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Loans 2 go £15 for car scrap


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Hi,

Not sure if anyone can help,

 

I had a car loan with loans2go last payment was due in May 2016.

We took out a new loan with them in May for £500 plus the £50 We owed from last loan.

 

At the very end of May our car started having Problems,

we changed the fuel filter and got a mechanic to look at it

because the turbo had been not always been kicking in.

 

In the end we decided it would cost to much for us to fix (we didn't have the money),

we got a new car on finance.

 

We rang loans 2 go and explained that we had some problems with the car

and could we have the documents

 

so we could either sell it or scrap ourselves

and whatever we get we will put towards paying off the loan.

were told no,

 

said they would need to take the car away.

So we could take some of the value off what we owed.

They agreed and we had someone contact us to come and collect.

 

When the garage turned up to collect

they told us they had bought the car for scrap for £15.

 

i immediately called L2G and said I wasn't happy.

They told us they'd put it on an auction scrap site and only got £15.

 

I contacted the Financial ombudsman and they wrote to them on my behalf.

 

I have just received a reply from L2G and they've said,

they will not accept my complaint.

 

The car was removed because we told it was non drivable

and it also had no Mot or tax and therefore they could only sell it for scrap

and that's all they were offered.

 

1) it did have both tax and Mot

2) it was drivable still, we just couldn't afford to repair it

 

The car was worth about £1500 on the insurance it was £1100.

I know it had some issues with the turbo and the fuel pump

But I Definitely would have be able to sell for parts or scrap at more than £15.

 

I feel thoroughly ripped off and now I have a loan which has £600

plus the monthly interest to pay and not even a car or money take off the account.

 

The next stage is to contact the financial ombudsman again.

 

Am I likely to get anywhere?

Am I right in thinking they've done me over?

Is there anything else I can do?

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Welcome to CAG Jabloom

 

Your situation is extremely sad but is actually more geared towards your side.

 

L2G cannot take your current car as it isnt the one that is on your Loan Agreement. Has this loan been paid off yet?

Do you still have the documents for the loan? Do you also have a copy of the Insurance cover and MOT?

 

Can we see a copy of the Response from L2G?

Id like to help if i can.

 

We could do with some help from you.

 

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Receptaculum Ignis

 

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Welcome to CAG Jabloom

 

Your situation is extremely sad but is actually more geared towards your side.

 

L2G cannot take your current car as it isnt the one that is on your Loan Agreement. Has this loan been paid off yet?

Do you still have the documents for the loan? Do you also have a copy of the Insurance cover and MOT?

 

Can we see a copy of the Response from L2G?

Id like to help if i can.

 

HI,

 

ok this is the situation, the new loan has only just been started again and the account is on hold because of my complaint. obviously I didn't know my car was going to have issues before I took the loan as 1) they wouldn't have given me a loan 2) I would tried to sell the car. I haven't made any payments on the new loan, which I know doesn't help my case but I refuse to whilst there is a dispute

 

here is a copy of their response

 

27th June 2016

 

Account number:

 

Dear Mrs Bloomer

 

Further to our letter dated 15 June 2016, I have now investigated your complaint fully. Whilst you assert you could have obtained a better price for the sale of your car had you sold it yourself but were not given the opportunity unfortunately, Loans2Go had to dispose of your vehicle for scrap and the reason for this is as follows:

 

You signed a loan agreement using your vehicle as security. The ownership of your vehicle was then transferred to us by way of a Bill of Sale and as a result became our property to do as we saw fit in the event of non-payment of your loan agreement or in the event of a voluntary surrender.

 

You contacted us in June of this year to advise that the vehicle was no longer working due the fuel pump having broken along with other issues and, as you were not in a financial position to get it repaired, proffered it for voluntary surrender. We duly collected the vehicle and did inform you at the time it would not be in full and final settlement of the loan as the vehicle was not in the same condition as when the loan was approved. We do acknowledge your disappointment at the amount the vehicle actually realised for namely, £15.15 for scrap, but due to its condition, lack of MOT or TAX, loans2Go were unable to sell at auction. We would advise that had you sold the vehicle privately, you would not have been able to effect the amount you were looking for due to its condition and being a non-runner.

 

in the circumstances and after consideration to all the evidence available to me, I am unable to uphold any aspect of your complaint. You will be aware that since your complaint was received and acknowledged, your account has been on hold. Your account will now come off hold after 14 days from the date of this letter and any pending action against you (if applicable) will recommence without further notice.

 

Please note that, under terms of our Complaints Procedure, this is our final response. If you are dissatisfied with it, you may refer your complaint to the Financial Ombudsman Service. You need to do this within six months of the date of this letter. For more information please read the enclosed guide 'Your Complaint and the Ombudsmann'. You can also find more information about the Financial Ombudsman Services by visiting their website: http://www.financial-ombudsman.org.uk

 

The Address of the Financial Ombudsman Service is:

 

Financial Ombudsman Service

Exchange Tower

London

E14 9SR

 

If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances.

 

Alternatively you may contact the Consumer Credit Trade Association; of whom Loans 2 Go are a member, who offer a conciliation service in order to help resolve disputes of this nature.

 

Yours sincerely

 

Sue McCarthy

Professional Standards Officer

For and on behalf of Loans 2 Go

 

 

So they have blatantly ignored and lied to me. We originally asked for the documents so we could sell the car, they refused. We told them, then we guess we have no alternative for them to collect the car as we couldn't afford the repayments anymore and as the car had some issues, we were not in a financial situation to be able to fix the car at the present time.

 

The car was not 'not working', my husband had just changed the fuel filter and we were advised by a garage that there was issues with the Turbo and the Fuel pump. They are both expensive jobs and with me on Maternity ATM, my last Paid SMP being end of June (I now have no extra income until I go back to work), we just couldn't afford the repairs atm.

 

The Car had both MOT and Tax and why they have lied about this, I do not know, and I can prove it had both.

 

Even if i could not sell the car as in 'Good Condition' I would have been able to sell it for Spares and repairs or scrap it myself for a higher value than £15.15.

 

I have previously scrapped a car and they go on weight and as it was a Volvo S60, it is a fairly heavy vehicle and i defiantely would have got more than £15.

 

They did not come out and inspect the vehicle at any point. We did ring them again and ask what was going on with the vehicle as we had put tax on the vehicle until the end of June and if they were taking it away were not going to pay further for tax.

 

Any Advice would really be much appreciated. I now have over £600 to pay them atm and not even a vehicle as collateral. i really feel conned.

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Well definately back to the ombudsman with a cooy if their final response and proving the "lies" you have been told.

 

Im not an expert where bills of sale are concerned but we do have people who are

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Would suggest that you escalate your complaint to the Ombudsman, especially if you are near to the 6 month deadline.

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Scrap prices for cars are currently low, around £25-£45 so you haven't lost that much.

 

The fact that the car had tax is irrelevant, it cannot be transferred with the vehicle and any full months remaining will be refunded to you.

 

The MOT is irrelevant, if it is broken/ damaged and needs expensive repairs it will only be worth scrap price.

 

You haven't lost collateral , the lender has lost their collateral, they cannot now repossess the car so the loan reverts to an unsecured loan. If you default on it they may find it difficult to get repayments through the courts if you have other debts.

 

Because of the loan you were not in a position to sell the car privately or repair it and sell it ., which is yet another reason never to take logbook loans.

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  • 2 weeks later...
  • 3 weeks later...

Do you have your pre contract information

If so post it up minus pers details

We need to look into the info given

regarding surrender of your car

  • Haha 1

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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can you convert that to PDF as the guide advises................

so we can zoom it

thanks

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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.......and any other pages supplied please

 

I particularly want to see that the PCI complies with the trade body the CCTA code of practice

for bills of sale

 

Specifically clause 4.3.2f.. that there is a provision for voluntary surrender of the asset, and the terms and conditions that apply

 

This will offer the best route to success with the ombudsman, as the CCTA code has been accepted in large part by the law commission in its review of the Bills of Sale Act

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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