Funding Corparation & ACF

[tonycard]

meat heads been and gone, empty handed .

 

noticed on termination letter dated 1st march that we are £547.46 in arrears this equates to 2 months missed payments.

payments not due til the 12th of each its just that we paid on the 1st of the month for conveneince.

Is there any mileage in the figures being wrong on the termination notice?

This also means the default letter was issued less than 24 hours after missed payment as the date on it is the 13th

[alicia21]

Please can someone help me I also have a bill of sale with the funding corporation Ive paid £12000 off the total amount of £16000 me and my husband fell into some financial problems a few months ago and fell behind with our payment The funding corporation have been very unhelpfull even failing to take a card payment when they should, sending us default notices for untrue amounts and accusing us of fraud I have complained to the financial ombudsman who have also contacted them on our behalf, after this mornings phone call they still won't help requesting the full amount of arrears £700 they now say I have 3 days then the car will be removed, I'm a nurse who needs my car for home visits cant they do this and how long will it take I'm on the verge of a nervous breakdown someone help please.

[tonycard]

the only advice I can can give is hide the car and as soon as you can apply for a time order from the courts, these people play by thier own rules and ignore what little rights you have.

[tonycard]

AFC USED VEHICLE FORM

 

VEHICLE PRICE( TAX INCLUSIVE) 8,500.00

 

GARDX

 

VAT@15.0O

 

SUB TOTAL 8,500.00

GROSS AMOUNT DUE 8,500.00

LESS PART EX ALLOWANCE 1,500.OO

AMOUNT DUE FROM FINANCE CO 7,000.00

 

 

CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974

 

 

KEY FINANCIAL INFORMATION

 

CREDIT SALE

Amount of credit £7,000.00

Total amount payable £18,368.80

APR 46.9%

Instalment Value (B) £273.73

The totalamount payable (A) less any Advance Payment is payable by one instalment of £250.00 1 MONTH AFTER THE DATE OF THIS AGREEMENT

followed by 59 monthly instalments equal to the instalment value (B) the first payable 3 months after the date of this agreement folowed by a final payment of £468.73 payable after 1 month after thelast of the previous instalments. The arragement Fee is payable with (and is included in) the first instalment .The credit facillity fee is payablewith ( and is in cluded in) the last instalment

The period of the agreement is 62 months

 

OTHER FINANCIAL INFORMATION

Descreption of goods

FORD

FOCUS

credit sale

cash price £8,500.00

less advance payment £1,500.00

Finance Charges £9,423.80

Arrangement fee £250.00

Credit facility fee £195.00

Total Charge for Credit £9,868.80

The fixed rate of interest per annum 26.06%

Above are the figures for the agreement signed.

The balance on the termanation letter was £10,419.28

The amount paid on the default notice was £8,244.52

The amount for the car sold at auction £1,950.00

 

they say she still owes nearly £9000 I cant seem to work out whats going on could somebody please help

THANKYOU

 

 

 

[havinastella]

Hi Tony

 

Not sure what you require here?

 

That APR is obscene by the way!

[tonycard]

The way I work out the figures is

total amount payable £18,368.80

payments made A £ 8,244.52

less advance B £ 1,500 this is what they gave her for her car

auction price C £ 1,950 this is what they got at action for repoed car

 

OWED £18,368.80

PAID A+B+C £11,694.52

BALANCE £6,674.28

THEY SAY NEARLY £9,000

 

Have I got it right?

[havinastella]

Did they get a Court order (these costs would be added to the account)

 

Otherwise the rest may be unlawful charges. You may want to send the SAR request to see what charges were added to the account.

[tonycard]

No court papers repoed under bill if sale,we only found out the car was secured by bill of sale when we went through daughters paper work looking for vt figure.

She had a very serious brain injury,and we tried to maintain payment until reached vt figure.

Can they add charges or interest after terminating contract?

If not then those figures are good

[ashmk]

Amount of credit £7,000.00

Total amount payable £18,368.80

 

Shocking!!

[tonycard]

Recived a letter from somebody called TOCATTO they say she owes £8,587.28,

If this goes to court does the judge listen to the case history i.e how the situation rose that we had to take over payments

Why the payments for the last 14 months where sometimes a few days late

Why they never replied to our request for lower payments things like this?

 

Sent off SAR today, have added no request for further proof of id will be excepted as a delaying tactic as the address above is the one you used to unlawfully reposses the vehicle from

the one you sent bailiffs to who discussed this account with a third party in breech of dpa

the one you have used to correspond to us

is this ok

[havinastella]

Tony, I'm off to work now.

 

Will pop in later for more information.

 

Jogs

[tonycard]

These people have now overstepped the mark, when she had the injury we informed them that due to her condition she was unable to deal with financial situations and had problems dealing with day to day issues, she sent them a letter stating that,and that any communications should be sent to us. (this was fine as long as we were paying)

Today while I was there she had a call from a dca trying to coerce her into a payment plan, I ended the call.

I asked has she had any other calls or letters from these people, she cant remember,

 

Due to the accident she is still suffering from short term memory loss, depression and violent mood swings

she is still recieving treatment and still has people from neurolgy visiting her

We have been told its a long road to recovery, and this sort of pressure can hinder her,

Who with any powers can we take this to?

[tonycard]

If a default notice served under section 87(1) of the consumer credit act 1974 shows the wrong amount in the total amount payable under a greement is it defective

[tonycard]

If I posted up a dn with wrong time frame and the wrong set out we would all know it was defective,but the wrong total amount payable seems to unheard of its not mentioned anywhere I can find, and it will impact down the line if the default is not rectified and the contract is terminated and all sums become due.

[Guest]

do you mean the arrears on the dn, or where it says outstanding balance?

[tonycard]

where it says outstanding balance

[Guest]

if the arrears amount is substantially correct (woodchester case) then would think dn prob regarded as ok if all else is ok with it and account. unless an incorrect bal is reflected in an incorrect arrears amount. if that makes sense

[tonycard]

sorry where it says TOTAL AMOUNT PAYABLE UNDER THE AGREEMENT

[tonycard]

LOL not really, but another issue is they sent the default notice after 1 missed payment (served under section 87(1) of the cca 1974

default sent 13th feb remedy by march 1st termination notice 3rd march pretty quick hey

[Guest]

? is post #6 now n/a?

anyway, if not already have a look at the def notice regs 83. afaik 'total amount payable' refers there to hire purchase and attached agreement.

if arrears amount is incorrect then could be invalid. see woodchester case.

also see harrison HC, brandon CA, cases which require compliance with regs.

[tonycard]

cheers thanks

[tonycard]

Firstly I would like to say that we are not trying to avoid or get out of this debt, if we where as parents we would never have struggled for 14 months trying to meet this committment, all we wanted to know was how much she owed so we could come to some sort of agreement.

This company have treated us shabbily over this,they bombarded her mobile with texts voice mails and sent threating letters to her home, all this was after we told them that she was in walton neurolgy hospital in icu unit,it was because of this we said we would meet the payments because the was noway she could have handled this sort of harrasment.

 

If I post up the agreements and default and termination notice would someone with more experience please look them over as it has been suggested that they might not be right

[tonycard]

[tonycard]

I know the figures are correct,it is the structure of the document I am questioning.

As this agreement does not fall into the main 5 catorgories listed in the consumer credit act i.e hire purchase fixed sum loan,

It is headed

CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974,

This I belive should be followed by a description of the type of credit

 

In the KEY FINANCIAL INFORMATION I believe the figures could be mis stated

I think the first total amount payable should read

 

Amount of credit £7,000

Total amount payable £16,868,80

this figure is arrived at by adding the total charge of credit to the amount of credit.

the £16,868.80 does not appear anywhere on the doc,it only becomes apparrent further down.

Total amount payable (A) £18,368.80

So unless you are good at mental arithmatic or have pen and paper handy then it is unclear exactly what the total amount payable is.

 

THE TOTAL AMOUNT PAYABLE will impact further down the line as I will explain in the next post if someone could pass comment on this

[ims21]

Total amount payable unbder the agreement looks OK to me.

 

£7,000 credit + £9,868.80 various charges + £1,500 deposit = £18,368.80