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    • Hi Guys,   My friends wife ignored letters from Horizon Parking and their solicitors and now has a CCJ registered on her credit file.   Stupidiy, she also ignore the claims form which come from Northampton Bulk centre as it looked photocopied and she thought it was fake. At the same time her work colleague did the same.   Her work colleague went to stand as guarantor for her daughters loan and got refused, she has now found out that a CCJ has been registered two months ago, so my friends wife checked her credit file and has the same, from two months ago.   Both received claims forms and didn't fill them in. Neither of them have received notification of judgement however. I am right in saying still that they should of done and would of been given the opportunity to pay the claim within. month at that point and not have a CCJ permanently on their file. If this is the case, what is the way forward? Set a-side ?
    • EXHIBIT K   24th March 2019   Lowell Portfolio I Ltd 9 Savannah Way Leeds LS10 1AB   Dear Sirs   Your Ref: 196951198     MFS Portfolio Limited v Phelan West (2019) I write to draw your attention to recent successful appeal case regarding a personal current account with overdraft facility; the decision was made before HHJ Walden-Smith sitting at Cambridge County Court. In this instant case the Appeal court found the personal Current Account Overdraft agreement to be unenforceable pursuant to the Consumer Credit Act because of lack of evidence of compliance with the requirements of the OFT determination. It was also accepted that Creditors must comply with S 78 Consumer Credit Act 1974 requests relating to personal Current Account Overdrafts, not just credit cards and loans. In this case the Appeal court did find that MFS Portfolio Ltd had complied with the S 78 Consumer Credit Act request. If they hadn’t complied with the statutory request then the personal Current Account Overdraft would have been unenforceable pursuant to s.78 (6) (a) Consumer Credit Act.    In view of foregoing, I note that your company have failed to comply with S78 CCA 1974 therefore your claim is unenforceable. So it is in your own interest (and to save cost) that I demand yourselves to discontinue this matter with immediate effect, otherwise I would be seeking compensation awarded against your company through the court for my time and legal cost to myself for consulting solicitors for advise in defending this claim which I consider not valid since you couldn’t also substantiate it when ask to prove it.   Yours sincerely
    • Hi Micky,   The letter you sent was your Prelim Letter and you should send an LBA before issuing proceedings.   1. Who replied to your letter that was taken in to the Chingford store - eg was it the store manager.   I suggest you send your LBA to the store Head Office enclosing a copy of the original letter and give them a final 14 days to reply and refund.
    • I will just keep quiet. Hopefully it is something she has seen on a credit file. No ones pursued me yet so I will keep fingers crossed.   I feel after 12 years of being divorced these things should have been settled by banks and companies by now.   Like I said it has been so long I have no recollection of it.
    • Hey - thanks for the reply.   So yes they have entered the 6k claim, and I have chosen to defend it.  I think I have a solid case to argue it.   So if I argue successfully and say the judge does side me with the 2k option and I pay it within 28 days it will clear?   Alternatively.  If I fight it and lose, the full 6k will obviously be due....  Again, if I pay that will it be removed within 28 days?
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ScotlandGuy35

Car sold at auction for a profit, where do I stand?

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Hi Folks,

 

Long story short but I missed 3 payments on my car (I lost my job) the agreement with the finance company was terminated and they wanted the balance in full (I couldn't afford to pay it in full).

 

The car was repossessed (I agreed to this and met them to take it away).

 

The car went to auction and sold for more than £10k than what the outstanding debt/balance was.

 

How do i stand with this?

 

The company are saying that they are entitled to keep all the money even though they have been overpaid by over £10k on the figures they sent me via their solicitor and the court letters before the car went to auction.

 

To add they didn't even tell me what auction it was going too and I've never had any more mail saying how much it sold for (this was 5 weeks ago).

 

Any help would be great.

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Can you give us some dates ie when bought how many payments was agreed and how many payments you made ?

 

 

Finance companies are not allowed to make a profit from repossession. If the car sold for less, you would still be liable to make up the shortfall,

You are liable for any missed payments however.

 

 

What documentation do you have, or can you get, for your claim of profit ?

 

 

What type of finance was it, HP or Car Loan ?

Edited by Conniff

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Thanks for the reply.

 

The car was a £73k car and £63k was financed.

 

The balance due at the time of repossession was £45k plus some fees.

 

The car sold at Auction for £61k.

 

They didn't tell me which auction it was going too not have they ever sent me anything since it sold, I only know as I found out where it was and attended the auction myself to see what it made.

 

They are at least £10k in profit to what I was due them.

 

I have spoke to their solicitor and his answer was that because the company ended the finance agreement and sold the car that they are entitled to the extra money.

 

New to all this but £10k+ is quite a bit of money.

 

The car was bought when I was in a good job and self employed, that is no longer the case and the £10k would make a huge difference to me these days.

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Just to add it was via ING lease on a PCP finance.

 

The car was on a 4 year finance and 20 months worth of payments had been made.

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What type of finance ?

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Ah, PCP is different. With a PCP you are only paying the depreciation and that is what the finance is worked out at, not the true value of the car. If the car is in negative equity at the end of the term, the finance company take the hit not the customer, so without actually seeing any regulation on it, my guess is that as the car belongs to the finance company, the reverse would also be true.

 

 

It is regulated under the Consumer Credit Act 1974 and the Financial Services Regulations 2004 so that would be worth a read.

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I think that limit was removed in 2006

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I think that limit was removed in 2006

 

If you are referring to the old £25k limit then this was indeed removed in 2011 as part of the Consumer Credit Directive, and replaced with a limit of £60,260 (which was at the time the sterling equivalent of the standardised European limit of 75,000 Euros.

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I suppose the argument was that you never owned the car at the time it was repossessed.


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