Help With Moneybarn Please.

[gaters1970]

Hi I'm new to this so please be gentle 

 

I foolishly took out a car loan with Moneybarn for a £8500 car. The total cost after interest that I'd have paid back after 60 months meant I'd have had to pay back £14500. 

 

So for 12 months I paid £251.00 a month, but then for no fault of my own I lost my job.

 

Due to not being able to pay the monthly payments I handed the car back.

This was called a VT?

I thought that the car would be sold.

 

They told me that no work needed to be carried out and they sold it. 

I assumed they would take off the amount that they got from the sale of the car from my remaining loan?

But I was in for a shock! 

 

They've informed me that I owe them a huge £4888!  

When I rang them, they said that the have reduced what I owed them from the £14500 as a good will gesture, however due to this will not take into consideration the sale of the car?!

 

I've paid them approx £3000 and then they have sold the car but now i have to find £4888 for the privilege of owning a car for a year?

 

Again, I know i should have steered clear and I'm expecting some flack for this, but can anybody give me some advice as to whether I have any course of action to take?  

 

I totally understand that they're a business, however it seems far too excessive to charge me £4888?

 

Thank you.  

 

[dx100uk]

unless you sent them a VT request under the CCA they would have considered it VS, whereby you don't just owe to the 50% mark, you owe the whole balance regardless.

 

give use some dates please?

and was this all done over the phone with no papertrail?

 

dx

 

[gaters1970]

Hi

 

Thank you. I have a paper trail. I'll get the dates asap.

 

I asked them to VT my contract with them a year after taking out the loan and buying the car.   Bought car and took out load 18th Aug 2018. Lost my job June 2019. Terminated contract Aug 2019.  They collected the car and then informed me a few weeks later by post that all was fine with it and they were putting it up for auction.

 

Then a few months later I received this bill saying I still owed them £4888. 

[dx100uk]

So sounds like vt, but i bet they didn't do a vt unless they sent you a form to sign.?

 

so they did a vs and then as a gogw reduced it to almost vt 50% level.

never known mb to ever help anyone!!

 

dx

[gaters1970]

They said if I'd taken the loan out with a different "choice" or "way", then the money from the sale of the car would have been taking off my remainder of the loan? 

 

But they never explained this when I got the car.

 

It seem a ridiculous amount to expect me to pay for no having a car now and already paying them £3000?

 

What direction should or can I go now?  Is it worth pursuing in court?

 

Thank you for any advice.

[dx100uk]

eh?

again this points to them doing a VT.

 

what actually written paperwork do you have

and was this HP or PCP?

 

 

[dx100uk]

images/posts removed
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please do not post jpg picture images directly to a post
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read upload and redact in jpg then convert using on of the listed websites there to convert to one multipage pdf only

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that way only logged-in,registered and approved caggers are the only ones that can download and see them
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else anyone can see them caggers or not.

dx

[dx100uk]

Pers details showing

[dx100uk]

neither of you can count...

£250.69*60=£15,041.40 total

 

can we see the agreement please