the funding corporation

[gillypam]

Hi yes we are with tfc for car financine and yes they are rude etc all they won,t is there and yes up to press we have got £450 in charges to pay,it says that we can,tgive the car back even after 1/2 the term as passed it says even if we went bankrupted we would still have to pay them.we have still 2 1/2years of there **** to put up with we would love to get rid of the car as they pressurde us into getting this car but are credit file as adverse on it now.so good look whos to anyone who,s taking tfc on.

gillypam

[gillypam]

Hi.its alot of intresting reading about TFC.yes we got a car off them back in feb 2006 yes l have had a look at the paper work and yes bill of sale.A month after we got it they phone up and told us that after half way through paying we did,nt have a right to terminate and hand it back,so we thought we are stuck with it and the rudeness of customer services same as all of you l would love to smack um in the face.so if this bill of sale is void what can we do if they make it a credit agreement dose that meen we can hand it back l wish we have paid 1/2 way and yes up to date at the moment. been thinking about going to the CAB for some advice.when we bought the car back in feb 06 on the pink sheet it said vehicle price £ 7800sub total £ 7800 less part exchange allowance£5161.07 net amount due £2639.93 amount due from finance co £7,800 we were just glad to get out of there we thougth that was it but when we sat down and looked at the bill of sale we were paying £16041.40 back its a sham this company.so open to any advice on what to do next.

[drob]

Hi gillypam ....... If your Bill of Sale is invalid then the funding corporation will rely on the credit agreement to enforce the debt. I am 99.9% sure that you will not be able to voluntary terminate you agreement and hand your vehicle back.

 

It would be a good idea to request a copy of your credit agreement and a copy of your true and executed Bill of Sale from the funding corporation, this will cost you £1. If you need any help draughting a letter i would only be to happy to help.

[gillypam]

Hi drop.yes l would like some help in draughting a letter.yes l have the orignai copy of the credit agreement the consumer credit act 1974 and the bill of sale and the pink form which we got when we took it out.why can,t we terminate this like most other car agreements you exercise your right as long as you have paid 1/2 or over .

[drob]

Hi gillypam........... You can only voluntary terminate your agreement and hand back your car if you have a Hire Purchase Agreement regulated by the consumer credit act.

 

The agreement you will have from the funding corporation will be a Credit Agreement regulated by the consumer credit act, which basically is a loan and therefore you will not be able to hand your car back.

 

The purpose of the Bill of Sale is to secure the loan against the car therefore officially the car belongs to the funding corporation until you have paid your loan.

 

You can cancel your credit agreement at anytime by writing to the funding corporation for a settlement fee. You are then liable for the outstanding amount.

Edited August 10, 2008 by drob

[JonCris]

drob wrong

 

Any document which flows from the invalid BoS or vice versa is irrevocably poisoned & becomes unenforceable with no remedy at common law. I refer you to HoL Wilson v Secretary of State and others.............amongst even more such matters

Edited August 10, 2008 by JonCris

[gillypam]

Hi jon cris.what do you mean by .speak in common law english.l havent a clue what your on about

[JonCris]

The Common Laws of England are the laws of the land on which most statute is based & has evolved over many centuries.

 

You would think of common law as being the civil law & if you still don't under I suggest a little research on the web might help

 

I'm saying that any document that's incorrect in a way which makes it unenforceable then any other document/agreement which relies on that document is also unenforceable This means that there is no longer any debt/liability & any security/vehicle should be surrendered to the alleged debtor

Edited August 10, 2008 by JonCris

[drob]

JonCris .... i agree what you have said, although gillypam has not yet established if the Bill of Sale in Invalid.

 

If the Bill of Sale is Invalid, the funding corporation will attempt to rely on the credit agreement. I have had months and months of hassle from these chimps and now have a firm of solicitors acting on my behalf.

[JonCris]

drob that's not what you implied you suggested it was.

 

For reasons I won't go into here it's known their BoS's are invalid & as the credit agreement relies on that document it too becomes unenforceable.

 

See below (I have underlined the particularly juicy bits as stated by their Lordships)

 

House of Lords - Wilson and others v. Secretary of State for Trade and Industry (Appellant)

 

29. The court's powers under section 127(1) are subject to significant qualification in two types of cases. The first type is where section 61(1)(a), regarding signing of agreements, is not complied with. In such cases the court 'shall not make' an enforcement order unless a document, whether or not in the prescribed form, containing all the prescribed terms, was signed by the debtor: section 127(3). Thus, signature of a document containing all the prescribed terms is an essential prerequisite to the court's power to make an enforcement order. The second type of case concerns failure to comply with the duty to supply a copy of an executed or unexecuted agreement pursuant to sections 62 and 63, or failure to comply with the duty to give notice of cancellation rights in accordance with section 64(1). Here again, subject to one exception regarding sections 62 and 63, section 127(4) precludes the court from making an enforcement order.

 

49. I consider, however, that there is no relevant restitutionary remedy generally available to a lender in the circumstances now under consideration. The message to be gleaned from sections 65, 106, 113 and 127 of the Consumer Credit Act is that where a court dismisses an application for an enforcement order under section 65 the lender is intended by Parliament to be left without recourse against the borrower in respect of the loan. That being the consequence intended by Parliament, the lender cannot assert at common law that the borrower has been unjustly enriched. That would be inconsistent with the parliamentary intention in rendering the entire agreement unenforceable. True, the Consumer Credit Act does not expressly negative any other remedy available to the lender, nor does it render an improperly executed agreement unlawful. But when legislation renders the entire agreement inoperative, to use a neutral word, for failure to comply with prescribed formalities the legislation itself is the primary source of guidance on what are the legal consequences. Here the intention of Parliament is clear.

[JonCris]

Forgot to ask is it Mark, Sandra, Debbie or Andrew who handling your matter??

[gillypam]

hi joncris.thanks for that l only wish it was as simple as that.l will keep you posted when l have been to see CAB they should be able to tell me were we stand with TFC and all the paper work.

[gillypam]

hi jocris.l had alook at my paper work after reading all the enters about the BOSand noticed my paper work was a BOS.so were do l start from getting to know if is void its proberly is knowing tfc .can you tell were to start from.cheers

[JonCris]

hi joncris.thanks for that l only wish it was as simple as that.l will keep you posted when l have been to see CAB they should be able to tell me were we stand with TFC and all the paper work.

 

It is.

 

Don't let yourself be confused by trying to engage in every angle. Read what I've already posted.

 

I'm afraid some CAB's aren't particularly well equipped to deal with matters involving the CCA. Some are beginning to learn but it's taking time.

 

By the time you have done a little research on here you will probably know more than them

 

I'm saying & I could be wrong, but don't expect solutions or even the correct answers from the local CAB. They are great for some things but this is as new to them as it is to us

[gillypam]

Hi joncris. thanks for that so were do l start from .tfc first see if the bos is void then were do l go from there.l know there a few address in the above posts.??

[gillypam]

Hi joncris.just made a copy of 182.so 1st l get in touch with tfc if it dose come back void which l think it will with what every body saying. were do l go from there we can,t afford silicitors fees so who to get in touch with to sort tfc out.do l let TFC now what l am planning on doing Are they scared of anything l,ve got to phone them this friday to make mouthly payment l will not give them my bank details so l need to know what to say.

[gillypam]

Hi postggi.letter from stephensons saying barrister had a look at credit agreement and theres no large defects so there is no point carring on with the case even after tfc as admitted that the bill of sale is void. l hope that FOS and the OFT who are investagating TFC takes them to the cleaners and hoefully helps alot of poeple.

[IdaInFife]

Moved to debt forums

 

ida x

[postggj]

Hi Gilly

 

What Do You Need

 

Take Stephensons With A Pinch Of Salt At The Moment

Rotten Apple In The Barrel

[gillypam]

hi postggj.got a letter back from FOS saying they have wrote to tfc and they would get in touch with me well they have and wont to no what my complaint is they have admitted that the bos is void.have,nt got a clue what to put in the letter.please help if you can.gilly

[postggj]

Do You Have A Copy Of The Credit Agreement

 

Can You Post A Link

[debbbbsy]

Sorry that after all of stephensons promises, you have been let down.

Your not the first, & you won't be the last.

As you are aware from my experience they are a complete & utter waste of space, time, effort & money.

Stephensons Solicitors are nothing more then men in smart suits.

Debs

Edited December 10, 2009 by caro
Removing potentially libellous comment that could put CAG at risk

[gillypam]

hi postggj.stephensons have all my paper work including l will give them a ring tomorrow. but there barrister has had a look at it and said thats ok.

[gillypam]

hi debbbsy.hope you got everthing sorted out.

[postggj]

Get Them To Send You A Copies

 

The Funding Co Agreements Are Dubiouse At Best

 

Seems Stephensons Are Only Now In It For The Big Bucks