Advantage Car Finance

[iconoclash]

Hi - if one had a secured loan with PPI would it be statute barred from claiming back the mis-sold PPI after 6 yrs (as claimed by the lender)?

 

Also, amongst othe things wrong with it the cover is for only one person yet a joint loan - this is wrong isn't it?? thanks in advance:)

[alanfromderby]

Have a good read through the stickies at the top of this forum. Claims that are based on misrepresentation can be brought up to six years after you have discovered the true facts.

[iconoclash]

Hi -wonder if I am right about this?

 

 

Purchased a vehicle with finance from Advantage loans

- that was OK but I decided to cancell the extra's soon after

- that was the PPI and the Gap Insurance.

 

 

The company telephoned me and agreed that was all in order,

told me the new reduced sum payable per month.

 

 

To date I have not received a revised agreement,

and following problems that remain unresolved with the vehicle (awaiting dealership)

 

 

I have stopped this months payment and not sure what to do next

- I suppose I should pay it anyway but am I right about needing a new contract??? -

 

 

thanks in advance.

[iconoclash]

Hi - I just can't find the answer to this anywhere and hope someone can help.

 

 

I cancelled the PPI and GAP insurance on a new HP agreement for a car in the cooling off period.

 

 

I have asked for a new agreement as the original one signed up includes these insurance

but the company say they do not have to re-issue the contract

and that their letter confirming cancellation of the other products is sufficient...

 

 

..is this true???? many thanks

[pompeyfaith]

If you cancelled the PPI you need to be sure that you are not still paying interest on the PPI portion of the loan

 

Can you scan and post up the agreement removing any personal details with photobucket.

 

Then we can tell you for sure.

 

Regards

 

Leon

[iconoclash]

Hi -

sorry cant scan the agreement today but..

 

 

. it is hard to read being a faxed copy with small text.

 

 

It seems that I have the main body of the loan being cost of car then another box on other side for PPI, GAP Ins and Warranty.

 

 

All of those 3 add together and seem to added to the total ,

there's a total charge for credit and

 

 

the bit Ive just notices is that the APR is 18%

and applied the date the agreement is signed,

 

 

but then it says that one month after signing it becomes 34.46 %....??

 

 

what does that mean,

a total sort of APR rather than annual?

 

 

Can I assume that the percentage amounts quoted in varying cirumstances that may become due etc are now incorrect also.

 

 

Sorry to be so confused - I might type it up again myself on a plain page so you can see what it says properly. Thanks.

[Paintball]

Hi - sorry cant scan the agreement today but... it is hard to read being a faxed copy with small text. It seems that I have the main body of the loan being cost of car then another box on other side for PPI, GAP Ins and Warranty. All of those 3 add together and seem to added to the total , there's a total charge for credit and the bit Ive just notices is that the APR is 18% and applied the date the agreement is signed, but then it says that one month after signing it becomes 34.46 %....?? what does that mean, a total sort of APR rather than annual? Can I assume that the percentage amounts quoted in varying cirumstances that may become due etc are now incorrect also. Sorry to be so confused - I might type it up again myself on a plain page so you can see what it says properly. Thanks.

That would be really useful so that wecan see what is stated and make our responses ...

[iconoclash]

Hi - how do you attach then as it says in the box I may not post attachments???

[iconoclash]

Hi - have checked my user panel and cant see any way to engage with having attachments - I used to be able to add things????????

 

Meantime - I am fed up with this company - theyve been ringing up people and saying that "she bought a car etc etc" - what!! - when I was at the dealership they asked me for the tel number of someone who knows me and that is all they said, now they are phoning my neighbours!! - I think they are shoddy lot all round - I am merely pointing out to them that I believe currently as things stand, we have no legal document between us since I have no way of knowing the total charge for credit from the existing (old) agreement. Any help welcome.

[iconoclash]

I have a car on finance and now in receipt of benefits so want to reduce my payments - Ive paid it for 2 and half years so far, about 18 mths to go. The agreement includes PPI and GAP insurance that I cancelled at the beginning so the payments were reduced accordingly - however - Im not sure about the figures left on the agreement (they did not re-issue new agreement) as I want to see the amount I need to have paid e.g. one third before the car can be taken back - I'm pretty sure Ive passed that point anyway but the finance company may not agree to a reduced payment at present - whats the best way forward for me with this please?

[crem]

Your original agreement should show the total amount payable and even if this includes the PPI and GAP payments it should also shows these seperate so you should be able to deduct these yourself to see what you are paying for the actual car.

 

Once you have that figure, then just total up what you have already paid, including any deposit, and check that it is past the 1/3 value and possibly even past the 50% figure.

 

If you are past 50%, although it may not be your preferred option, you can legally return the car without needing to pay anything else.

 

On a 4 year deal, with 2 1/2 years paid, even if you didn't put a deposit down, I'd be surprised if you aren't up to the 50% level already.

[iconoclash]

Hi - thanks. I have paid more than half as suspected so am about to write and suggest a reduced payment in the short term - i presume they will accept this rather than have a judge set a minimal payment from my disposable income possibly with interest frozen. ?

[crem]

Hi - thanks. I have paid more than half as suspected so am about to write and suggest a reduced payment in the short term - i presume they will accept this rather than have a judge set a minimal payment from my disposable income possibly with interest frozen. ?

 

Wh would they need to accept a reduced figure either from you or from a judge? If you are not maintaining the payments as dictated in the HP agreement then they can apply to a court to reposess the car.

[iconoclash]

Really ? - I thought that repo of the car would be the action if I refused to pay anything rather than asking for a reduced payment for a short period whilst job seeking - are you saying that even a judge would insist that i lose the car and my means of getting to a job so that i can pay the interest to this company without delay? thats a surprise.

[iconoclash]

Hi - I'm posting here initially as I cant find a specific place for this query -apologies if its been covered before.

 

I have always thought that a HP agreement that shows a price/sum then a further sum as Charge for credit,

and then added together is what you pay.

 

 

The monthly amount being a division of this sum divided by the term.

(If this is incorrect then I have no idea what I'm actually paying in total.)

 

I have added up the payments made to date on a HP contract

but have been told a figure by the lender of paid sums to date that is much lower

 

 

- I know what Ive paid from my bank statements

 

 

so can someone pls advise is there is some other thing about HP deals that Im not including?

 

 

thanks

[postggj]

have i seen the agreement

 

i can decode it for you

[iconoclash]

Hi - sorry - r

 

 

ight now i cant find the papers and they are sending me a statement

but i will keep looking and post it up asap.

 

 

I have asked them about the otehr separate elements of the agreement

and their actual cost too but they didnt seem to know the answer

- that is a gap ins. x1, a ppi x1, and a warranty x1.

 

 

I cancelled the first 2 but kept the warranty going.

 

 

It seems to me then that the total charge for credit of these 3 items should be different now

but I only know the cost of the warranty without interest.

 

 

Hope that makes sense.

 

 

The company did write to me and say that there is no legal obligation to re-issue the agreement

as there letter in confirmation would suffice.

 

 

thank you.

[iconoclash]

Hi - company is sending me a copy - meantime any ideas pls?

[iconoclash]

Hi - can anyone help me understand this HP agreement? The Car Cash Price and Total Charge for credit on left side.

PPI, GAP insurance, and Warranty on the right, with total charge for credit for those 3 items represented as a total.

I cancelled two of those items soon after entering into the agreement so how do I know what the actuall total is due on this agreement? I am in dispute with this finance company over charges and getting letters stating they will repossess the vehicle. I have paid more than half but cannot pay the normal monthly amount whilst on benefits or £7.50 per text to me etc.

They have written again saying they will take the car so I have done a SAR to get more info and think maybe I should go to court for an order to pay a rate I can afford. Any advice please.

[raydetinu]

before the SAR did you actually request a breakdown of the payments etc.?

suggest you write telling them what you can afford and await response or they take you to court where you can show you have tried to co-opertae with demands.

You will need to prepare a breakdown of income/expenditure; you can go and see CAB who will be able to advise and help with them etc.

[Gaston Grimsdyke]

Sounds like you have the vehicle on HP and the extras on a loan. In terms of your thirds calculation, the one to concentrate on is the one on the left hand side. Your default notice will show the amended amounts payable for everything taking into account the elements you have cancelled. If you are asking them to accept minimal payments for a lengthy period they are unlikely to agree, and neither will a court. The best you can hope for is a short term reduction - say three months - by way of a time order, but unless you can demonstrate that you will be able to resume full payments and make a contribution to the arrears in the reasonably near future the court is likely to order you to return the vehicle. It is not a case of the court simply ordering you to pay what you can afford.

[iconoclash]

Thanks. No comment on the charges? 2k worth so far, err what about not disclosing the total cost of the warranty?

[iconoclash]

Hi - heres hoping that someone can guide me in this one - Ive paid more than half of the HP finance on my car but am on benefits and wanted to reduce the payments, the company were not interested in my preparing a budget sheet for income and expenditure when I suggested it they said that anyone could write numbers on a piece of paper. Negotiations with them failed and so I did a SAR one month ago to assess the charges and commissions etc on their files. During this time they have sent a DN which seems a bit flimsy and today sent a Termination Notice. They say they will take me to court to get the car if I dont make it available to them. This all seems a bit odd to me as I have asked them to show me the figure on the warranty they sold me at the same time but nothing has been forthcoming so far. Do you think they are moving to repossess the car before I have a chance to see their figures or what?? I was going to make a reduced offer to settle the remainder of the contract and I need the car to continue job hunting, collecting son from school etc. any advice please:?:

Edited August 24, 2011 by iconoclash
typo - grammar

[totiesquoties]

hi campari2,

see website www.nationaldebtline.co.uk their telephone number is on there and opening times, they advise on all sorts of things, and it is free, i would ring them first before you do anything, good luck totiesquoties.

Edited August 24, 2011 by totiesquoties
spelling correction edited

[Ell-enn]

If you want to keep the car you could apply to the court for a time order.