The Funding Corporation - Reduced payments

[theoldrouge]

plenty of reading here for you if they dont agree to your proposals, in order to formulate a Formal Complaint in writing

which could then go to the fos if still rejected

 

If they were to continue to ignore your proposals also send a report to the FCA

 

https://www.handbook.fca.org.uk/handbook/CONC/7/3.html

[persha50]

WHOOOOOOOOOOHOOOOOOOOO. I had a bit of a result today.

 

I sent an email to the MD using the email address from fkofilee, at 12.56

 

at 13.31 I received a phone call from their Operations manager, I think he said his name was David Taylor.

He said he had received my email,the said actually it was his boss who had received my email and had passed it on to him to resolve.

I was just about to leave for work (I manage an afterschool club so work from 2.30 to 6.30) so could not take the call.

 

He was a bit otherwise as he kept saying the matter needed to be resolved so hoping when I do chat to him its not going to be difficult.

 

he said he would try and call me tomorrow morning but would be in court so could not give a time

and on Friday I have a managers meeting in the morning so will not be contactable all day.

 

So lets see what happens and hear what they have to say in response.

I quoted the bit from their website where it says about treating customers fairly, and bits form two of their letters

about being in financial difficulty to contact them and they may reduce payments along with the response I got from staff saying they don't do reduced payments.

 

So here's hoping may finally after 2 or 3 years of trying get my payments reduced (only have 11 more to go!!!!)

 

Will keep you posted and thank you everyone for your help and advice IT DOES WORK.

[fkofilee]

Thats the reason I suggest emailing MDs... Monkey said no... Ape says .... Yes?

[persha50]

I could not believe it when he phoned was a bit lost for words!!! I did not put my contact number on the email which means they would've had to go into my account to get details!!

Again thanks fkofilee. Has anyone had dealings or knows of this operations manager. As I said he sounded a bit otherwise so just wanted to get some sort of idea what kind of fight I have ahead of me.

[fkofilee]

Just deal with him for now, this is a grey area, it could be good or bad...

[persha50]

Hoping its finally good. Heard nothing yet but he did say he was in in court all day so may only be next week. He phoned on his direct mobile number which he told me make a note of? If I have a good experience will post the number.

[fkofilee]

No dont post the number, we dont really permit it here...

Keep it to yourself. Thats the best thing.

 

You mentioned he is going to be in court all day?

 

That worries me lol... Anyhow please keep us posted

I will be watching....

[theoldrouge]

I could not believe it when he phoned was a bit lost for words!!! I did not put my contact number on the email which means they would've had to go into my account to get details!!

Again thanks fkofilee. Has anyone had dealings or knows of this operations manager. As I said he sounded a bit otherwise so just wanted to get some sort of idea what kind of fight I have ahead of me.

 

shouldnt be a fight at all, remember what you have learned

[persha50]

Will do - my managers meeting is actually next week so have text him to let him know I will be in tomorrow morning. Will give him till 10 to phone if nothing I will phone him.

Will definitely keep you posted. Got a list of my questions as I would like to hear what his responses will be???

[persha50]

I am still in shock

 

it was a very adamant NO to getting my monthly payments reduced after to talking to Mr Shaw.

 

His response to their literature where it says WE MAY BE is just that they may be

but the company policy is that it is something that THEY NEVER DO.

The bit I quote from their website, response was THOSE ARE JUST GUIDELINES WE DO NOT FOLLOW THEM.

 

When I ask if I can come with the salary slips I had now would they have leant me the same money, his reply was NO THEY WOULD NOT.

He also argued that he could not see how a reduced payment would help me out.

 

Just shows how terrible they are.

I think another email to their MD and then complaint and will try and get some press

not sure if someone like Watchdog would pick it up.

 

I am on a mission and will be my reduced payments.

They have agreed to put my one months arrears on the end of my agreement

and let me pay £200 instead of £280 for 2 months??????

[fkofilee]

Formal Compliant then off to the FOS... Cost the £550 and not only that, but youll get what you want!

Get it signed sealed and delivered form them in writing then go for the throat.

[theoldrouge]

formal complaint by all means, you need to re read the post and links that I provided in post #4 as regards the overall position of the FCA view of LBL co,s

 

and also the link below in order to do a comprehensive complaint

https://www.the-fca.org.uk/consumer-credit-research-logbook-loans

[persha50]

Thank you will do.

 

I cannot beleive the audacity or reasoning behind their replies.

Definitely not a customer friendly company.

 

Am sending a SAR off and have all my fingers and toes etc crossed that for some reason the Bill of Sale has not been registered or there is something I can use to get out of the contract all together.

 

Very interesting and helpful advice.

 

Just one query

if they have agreed to put my September payment (the one that was in arrears) and also agreed to reduce two of my monthly payments by £80,

therefore not in arrears

 

would I still be able to apply for a time order.

 

How I did receive a letter (attached) with 2 payments in arrears of which I have paid one and the other is going on the end of my contract.

 

With my current salary I am trying to get a new replay of £100 to £150/month.

 

Do you think its worthwhile doing another complaint to TFC as did one about the very same thing +/-2 years ago and got turned down.

[theoldrouge]

you need to include all of this in your Formal Complaint, should you need to apply for a time order here are the details

 

https://www.nationaldebtline.org/EW/factsheets/Pages/06A%20EW%20Time%20order%20on%20an%20unsecured%20credit%20agreement/Default.aspx

[persha50]

Hi thanks for link will definitely have a look if I have to aplly for a time order through the courts.

 

I am going to give it one more try with another complaint to TFC, and if no joy will do the time order.

 

 

Will also make a complaint to FOS. I know it says (from the link you posted) that you do not have to tell the creditor

but I will tell TFC that I am going to apply for a time order as well as putting a complaint through FOS

and that maybe what is needed for TFC to review.

 

Not sure if you can advise but do you think my situation would warrant a time order being granted?

 

Sharon

[Ruleoflaw]

It sounds like misrepresentation to me.

 

 

They make a statement that they are willing to help customers who get into arrears (a representation).

If they then say no, I know what it says but the company does not do that.

 

In my view, this is a misrepresentation of the company's terms.

It could be a contractual breach of terms, as those words are part of the contract, and you only contracted on that basis.

 

Fraud Act 2006: false/ misrepresentation for a person's gain or another's loss is fraud.

 

If the company make representations such as saying they will help others if they get into debt

but this is not in fact company policy in reality, this is clearly a gain by deceit as they're attracting customers with the result of a financial result (the gain).

 

This sounds like fraud to me.

 

Perhaps giving the Crown Prosecution Service a ring might shake things up, too.

[theoldrouge]

Hi thanks for link will definitely have a look if I have to aplly for a time order through the courts.

 

I am going to give it one more try with another complaint to TFC, and if no joy will do the time order.

 

Will also make a complaint to FOS. I know it says (from the link you posted) that you do not have to tell the creditor

but I will tell TFC that I am going to apply for a time order as well as putting a complaint through FOS

and that maybe what is needed for TFC to review.

 

Not sure if you can advise but do you think my situation would warrant a time order being granted?

 

Sharon

 

it depends on your current situation, and what you are trying to achieve

 

originally you indicated that you wanted them to add the one months arrears to the end of the payments which is what they agreed to

 

however if you wish to reduce the payments

first try the formal complaint route,

setting out clearly what you want them to agree to

and any other issues you may have

 

if they refuse then you can take this to the fos

 

However you need to keep a very close eye on the situation,

if they issue a compliant default notice under s87 giving you 14 days to remedy then imo you should certainly, at once, go the time order route in order to gain the protection of the court

 

these companies will repo after expiry of the dn,

then they have your money and your car

 

which is why they are being brought to heel by the FCA

[Ruleoflaw]

Alternatively, the Citizens Advice Bureau is a good forum to negotiate reduced payments.

Have you contacted them yet?

 

Companies have respect for the CAB and lawyers discuss them in legal journals usually in a positive light.

 

I think if the OP gets the Citizens Advice Bureau behind her, will make it easier.

 

As the CAB is a voice of many whereas the OP is but one voice.

[dx100uk]

Cab can be a roulette wheel

Nothing wrong with advise being given here

[persha50]

Hi

- I have been trying to get them to reduce my repayments for the last couple of years.

 

Reason being that I have had to reduce my work hours for health reasons and work in childcare

so now work 39 weeks (which is term time) instead of 52 weeks.

 

My previous wage was +/-£1350/month and my current wage is +/- £900 so a drop of £450 per month.

 

I did complain a couple of years ago and also sent in a reduced repayment and the response I got

was that they felt my change in salary did not support a material change in circumstance

and they did not see how reducing my repayments would help.

 

In August this year tried again, they sent me out an income and expenditure to complete.

 

In September my hubby got made redundant so having not received anything

I phoned to get an update and the person I spoke to said

"I see you have asked for a reduced repayment but we have not received the income and expenditure back",

which confirms they were aware of it.

 

Another one was sent which I completed and emailed, hoping this time it would work.

 

Due to my hubby having no income in September this was the only repayment that was in arrears.

I phoned again to get an update only to be told that reduced repayments are something the company never does.

I asked why they had sent me the income and expenditure and they replied it was to see if there was any change in my creditors from when I first replied,

 

so having this and seeing I had no disposable income (I also did not include their repayments in this so in fact was -£280 at the end of the month)

they asked if I could repay the arrears at £100/month on top of my usual repayment.

 

I was gobsmacked - they know I am experience financial difficulties,

have received copies of my hubby's redundancy letter,

have got a current income and expenditure,

know I am trying to get reduced payment but still ask to clear the arrears!!!

 

Emailed MD,

got a call within 30 minutes of David Short, Head of collections.

He also confirmed the company does not do reduced payments.

 

Asked him why it was advertised and he said it says MAY BE ABLE TO HELP so they don't have to,

 

the bit on their website about keeping customers happy etc was just a guideline, imply that it was something they did not practice.

 

I then asked him if I came for a loan with my current wage slip would they lend me the same amount of money to which he replied no they would not.

 

So in view of the above I feel I have tried everything,

my financial situation has not got better,

they constant reference in various letters about being able to help customers in financial difficulty

which has been confirmed by 2 staff is something that is not done.

It was only when I asked about how much they would lend me that he reluctantly agreed to put arrears on the end of the agreement.

 

Their advertising is seriously deceitful and misleading and I don't see why my repayments cannot be reduced under the circumstances.

 

So decided to do another complaint to TFC, as well as FOS and also try and get a time order from the courts

to finally get reduced payments as I beleive I have good case.

 

Keeping fingers cross and here's hoping. Will keep you posted.

[persha50]

Hi - got all the papers back from TFC after doing SAR and they did register the BOS.

 

Will now do complaint to FOS as I know they are after as much info as possible re log book loans and unfair treatment.

 

I have just paid a reduced payment this month (they agreed I could do for 2 months and then contact them in January to relook)

 

but I don't think they will agree to carry on reduced payments,

 

I need to get them down to around £150 (usually £280), so want to get everything ready to get a time order started.

 

How do I go about getting that done or should I just look on CAG for previous posts/advice.

 

..

[fkofilee]

£50 for a shot term arrangement, £100 if its the second short term arrangement within 12 months?

I hope they havent charged you these...

[persha50]

Hi - don't think they have charged anything as it was last and this month that they agreed to a reduced payment. Will double check.

[persha50]

Hi - not sure if anyone can help with this query.

 

It says on the conditions for a bill of sale that the witness who signs the agreement must be "Attestation by a credible witness who is not a party to the bill",

if the agreement has been signed by the sales exec/rep surely this is conflict as it is in their interest to have the BOS go ahead and are definitely party to the BOS.

 

Also the BOS was registered on 14th September but signed by TFC on 19th September

surely it should be signed by them before the BOS is registered with the high court?

[fkofilee]

Technically yes it should be, and what if you decided not to proceed with the Credit Agreement? Never the less let the site team look into this.