PCF finance car surrendered help

[jessicasdad100]

I handed a car back to PCF after about a year of ownership due to job loss. I asked them if i could sell the car to pay off the remaining balance but they refused. they then sold the car for a poultry amount leaving a large amount remaing on the account.

 

I have been paying the debt back £10 per month which is not really touching the balance on the 2 loans. one is at about 5500 the other at 1200.

 

 

is the fact they gave me 2 loans to finance the car an issue I can tackle them about? It seems from other threads they may have only done this to get around affordability issues?

[obiter dictum]

Are these loans or a HP agreement

 

You normally have two loans , one HP for the car, the other to pay for mickey mouse insurance such as PPI, warranties etc.

 

They have to be on the one agreement though

 

We need to know what sort of agreement you have to fund the car and any optional extras

[jessicasdad100]

I will check the agreements but I thought both were to finance the car. I am not aware of any PPI or warranties

[obiter dictum]

You cannot have two finance agreements secured on one vehicle

 

You can only have a joint application for you and your other half

[jessicasdad100]

Thats my point. It is a few years ago now but as far as I remember they told me i could not get accepted for the whole amount so they financed it by two seperate agreements.

[jessicasdad100]

I will ring them now and see if they can shed any light on it

[jessicasdad100]

just rang them. they claim that at the time they had a policy that if you did not have a deposit to put down then they had a seperate agreement to lend you the deposit!!!

 

When i asked him why they didnt just lend me the full amount he said it was an internal thing to do with were the money came from within the company.

 

He stated theyno longer operate this and he confirmed it was nothing to do with PPI or warranties.

 

All sounds a bit fishy to me but definitely 2 seperate agreeement numbers for the same car.

[dx100uk]

Sounds very dodgy to me

 

Get an sar off to them

 

Sounds like you got conned into a voluntary surrender

When ideally should have been a voluntary termination

 

Tell us the full story please

 

Have you the paperwork still?

 

Dx

[jessicasdad100]

i lost my job so could no longer afford the repayments.

 

 

I contacted PCF who could not come to any arrangement with me regards a repayment plan I could stick to.

 

 

the only option was for me to return the car.

I did not contest this as I had no means to pay for it and as I had not paid half of the agreement I could not just hand it back

I was still liable for the remaining balance.

 

 

I offered to sell the car myself knowing I would get nearly the amount owing

but PCF would not let me do that as It was not mine to sell.

 

 

they sent it to auction and got about half what it was worth.

 

 

I dont have all the figures or paperwork anymore but I think I will request it all from them.(SAR)

 

I currently pay £10 per month to each agreement.

 

 

recently I have been in contact with them regarding the debt

and they have offered quite considerable discounts

if I repay early as I am due some PPI money back soon.

 

I am loathed to give this to them as much as I want to get the debt cleared

if they have in some way been underhand in the way they have done business

[obiter dictum]

Dodgy is an understatement

 

Any deposit is deducted from the total amount of credit on the agreement

 

I smell commission payment myself

 

Can you scan the agreements, remove any personal identifiers but leave in the facts and figures and post onto the forum

[dx100uk]

you've been had blind.

 

 

under VT

all you would have had to pay was UPTO the 50% mark after you'd handed back the car

 

 

get that sar running

[jessicasdad100]

Ok thanks. I will ask for the SAR today.

 

 

I have researched the VT process on other threads and not sure if I signed anything when the car was collected

pretty sure I did but no comeback from the ompany on condition as it was mint and had been serviced.

 

After getting the SAR what is my next step

 

 

can I invoke the VT legislation ie not paying more than 50% retrospectively.

 

 

could I offer them settlement taking all previous payments into account and giving them the difference up to 50%.

 

 

what is my big stick is it trading standards or FOS or similar.

 

 

Where do I stand with the 2 agrement issues what redres do I have with that?

 

Thanks for all the info it ha sbeen most useful and interesting

[obiter dictum]

We need to see the agreements

 

My feeling is that you have been fleeced and that you might be able to end this once and for all under Section 140A CCA 1974

 

http://www.legislation.gov.uk/ukpga/1974/39/section/140A

[dx100uk]

info gathering time mode for now.

 

 

not much else can be done till we see the docs

 

 

looking good mind.

[dx100uk]

its worthy to read some threads

 

 

http://cse.google.co.uk/cse?cx=partner-pub-0964707606882478:652l7hswbgv&ie=UTF-8&q=PCF+Finance&sa=Search+CAG#gsc.tab=0&gsc.q=PCF%20Finance&gsc.page=1

 

 

and that I'm sure go debt was carpeted for exactly this type of operation before

which is why there was a name change?

 

 

something rings a bell here

[theoldrouge]

Ah, the old PCF Booster Loan , 2 separate CCA requests to PCF in addition to the SAR

 

busy now back later

[obiter dictum]

Looking forward to this "theoldrogue"

 

Not come across this con before

[theoldrouge]

as has been said, before you can make any progress, you need to gather all the information

as to what was said, signed or agreed at the time

 

As above you need to send two seperate CCA Requests to PCF (£1po with each), along with a full SAR

 

Dont get starting any complaints/contact until all replies are received

[Debtrelief]

Dont have advice on the VT/Surrender etc.

 

I recall years ago PCF having a booster loan, this was because due to their internal policies, they could only fund x% of book value, but would offer a separate booster/personal loan to make up the difference. So if a car was £10k, customer had a £1k deposit, their book value said £8k, they would offer £8k on a HP/conditional sale agreement and the additional £1k the customer required on a booster loan (personal loan) agreement.

[theoldrouge]

Yes the very same, so as advised HP cca request under s 79, pers loan s77