Jump to content

 

BankFodder BankFodder


TheDude1

Private & Commercial Finance Group - £600 Penalty & Interest Charges

Recommended Posts

Hi guys, looking for some advice.

 

I've recently made the final payment of a finance for goods agreement (36 months), it was for a horse trailer finance that I paid monthly for.

The finance people won't budge on any discount, although I've only tried verbally over the phone.

 

Obviously I have missed a few payments over the years and I think I defaulted twice on the agreement but on the other hand I've paid a fair whack into this agreement.

The £600 charges consist mainly of £10 Letter charges, Penalty Interest and there is one charge of £300 Search Charge, which I assume is when I defaulted and they instructed a debt collector to gather information/demand payment.

 

Any help thanks

 

Share this post


Link to post
Share on other sites

who

they are penalties and are unlawful.

 

dx

 

  • Like 1

..

Share this post


Link to post
Share on other sites

Hi dx

Ok I guess I need to send them a letter. 

PCF bank, cheers

 

 

Share this post


Link to post
Share on other sites

commercial or private purchase?

it will be 'more than just a letter'

 

dx

 

 

  • Like 1

..

Share this post


Link to post
Share on other sites

hehe, yes I know it will be... 😀

 

Its a HP agreement - Private

 

I am not looking to reclaim the penalty charges, merely I just want the agreement to end and for them to release ownership of the goods. At the moment they won't release paperwork until all these charges are repaid in full.

 

 

Share this post


Link to post
Share on other sites

not sure the ownership issue is there.

would need to confirm by seeing the agreement

but typically once a 1/3rd has been paid the goods are protected under the consumer credit act

 

scan it up to one multipage PDF please

carefully read our upload guide.

 

dx

 

  • Like 1

..

Share this post


Link to post
Share on other sites

Thanks dx, will post them up this evening, cheers

Share this post


Link to post
Share on other sites

Hi dx

Please find attached the agreement, thank you

pcf.pdf

Share this post


Link to post
Share on other sites

its actually a modified HP agreement a conditional sale agreement with a ballon payment or as they call it a transfer fee payment to make in addition at the end before they give title to you of the goods

 

now if thats legal is another matter.

 

but their supervisory authority are the FCA and the fca are down on record as saying any fees for late/letter/returned DD can be deemed a penalty and thus are reclaimable.

though their fees are low and to get to £600 was it? seems there must berather a lot of em 

have you the full statement from day one?

 

  • Like 1

..

Share this post


Link to post
Share on other sites

Thank you dx

Yes, at present they are demanding £780, which includes the £175 title transfer fee, so yeah £605 worth of charges, but one charge was for £300 odd search charge which is quite substantial.

 

I have the breakdown of the account, please find attached, thanks again

acc.pdf

Share this post


Link to post
Share on other sites

did you move during the duration of this agreement.

 

dx

 

  • Like 1

..

Share this post


Link to post
Share on other sites

No I did not move. Thanks

Share this post


Link to post
Share on other sites

then the trace agent fee is totally unnecessary

close brothers are another lot that pull this stunt so do moneybarn and advantage.

 

why is almost every DD payment shown as  failed and attracts a letter fee

more stupid underhand tactics by then?

 

expand...

 

 

  • Like 1

..

Share this post


Link to post
Share on other sites

Thanks, yes its a large sum...

 I think mainly I am at fault with the late payments by not paying into the bank on time. 

 

At one point I missed Nov, Dec and Jan payment, I did not communicate with them during this bad patch...guess that is why they did a trace search, but did catch up on arrears in late January.

 

Cheers

 

Share this post


Link to post
Share on other sites

they are all unlawful regardless

you don't owe any of them.

 

T&C's can be challenged with great success....

hence

why all the PPI reclaiming...

and

all the historic bank charges reclaiming....

 

 

 

 

 

  • Like 1

..

Share this post


Link to post
Share on other sites

Good point dx, I will try contesting the charges and hopefully can just pay the title fee.

 

Any templates for this? The one I've used before was for reclaiming charges, however I assume I need different template, thank you for all the help

Share this post


Link to post
Share on other sites

no, but adapt the one you see

its says what is needed.

 

dx

 

  • Thanks 1

..

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...