the funding corp worst company ever!!!

[nish40]

It might be purely coincidental, but we put in a complaint to Stephensons about MB last December. Unhappy with Stephensons & MB's response, the LCS took up our complaint. On 3 June our case worker wrote to Stephensons, & started the ball rolling. On 22 June, based on info from MB, she initially she rejected our complaint.

We immediately supplied her with proof that he had lied, not just to us, but to her. The case was reopened. [she's been on holiday for the last 2 weeks].

From your thread it would appear that at about the same time he suddenly, without giving any notice left Stephensons. The LCS had not been informed, of either his intention to leave, or that he had left.

 

What concerns me is that he treated us terribly. Made false promises, & then totally ignored us when we tried to talk to him about our case.We gave him £1000 on account for a Barrister.

But then billed us £1300 for preparation work for the barrister which he initially said he wasn't going to do. And as it transpires, he never did do.

 

But Stephensons wouldn't dismiss him just because of us. Are there others who have also had to a bad experience with MB?

 

Debs

MB was a bit slow with me at first, and didn't return calls etc, but i threatened to go elsewhere, and by this time they had done loads on my files, and after that he was ok.

[loopy lotty]

I am new to this site also and am totally fed up with the funding corparation and need some advice pls! I bought a car through ACF just over a year ago and was told that it was a hp agreement. At the time, my credit score was low, due to a financial association I had, not me, and they said if I pay all monthly payments on time I can either bring the car back in a year and exchange for a better car and rate or I can terminate the agreement. I tried to do this only to be told I couldn't as it was a 'bill of sale agreement' and you therefore could not terminate! I was totally conned! When I recieved the paperwork I realised just how much I was paying, nearly £19,000 for a car worth about £6000, I don't even know what all the extra costs are for! The agreement states bill of sale in small print but that's it, I have never recieved any other paperwork.

 

I have never missed a payment and just want to get rid of this car now, I have over 3 years left on the agreement and can't afford to continue paying these horrendous payments!

 

pls help!

[gillypam]

Hi Loopy lotty.we were all coned by ACF and the funding corparation get in touch with stephensons solicitors tele 01942 77408 and asks for advice on were you stand with all your paper work it could be your bofs is void like us and a lot of other people but they will have a look to see were you stand.good look.gilly

[duke49]

Hi Everyone I am new to this site, but have been reading the posts for the last few weeks, I bought a car from ACF last Oct and have had lots of trouble with it (I wasn't offered any Warranty at the point of sale), they are not willing to sort out the issues with the car and neither are TFC.

 

I have noticed lots of mentions of the Bill of Sale document, I was not given one of these at the point of sale or sent one at a later date from TFC, all I was sent was a copy of the Finance document (two pages and that's it) can somebody tell me how I stand with not having a Bill of Sale document, as like everyone else I really need to get out of this Financial agreement so that I can iether afford to get the car repaired and sell it or give it back to these rude customer service people and tell them where they can stick it......!

[gillypam]

Hi Everyone I am new to this site, but have been reading the posts for the last few weeks, I bought a car from ACF last Oct and have had lots of trouble with it (I wasn't offered any Warranty at the point of sale), they are not willing to sort out the issues with the car and neither are TFC.

 

I have noticed lots of mentions of the Bill of Sale document, I was not given one of these at the point of sale or sent one at a later date from TFC, all I was sent was a copy of the Finance document (two pages and that's it) can somebody tell me how I stand with not having a Bill of Sale document, as like everyone else I really need to get out of this Financial agreement so that I can iether afford to get the car repaired and sell it or give it back to these rude customer service people and tell them where they can stick it......!

 

 

Hi Duke49.well what do you expect from a company like TFC.get all your paper work checked out it sounds a bit if,y not have,ing a BOS.get in touch with stephenson solicitors or CAB for advice they will let you know were you stand.

[legoland]

i think that if we all took a stand against them at the same time it would have a substantial effect, i can't believe that the courts are making TFC right why

can anyone shead some light for me i had my car stolen and the insurance company are only offering half of what is still owing on it !!! TFC say tough we have to pay the difference we stupidly bought it from carcraft and someone mentioned we should of had the option of gap insurance but we were never told about this whats the best course of action ?

[postggj]

legoland

the funding co are talking crap as usual

do you stillhave your agreement

 

you would be able to cancel the agreement at the half way stage via a vt if you did not have gap any way

 

cant believe you never had gap or as its know, shortfall insurance

 

its put on a agreement as routine

[ballcock]

ibought a car from a local subaru dealer over two and a half years ago and tfc were acting as subaru finance, since then the CREDIT CRUNCH has struck me heavily in my line of work, so the car has landed right at the bottom of my financial obligations list. i contacted tfc to see about voluntary termination of my finance, to which i was informed would not be a problem, this was about a month ish ago.... during this time i contacted them to discuss various aspects of the termination on several occaisions, still under the misaprehension that this was still going ahead. i was sent reeling yesterday to discover that they had made a mistake in that it wasnt a hp agreement, but a MOTORLOAN, and due to this they wont vol terminate the deal. when i bought the car ,it was hp, ive spoken to the dealer in question and he informs me that at the time i bought the car, tfc only allowed them to offer hp agreements. im confused coz if it was a loan,why could i take gap insurance out, which i did... or am i blissfully ignorant to the ways of the financial world. to round up bought a car ,paid for said car faithfully and on time for two & a half years, now having problems paying for the car, was lead to believe car deal could be cancelled, only for tfc to move the goalposts and totally land me in the s***. ps agreement didnt say motorloan or hp and is in the hands of my local trading standards......... thoughts & comments most welcome

[drob]

Have a look at your agreement that you signed, what does it say on the top of the agreement?

[Dirtball]

ibought a car from a local subaru dealer over two and a half years ago and tfc were acting as subaru finance, since then the CREDIT CRUNCH has struck me heavily in my line of work, so the car has landed right at the bottom of my financial obligations list. i contacted tfc to see about voluntary termination of my finance, to which i was informed would not be a problem, this was about a month ish ago.... during this time i contacted them to discuss various aspects of the termination on several occaisions, still under the misaprehension that this was still going ahead. i was sent reeling yesterday to discover that they had made a mistake in that it wasnt a hp agreement, but a MOTORLOAN, and due to this they wont vol terminate the deal. when i bought the car ,it was hp, ive spoken to the dealer in question and he informs me that at the time i bought the car, tfc only allowed them to offer hp agreements. im confused coz if it was a loan,why could i take gap insurance out, which i did... or am i blissfully ignorant to the ways of the financial world. to round up bought a car ,paid for said car faithfully and on time for two & a half years, now having problems paying for the car, was lead to believe car deal could be cancelled, only for tfc to move the goalposts and totally land me in the s***. ps agreement didnt say motorloan or hp and is in the hands of my local trading standards......... thoughts & comments most welcome

Do you have voluntary termination rights within the agreement? If not then you're trying to rely on a right you simply don't have. If you were mis-led to believe you were taking a HP by the dealer then your issue is more with them than tfc.

[Dazlad1]

Unfortunatley i am with this company.

I was looking at my paperwork and it states a value on your Hire Purchase agreement what you owe, before you can voluntry surrender the termination on the vehicle. ( Normally it's two years or after ).

[Dazlad1]

Hi All,

I have just noticed that on my statement from the beginning of the finance deal it is broken down on fees etc, and on one of them fee's it says,

GENERAL INSURANCE ? can anybody please tell me what this is for, and did they have a right to do this without me agreeing ?. Im wondering if it was optianal or not or is it some kind of Gap Insurance ???????

Regards Dazlad1

[nish40]

Just Let You know Guys my first court date is in 6 weeks. Wont say the date for obvious reasons but will let you know what happens.

It wont be over after this but will give a good idea of what may happen

[postggj]

Unfortunatley i am with this company.

I was looking at my paperwork and it states a value on your Hire Purchase agreement what you owe, before you can voluntry surrender the termination on the vehicle. ( Normally it's two years or after ).

 

 

WELL THANKS FOR BEING HONEST

 

BUT TO SET THE RECORD STRAIGHT

YOU DO NOT HAVE TO WAIT 2 YEARS TO DO A VT

 

AS LOND AS 50 % OF THE AGREEMENT HAS BEEN PAID,

YOU CAN VT WHEN EVER YOU WANT

[little_evo]

Hi all....again....

 

Well it seems TFC are up to their tricks again...

 

I called them on monday with regards to them sending us their complaints procedure as i have a very serious complaint to make about them...(if you would like to know the details i can always share!)

They duely obliged, but in the forwarding letter they have asked us to contact them about the outstanding balance (which needs to be paid in full, as per letter). BUT the PPI company is (are supposedly) paying them due to redundancy, BUT have not received a payment from PPI company since march!!

 

Oh also in the letter they asked me to contact them with regards to VT'ing the car..i asked this 3 years ago!

[Sammi1985]

Hi all

 

This is my first post so apologies if this is the wrong place to put it!!!

 

I have a BoS with TFC. I have been reading the many posts on here and have come to a bit of a dead end and am unsure where to go next. This is my story....

 

I took out an agreement with TFC through ACF in May 2007, when I took the agreement on I was under told that once I had paid a third of the agreement I would be able to return the vehicle no questions asked. Under no point during the signing of the agreement was I told that this was a BoS.

 

I drove the car away that day and was pleased with my Corsa, until 28 days into my warranty by vehicle was displaying a flashing F on the easytronic display, I called ACF and they advised I could take it to one of their approved dealers to have it looked at, I advised I was not comfortable with this as the handbook said the flashing F meant a serious fault that could only be rectified my Vauxhall, they agreed for it to go to my local dealership. When I took the vehicle there they discovered it was a faulty Control Panel in the easytronic gear box and replaced the part for £600, which the ACF paid for.

 

Everything was going fine with the vehicle until 6 months later when the dreaded flashing F returned. I called ACF and they were not interested!!! I then called The Funding Corporation who were not interested!!!

 

I took the vehicle to a local garage who advised that in order to rectify the problem it could cost on excess of £1000.

 

As I do not have £1000 lying around I could simply not afford to continue using the vehicle. The vehicle has now been off the road since November 2007. I did miss a couple of payments to TFC as I was having to pay out for running another vehicle as well as trying to keep my payments up to date on this agreement. I came to an agreement with TFC that I would be making reduced payment onto my account, they advised that this would be rescheduled for my agreement.

 

I asked TFC about VT'ing and they advised that as is it a BoS this would not be possible and the only way I would be able to give the vehicle back would be to stop paying all together and they would come and repossess the car. I advised that I did not want this to happen as I will shortly be looking into getting a mortgage!

 

Having read the many posts regarding BoS’s with TFC I found that Stephenson's Solicitors would possibly look into this for me. I therefore sent off all my paperwork and they have advised although they have found faults on the BoS, the Credit Agreement is fine. I have asked whether as the Bos is void then anything that stems for it is also void and all they could advise was to either take it up in a small claims court or go to CAB. I am currently planning on making an appointment with CAB, however, reading up on here I doubt that they will be able to help at all?

 

I am currently at a loose end and don't know which way to turn. All I want is to give them the vehicle back and that be the end to all this. TFC have also told me even if I stopped paying they probably wouldn't collect the car anyway as it doesn't work.

 

Any information would be greatly appreciated. I can provide copies of my BoS and Credit Agreement if needed.

 

Many Thanks

[Pacluc]

When did you take out the agreement? Apparently a large percentage of agreements are unenforceable for one reason or another...if you google unenforceable agreement a whole bunch of companies looking to audit deals taken out before (I think april 06) will pop up and may get you right out of it. Wouldn't that be nice!

[postggj]

there are problems with stephensons at the moment

 

can you post up the agreement

 

google photo bucket to post

 

deleate personal details

 

and yes

 

most agreements are crap so post it up

[Pacluc]

Hi, it's me again...I dont think you were advised correctly at the time of the problem, I guess this car was not a banger? The warranty that you are given ,or sold, when you buy the car, protects the dealer more than you...you have statutory rights when you buy anything, whether there is an additional warranty or not, and these rights cannot be taken from you. I think you needed to demand a repair from the supplying dealer, and if they did not agree, go to small claims. It is relatively cheap to do, and the court is not likely to be sympathetic with a car dealer who has sold you a car which has gone wrong twice! I know, I used to be one!

Whether or not you could go this route so late on, I dont know...worth looking at I feel.

[gillypam]

Hi pacluc.we got our car back in feb 2006 and yes TFC has admitted that the BOS is void. don,t bother with stephensons there not touching people.there only take,ing people who can pay not the little people like us.take it from me because we was with them and they have closed our file.

[Sammi1985]

Hi Please see my attached documents, I have blanked out personal and vehicle details. I took this agreement out 19 May 2007.

 

Thanks

Credit Agreement - to post.pdf

Bos to post.pdf

[drob]

Hi pacluc.we got our car back in feb 2006 and yes TFC has admitted that the BOS is void. don,t bother with stephensons there not touching people.there only take,ing people who can pay not the little people like us.take it from me because we was with them and they have closed our file.

 

Hi gillypam

 

I agree with your comment about Stephensons. They have had my case for 18 months and have now refused my case on "No Win No Fee" and as I cant get funding and I cant afford to pay up front they are closing my file.

 

Im now going to reclaim all my charges and PPi from TFC as they owe me far more than what i owe them.

[gillypam]

Hi drob.stephensons are a waste of time.why don,t you get in touch with FOS and OFT, OFT they are investigating TFC and all other companys who are involued with them they are dealing with my complaint with TFC.gilly

[drob]

Stephenson have now closed my file and returned all my paper work. In their final response the quote the following..........

 

"Unfortunately after consideration by our panel and by a Barrister a *No Win No Fee* would not be granted. This is because the amount outstanding under your credit agreement is less than £5000.00 and therefore would only be a small claim"

 

So from that statement I have to agree with postggj quoted in this thread "Seems Stephensons Are Only Now In It For The Big Bucks" Stephenson also sent me a Customer Service Survey to complete ...... I will oblige in completing it!!!!!!

 

So back to square 1 after 18 months of nothing from Stephensons!!

 

I believe my credit agreement is poisoned because it refers to the B.O.S, which TFC have admitted the B.O.S is invalid

 

TFC have applied £900 in charges to my account for late payment fees, returned DD, Admin Fes and Journal Fees. I wrote to TFC last week and asked them to remove these charges from my account.

 

TFC replied and told me that under no circumstances will they refund my charges and how can they refund charges that i have not yet paid (I didn't ask for a refund) i asked for the charges to be removed!!!!

 

TFC have tried to justify the £900 charges by the following breakdown......

13x returned or late payments

32x letters

253x telephone calls (Harasement i believe)

 

Then we go on to the mis-sold PPI, which i am just about to try and reclaim.

 

Thanks Stephensons "Happy Christmas"

[bloodstone3]

I am in a similar position see below....if you get some good advice pls pass it on...

 

I purchased a car last year in Sept 2008 from a company called Approved Car Finance. As part of their package they initially pre-arranged finance form a company called The Funding Corporation. After I was told how much I could borrow I was allowed to choose a vehicle from their stock list. At this point I was encouraged to purchase GAP insurance, which was sold to me on the basis that if the vehicle was declared a total loss then my insurance company would pay the current market value and the GAP would cover the difference between that and the remainder of the finance.

I had a no-fault accident this year in July and the vehicle was written off by my insurer. They have now settled and I naturally thought that the GAP insurance would cover the remainder of the settlement figure. They however have only paid a fraction of the balance, stating that their policy only covers up to the recommended book price (Glasses Guide) at the time of purchase. They go on to suggest that the vehicle was £3500 over priced at the time of sale. I have checked the wording of my insurance contract and it does state this fact in the small print. This has left me with a balance of £3500 and the finance company are threatening that if I do not pay this with 14 days then I will be liable for the full remainder of the loan which is over £10,000.

My question is this. Can the retailer who sold me the vehicle, knowingly sell me a car that is substantially over priced and at the same time arrange finance with a insurance product that they must have known would not cover the full amount of the loan in the event of a total loss?

Pls advise as I really don't know where else to turn. I do not have the means to pay the £3500 and I am worried that I will be left with a substantial debt. This feels completely unfair to me but I need to know if it is also illegal?