PCF Bank Car Finance - have i Paid +1/3 HP Agreement? **RESOLVED**

[TheDude1]

Hi guys, looking for some advice.

 

I've recently made the final payment of a finance for goods agreement (36 months), it was for a horse trailer finance that I paid monthly for.

The finance people won't budge on any discount, although I've only tried verbally over the phone.

 

Obviously I have missed a few payments over the years and I think I defaulted twice on the agreement but on the other hand I've paid a fair whack into this agreement.

The £600 charges consist mainly of £10 Letter charges, Penalty Interest and there is one charge of £300 Search Charge, which I assume is when I defaulted and they instructed a debt collector to gather information/demand payment.

 

Any help thanks

 

[dx100uk]

who

they are penalties and are unlawful.

 

dx

 

[TheDude1]

Hi dx

Ok I guess I need to send them a letter. 

PCF bank, cheers

 

 

[dx100uk]

commercial or private purchase?

it will be 'more than just a letter'

 

dx

 

 

[TheDude1]

hehe, yes I know it will be...

 

Its a HP agreement - Private

 

I am not looking to reclaim the penalty charges, merely I just want the agreement to end and for them to release ownership of the goods. At the moment they won't release paperwork until all these charges are repaid in full.

 

 

[dx100uk]

not sure the ownership issue is there.

would need to confirm by seeing the agreement

but typically once a 1/3rd has been paid the goods are protected under the consumer credit act

 

scan it up to one multipage PDF please

carefully read our upload guide.

 

dx

 

[TheDude1]

Thanks dx, will post them up this evening, cheers

[TheDude1]

Hi dx

Please find attached the agreement, thank you

pcf.pdf

[dx100uk]

its actually a modified HP agreement a conditional sale agreement with a ballon payment or as they call it a transfer fee payment to make in addition at the end before they give title to you of the goods

 

now if thats legal is another matter.

 

but their supervisory authority are the FCA and the fca are down on record as saying any fees for late/letter/returned DD can be deemed a penalty and thus are reclaimable.

though their fees are low and to get to £600 was it? seems there must berather a lot of em 

have you the full statement from day one?

 

[TheDude1]

Thank you dx

Yes, at present they are demanding £780, which includes the £175 title transfer fee, so yeah £605 worth of charges, but one charge was for £300 odd search charge which is quite substantial.

 

I have the breakdown of the account, please find attached, thanks again

acc.pdf

[dx100uk]

did you move during the duration of this agreement.

 

dx

 

[TheDude1]

No I did not move. Thanks

[dx100uk]

then the trace agent fee is totally unnecessary

close brothers are another lot that pull this stunt so do moneybarn and advantage.

 

why is almost every DD payment shown as  failed and attracts a letter fee

more stupid underhand tactics by then?

 

expand...

 

 

[TheDude1]

Thanks, yes its a large sum...

 I think mainly I am at fault with the late payments by not paying into the bank on time. 

 

At one point I missed Nov, Dec and Jan payment, I did not communicate with them during this bad patch...guess that is why they did a trace search, but did catch up on arrears in late January.

 

Cheers

 

[dx100uk]

they are all unlawful regardless

you don't owe any of them.

 

T&C's can be challenged with great success....

hence

why all the PPI reclaiming...

and

all the historic bank charges reclaiming....

 

 

 

 

 

[TheDude1]

Good point dx, I will try contesting the charges and hopefully can just pay the title fee.

 

Any templates for this? The one I've used before was for reclaiming charges, however I assume I need different template, thank you for all the help

[dx100uk]

no, but adapt the one you see

its says what is needed.

 

dx

 

[TheDude1]

Hi, looking for some clarity with regards to the 1/3 rule of payments, i.e. a finance company cant repossess (without a court order) if you have paid 1/3 of the agreement.

 

But does ALL money paid contribute towards the 1/3 rule? i.e. Initial Deposit/Admin fees or other charges etc or is it just the monthly repayments only contribute to the 1/3 rule. Thanks

[Peterbard]

Yes. The deposit and any other fee you may have paid(except default charges) is included in the price for section 90 purposes.

[TheDude1]

Thank you for the help

[dx100uk]

is this your starline HP?

[TheDude1]

1 hour ago, dx100uk said:

is this your starline HP?

 

No dx, its the PCF one.

 

The charge (£300+) they added was for "recovery costs" to repossess the goods, but when they charged this I was well over the 1/3 payments made, my argument will be how can they charge this when they could not repossess goods without a court order (which they did not have).

 

Do I have a good argument? Cheers

Edited February 7, 2020 by TheDude1
added "(which they did not have)"

[dx100uk]

did you agree to the repo?

[TheDude1]

11 minutes ago, dx100uk said:

did you agree to the repo?

 

Nope, I did not agree.

[dx100uk]

the 1/3rd protected goods figure is always detailed on the back of the agreement.

fees after signing do NOT count toward the 1/3rd sum.

 

you need to tell us far more about the whole story before we can call this one.