the funding corp worst company ever!!!

[nish40]

Still does not appear that TFC have secured further funding. From the December figures they have a total of £22million left in the loan kitty.

 

They only lend out about £2million a month now compared to about £8million back in september 2006. The kitty was at about £150million back then.

 

The cattles group (Welcome finance) are known to be struggling to seek finance so I bet TFC will be even more so.

 

What a shame.

 

:lol::lol:

 

Just noticed that Jim Rowley (managing director) no longer working for TFC. He was one of the orginal lot that started up TFC. Did he walk/run or pushed?

 

Things not looking good

 

That's going down a bit if i get my Judgement for the princely sum of over £25,000 were suing for

[JonCris]

Hi all, well its been quiet for a while her, but over the last week it's been pretty fun.

 

Ok well firstly, i got a call from the Idiot Corporation at work, the lady called Lyndsey was very rude, and would not let me speak.

When she had finished waffling on about catching up payments bla bla bla, i started to inform her that the loan was deemed unenforcable by my solicitor.

To this she stated my solicitor was useless and knew nothing about finance law and it was enforcable and i had to pay up..... i said no.

I thought she had hung up, but she must have put it on silent, cos when i put the works phone down, and 5 mins later tried to dial out, she was still there saying "i wont be hanging up till you make a payment", so after i asked was she working continuously for the next 18 hrs, i put it down, picked up STILL THERE.

Anyway this went on for 45 mins till i rang my solicitor on my mobile.

When he answered i picked the works phone up and held it to my mobile, and my solicitor got a mouthful, needless the lovely lady from TFC quickly hung up when i told her who she had spoke to.

2 days later, at 8 oclock just as corrie ended, theres a knock at the door, opened it, and a man from EXCEL COUNSELLING SERVICES was there, sent by..... The Muppet Corporation.

In fairness he was ok, independent to them, and after i told him the case, he went said he would not call again even if asked, he was a nice guy, and no kick offs.

Well i since found out, that my case has now got advanced funding, and Barristers are now pouring over it to start legal proceedings.

I have reported them to ofcom about contacting my work, and i have made my statement to my solicitor, so ill let you know how i get on. Talk soon peeps.

 

P.S. Stitch im pm ing you

 

Contrary to popular belief you DON'T need to seek or even tell the other party your recording the call. Only 1 of the parties need know namely you & if neither don't that's phone tapping & is illegal without a warrant.

 

The only other time when you must seek their consent or that of a court, after the event, is if you intend to disclose the contents to a 3rd party

[nish40]

Incidentally, can anyone advise on something?

TFC keep levying charges and adverse credit on me, with this being disputed for well over a year, are they allowed to do that, and if not what can i do about it.

Stephensons Barristers are putting the final touches to The Court case, to which im really looking forward to, but i think they are too far into the paperwork for me to see if i can get squoze in, i dont want to upset the applecart.

 

Does anyone think i have a case to take separate action against them for carrying on chasing for money, pestering me and putting adverse comments in with the CRAs?

[toneighty170]

If you ever wanted to know what Nick Cherry looks like

 

 

I kid you not

 

CLIC Sargent - Caring for Children and Young People with Cancer : New Charity of the Year Partnership Announced

 

:lol::lol:

[nish40]

If you ever wanted to know what Nick Cherry looks like

 

 

I kid you not

 

CLIC Sargent - Caring for Children and Young People with Cancer : New Charity of the Year Partnership Announced

 

:lol::lol:

I wonder if he was in stocks, or its just his usual lunchtime eating habits?

[John Atkinson]

Well I saw this post over at car credit complaints forum, another one of the ex directors from tfc now works at chester zoo :D:D

 

 

Chester Zoo - New Commercial Director Appointed

[nish40]

Well I saw this post over at car credit complaints forum, another one of the ex directors from tfc now works at chester zoo :D:D

 

 

Chester Zoo - New Commercial Director Appointed

Yeah remember seeing that, was wondering which one of them is he?

[JonCris]

Well I saw this post over at car credit complaints forum, another one of the ex directors from tfc now works at chester zoo :D:D

 

 

Chester Zoo - New Commercial Director Appointed

 

You couldn't make it up could you:lol:

[John Atkinson]

You couldn't make it up could you:lol:

 

 

i think that is nick cherry top left

[whitevanman1965]

hiya peeps

well the muppet corporation have passed my acount to apex debt management, albeit illegaly as far as i am concerned.

because the account is in dispute surely they cannot sell the "debt".

trading standards are dealing with it on my behalf so we will have to wait and see.

the last time apex rang me the rude lady asked when i was going to make a payment to start and clear the balance of wait for it £19500.

for a £6000 car of which i have already paid them £10500.hahaha

i dont think so!!!!!!!

its been quiet for the last 4 months.

i wonder............

[nish40]

i think that is nick cherry top left

:D:D:D

[nish40]

hiya peeps

well the muppet corporation have passed my acount to apex debt management, albeit illegaly as far as i am concerned.

because the account is in dispute surely they cannot sell the "debt".

trading standards are dealing with it on my behalf so we will have to wait and see.

the last time apex rang me the rude lady asked when i was going to make a payment to start and clear the balance of wait for it £19500.

for a £6000 car of which i have already paid them £10500.hahaha

i dont think so!!!!!!!

its been quiet for the last 4 months.

i wonder............

Keep it up WVM,

 

I am close to serving Court Papers on them... Happy Days.

 

I wonder seeing as the rest of TFC staff will need a job soon, if there good friend above can get them jobs, the elephants need cleaning out regularly, and im sure Mr Nick (one day ill pop my) Cherry, would be great in the Weasel enclosure

[postggj]

182

 

having read this exelent thead from start to finish, ime amazed at the funding corporation, i thought welcome finance were bad.

interesting to note though, who do you thing are the main backers of the funding co and welcome finance, thats right, barclays.

these two outfits are in trouble getting funding just as barclays issue a profit warning, coincedence,

 

any way

 

back to my question

 

i was under the impression that if a bill of sale was invalid, the creditor would then have to rely on the credit agreement.

 

jon chris statement in post 182 states that the agreement in that case would be irrelevent

 

is jon chris around to confirm as helping out a pal at work with bill of sale and cygnet finance and bill of sale is void

[toneighty170]

The only info I could pick up on why the MD and co-founder left TFC. It is a cached page via google. It appears they are feeling the pinch. Nevermind :lol:

 

MD leaves as funder stops all non-motor lending

 

• The managing director of The Funding Corporation (TFC), Jim Rowley, has left the company which he co-founded. A company spokesperson would not comment on the reasons for Rowley's departure.
  

The independent finance house, which previously offered asset finance and block discounting services to corporate clients, is believed to have shut its doors to all new non-motor business entirely. Only non-prime finance division ACF Car Finance continues to accept new contracts, in a market favourable to funders which target non-prime borrowers. TFC's website would appear to support this conclusion, as it makes no mention of funding provision for any assets other than vehicles, including caravans.

Further rumours that its financial backer Barclays Capital had pulled the plug on its funding line were denied by a representative from the bank.

TFC was set up by former senior employees of Capital Bank Motor with backing from well-known motor industry entrepreneur Bob Edmiston, founder of the IM Group, which imports cars from the Far East.

It recently grew its presence in debt management and recovery, launching Red2Black Collections, a wholly-owned subsidiary, which replaced its former brand CollectOne Ltd. Nick Cherry is the director and general manager of Red2Black, while Chris Ryan, the former collections head at Citigroup, was recently appointed to the post of divisional manager.

 

VRL - MD leaves as funder stops all non-motor lending

[JonCris]

i think that is nick cherry top left

 

Naw looks to intelligent;-)

[mssmartimarti]

I worked for the Funding Corporation for nearly a year. Still interested in the ins and outs of what is truly one of the worst companies ethically ....ever. ? I could sing a song that would make you cringe.

[jakemate]

Hi, I bought a car with the funding corp about 4 years ago....

I also took out there gap insurance too.

The car was written off in a non-fault accident only six months later so both the insurance company paid out for the car but the gap insurance refused to pay the full remaining amount.

This left me with just under 2 grand that they wanted me to pay.

I obviously refused as the gap insurance and my own insurance should cover the total amount outstanding.

Four years on and I get a letter from a company called cabot finance.

The funding corp have sold my so called debt and now it is 5700 pounds!!!!

I rang them and explained that the gap insurance did not cover the price of the finance as stated but they are not interested and are proceeding with there collection dept.

I still have my gap insurance and credit agreement documents as I knew something like this would happen

I had full gap and fully comp insurance so how on earth can this happen and how do I get out of it??

 

Well, after speaking to a real nice lady from cabot and explaining my dilema, and telling her that I had my gap insurance and credit agreement still, she said she would look into it and the debt should'nt be enforced.

This was some four months ago so I've checked my credit file and it says account settled in full and final but is short of the total balance.

 

Hopefully this is the end of it maybe....

[AJ3000]

Hi all

 

More of the same I am afraid....

 

my other half has a car she bought with a bill of sale from TFC. windscreen price was £6600 approx, and the deal ends up with a total payment of a shade under £19k. i am a motor dealer by trade now, and was present when she signed her life away in the middle of 2006. all of the insurances she was sold (PPI, GAP, Warranty, MOT insurace, Tyre insurace, Key insurace, unisured driver insurace etc etc etc) were completely mis-sold under the financial services authority regulations (i think the phrase was you need all of this so we can get your finance for you - NOT TRUE!!!!)

 

again, as noted in so many posts, the ring gear went on the car to the tune of £1400 (meaning i had to sell my car to pay for the repayments) and this, as i'm sure you have all guessed was a, and i quote, "common fault with the Mondeo and as such is not covered under the warranty"

 

I AM A FORD DEALER AND HAVE ONLY SEEN THIS PROBLEM ONCE ON A MONDEO DIESEL SUB 100,000 MILES!!!!!

 

warranty and all insurances are not worth the paper they are written on, let alone the thousands fo pounds they overcharge for them. (FYI gap insurance on a new Bentley is only £440!)

 

the car is now worth all of about £1500, with about £9,000 or so still owing. we have never missed a payment, but we both have company cars now and £260+ per month on a 62 month agreement is rediculous. we're paying for the current market value of the car every 6 months!

 

i wonder if anyone has reported these conmen to the FSA (financial services authority)? all of the paperwork that "'er indoors" recieved has the key facts logo on it, indicating they are governed by the FSA, so presumbaly they are covered by the FSCS (financial services compensation scheme) this could be a way to get all of the money from the mis-sold insurances back, potentially halving the repayment costs.

 

I have read this thread with great interest, Stevensons should expect a call i think, and, with the industry contacts i have from a legal standing, i'm confident we can make some progress. Screw it, if they take the car i dont care, it's gathering moss at the end of the drive!

 

keep the pressure on people!!!

 

 

AJ

[AJ3000]

also forgot to mention in previous post.

 

GAP insurance is also knows as VRIP insurance. this stands for Vehicle Return to Invioce Price. now upon detailed inspection of the docs we have the renumeration that the insurance offers is wildly inaccurate for the vehicle.

 

it is what's known as a hybrid policy - covering both buying the car outright and on finance, and is designed to repay all of the finance or "top up" to original invoice price any monies following the vehicle being subjected to a total loss claim through their own road risk insurers (written off in English) for the period of the cover (in this case a 62 month policy)

 

now the invoice price of the vehicle as i have said before is a nats bumhair under £19,000, yet the GAP insurance policy is valued at just £5000. this means that there would ALWAYS have been a shortfall that would have been our responsibility to make up - IE NOT returning us to invoice price.

 

Now i am aware that the insurance does not cover the cost of insurances taken out (ironically) which would total about £7,000 of this cover (which by the way is nothing short of extortion!) but even so we're left with this worrying sum:

 

£19,000 - £7000 = £12,000

TOT. INS. REMAINDER

 

£12,000 - £6,600 = £5,400

REM CAR REM.2

 

£5,400 - £5000 = £600

REM.2 GAP SHORTFALL

 

So by this token if the car had been written of by a passing lorry as we drove away from the forecourt, we would have been £600 out of pocket on the finance agreement without even getting to the insurances

 

So in summary, even if the gap insurances were usable, and from what i have read they are not, they do not adequately cover the costs that the policy is designed to cover. now it may just be me, but if thats not a completely mis-sold insurance policy i don't know what is.

 

incidentally, now, with our car worth the princely sum of just £1,500, + the GAP insurances £5,000 that leaves us with £6,500 on a balance of about £13,000 halfway through our deal. so take that 7,000 insurance fee and half it to £3,500 leaves a balance of £9,500....... thats £3,000 short for the gap policy even if we maxed it out

 

it may be worth some of you checking these figures out on your agreements as there could be cause for a claim. to get an accurate representation of what your vehicle is worth, go to www.webuyanycar.com (i think or .co.uk) and punch the details of your car in. they will gove you a trade valuation of your vehicle at current auction prices, which is what road risk insurers pay out against NOT the price on autotrader!

 

hopefully armed with this info some of us can take the b4st4rds to the cleaners!!!

 

thanks

 

 

AJ

[rinbabe]

I agree! It is the worst company ever.

 

I bought a car from them, they messed up the first few payments by not inputting the bank details correctly, then tried to charge me for them. Two years later after paying on time every month I missed a payment when there was a nationwide banking error and I didnt get paid on time. I spoke to a very rude man who refused to help because I had missed payments previously (the ones which were their error apparently). A few days later, with no warning, two bailiffs turned up at my house and took my car. Three years later, they have started sending me letters saying I owe them almost £6000 for the car. The car was only worth £3.5K and I paid way over that in repayments over the two years. I am trying to get my head around what to do about it at the moment. Agh! Each person I spoke to there was beyound VILE. Pure **** as far as I am concerned.

[gillypam]

Hi rinbabe.phone stephensons solictors tele 01944 777777 they should be able to give you some advice .they are helping us with TFC good luck

[nish40]

Hi rinbabe.phone stephensons solictors tele 01944 777777 they should be able to give you some advice .they are helping us with TFC good luck

And on that subject from Stephensons, watch this space peeps................. Stephensons filed for Court on my Behalf on Tuesday 21st April. Made up i am, and cant wait.

As ive said before, i am claiming in excess of £25k from TFC.

The barrister writing the papers says its a 95% certainty ill get judgement, the only reply Stephensons got was a Muppet Corporation Payment Card lol, waste of money cos it wont get used.... unless its actually a card they load with money for me hmmmmmmmmm

[mrp100461]

I have not had any money problems with them but I do think they take the **** with how much they charge people who cannot get credit else where.

I am paying 415.39 for a C3 Citreon thats a grand total of £25,173.40 with of course all the warranties,I have had the car nearly two years.

We have been told by Car Craft that our agreement was a HP agreement, when trying to obatin another car, but when I looked at the paper work it was a bill of sale.

This confuses me because I thought me and partner had an HP on the car and a credit agreement on the warranties.

Car Craft said that we could have two cars for the money we are having to pay TFC.

And also we have been told that the total amount owed also afffects your credit file.

[dominicastar]

Hi Stitch

 

Im loving the Misleading Actions section of the Unfair Trading Regulations. I am sure i could have these muppets on so many counts !

 

Andy

 

Hey Andy,

 

It's been a year now, what happended to your case? Did you win?

[nish40]

Hey Andy,

 

It's been a year now, what happended to your case? Did you win?

Would be great to hear from him, im waiting for my court date now, its been submitted so its just waiting.

I have heard though that the Muppet Corp settle out of court in return for a gagging order. Maybe why Andy has not been back on