claim in the County Court?

[Mandalou2]

Thanks for replying so quickly BF. Where can I find your customer services guide, I've looked but can't seem to find it, sorry it's been a long day. The thought of making a small claim in the court scares the hell out of me, how easy/expensive is it?

[BankFodder]

Follow the customer services link.

 

A small claims in the county court is very easy and pretty cheap. If you win, you get your claim fee and hearing fee back.

 

What is the value of the charges?

 

We would help you all the way.

[theoldrouge]

FCA view, all lenders must abide by PRIN, especially Principle 6

 

Follow BF's advice

 

What we will do next

 

Given the evidence, this is a priority area to address.

As a small market with a few dominant players, we believe it is important that logbook lenders are quickly assessed, which is why we are requiring them to apply for full authorisation from 1 January 2015.

Logbook lenders that wish to continue providing logbook loans need to demonstrate how they meet our threshold conditions. These include conditions on suitability (including that a firm’s affairs are conducted in an appropriate manner regarding the interests of consumers) and on business models (including that the firm’s strategy for doing business is suitable for its regulated activities and that its business model is not exploitative of customers).

Firms that fail to meet our threshold conditions will be unable to satisfy the necessary authorisation standards and will not be allowed to continue trading in the market.

We will also respond to issues through our supervision and enforcement to ensure standards are maintained in the market.

We will take action where we find evidence of actual or potential consumer harm caused by firms not complying with legal requirements, our Principles for Businesses, or the conduct of business rules in our Consumer Credit sourcebook (CONC).

[Mandalou2]

Hi I have received the copy of the BOC sent by TFC, I am trying to attach it so you can see what you think. Do you think this shows they registered it? Many thanks

[theoldrouge]

attachment unapproved due to name and address showing

 

please remove and repost

 

Yes, it looks as if the BOS has been correctly registered

[Mandalou2]

I now have a statement with over £600 of fees. my BOS (without personal info) and my credit agreement. Would someone knowledgable be able to take a look please? Statement shows 62 months as they extended agreement about halfway through as I couldn't afford to pay. They did this without being asked and haven't charged. Should now end in August 2015.

[Mandalou2]

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