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funding corporation

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  • funding corporation

    In Oct 2009 my daughter took out a credit agreement to purchase a car from ACF, Funding Corparation supplied the finance.

    In Oct 2010 she a had a riding accident which left her in intensive care on life support with serious brain damage.
    she is now on the road to recovery but suffers with short term memory loss so is unable to work

    We informed the Funding Corparation of the circumstances and told them we would meet her committments,
    which we have uptill now ( payments been late a couple of times ) we where 11 days late so they sent us a default notice.

    As we had thought we had made 24 payments our daughter suggested that we vt it as she still has not been cleared to drive.

    So it was a shock to her that it wasnt a hp agreement but a credit agreement secured on the car by way of a bill of sale,
    I do beleive she was misled by the sales person as she did ask him would she be able to upgrade the car or vt after half the term.
    She is at fault for beleiving him and not reading the documents properly.
    When we received the default letter we wrote to them and ask for them to lower the payments and freeze the interest ,they never bothered to reply.We then received a termenation and seizure letter,they have now repossessed the car,I cant get the figures to add up.It`s not the agreement itself its the amount paid and the amount she owes, if I put them up could someone do some quick calcs for me thanks
    Tags: None

  • #2
    Re: funding corporation
    AFC USED VEHICLE FORM

    VEHICLEPRICE( TAX INCLUSIVE) 8,500.00

    GARDX

    VAT@15.0O

    SUBTOTAL 8,500.00
    GROSS AMOUNT DUE 8,500.00
    LESS PART EX ALLOWANCE1,500.OO
    AMOUNT DUE FROM FINANCE CO 7,000.00


    CREDITAGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974


    KEYFINANCIAL INFORMATION

    CREDIT SALE
    Amount of credit£7,000.00
    Total amount payable £18,368.80
    APR46.9%
    Instalment Value (B) £273.73
    The totalamount payable (A)less any Advance Payment is payable by one instalment of £250.00 1MONTH AFTER THE DATE OF THIS AGREEMENT
    followed by 59 monthlyinstalments equal to the instalment value (B) the first payable 3months after the date of this agreement folowed by a final payment of£468.73 payable after 1 month after thelast of the previousinstalments. The arragement Fee is payable with (and is included in)the first instalment .The credit facillity fee is payablewith ( andis in cluded in) the last instalment
    The period of the agreementis 62 months

    OTHER FINANCIAL INFORMATION
    Descreption ofgoods
    FORD
    FOCUS
    credit sale
    cash price £8,500.00
    lessadvance payment £1,500.00
    Finance Charges £9,423.80
    Arrangementfee £250.00
    Credit facility fee £195.00
    Total Charge forCredit £9,868.80
    The fixed rate of interestper annum 26.06%
    Above are the figures for the agreementsigned.
    The balance on the termanation letter was £10,419.28
    Theamount paid on the default notice was £8,244.52
    The amount forthe car sold at auction£1650.00

    theysay she still owes nearly £9000 I cant seem to work out why

    Comment


    • #3
      Re: funding corporation

      I can't help, I'm useless calculating interest, but there are plenty here who can and will when they come on later.

      Comment


      • #4
        Re: funding corporation

        thanks for your reply.I`ts not the interest its the way they worked out whats owed.
        The way I work out the figures is
        totalamount payable £18,368.80
        payments made A £ 8,244.52
        lessadvance B £ 1,500 this is what they gave her for her car
        auctionprice C £ 1,650 this is what they got at action for repoed car

        OWED£18,368.80
        PAID A+B+C £11,394.52
        BALANCE £6,974.28
        THEY SAY £8,587.28


        Comment


        • #5
          Re: funding corporation

          how was the reposession done

          was the vehicle on the street, on your drive, did you voluntary return the vehicle

          how long ago did they repo the car

          even with a bill of sale, you still have rights if the agreement it is secured on is regulated by the cca 1974

          i need to see the agreement (minus personal deatails) do you have it

          Comment


          • #6
            Re: funding corporation

            the agreement is as post 2 but with this part to be added
            KEY INFORMATION
            SECURITY:All sums payable under this agreementwill be secured against FORD FOCUS by way of a bill of sale(the security)
            ADDITIONAL CHARGES (Long list like letter charges missed d/d)
            Thiis agreement is not cancellable under the consumer credit act1974:the timeshare act1992 or the financial services(distant marketing)regulations 2004
            EARLY SETTLEMENT:SHOULD YOU WISH TO CANCEL EARLY THE FOLLOWING SETTLEMENT FIGURES WOULD APPLY
            Based on loan of £100 1/4 term £97.98 1/2 term £80.55 3/4 term£53.74 illustrative

            IMPORTANT:READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS
            Then just general rights under cca 1974

            vehichle repoded march
            driveway gave them the key signed nothing
            funding corporation are aware of my daughters condition,she is still under treatment now for short term memory loss
            depression and violent mood swings all brought about by her accident

            Comment


            • #7
              Re: funding corporation

              sorry it also come with a bill of sale had this checked its o.k and it was registered in the time frame required

              Comment


              • #8
                Re: funding corporation

                ok then

                it looks to me you have termination rights and the vehicle is covered under the cca 1974

                as you have paid more than a third they were unable to repo without a court order or give you an opportunity to approach the court for a time order to pay

                it seems to me they are in breach of section 90 of the cca 1974 so you will be entitled to all payments returned

                BUT I NEED TO SEE THE AGREEMENT TO CONFIRM

                please scan the agreement into your computer, then google a program called photobucket to upload onto your thread

                photobucket has a editing section which will allow you to rub out any personal details

                just confirm you signed nothing on the repo, no vehicle report,nothing

                and that you checked it is registered with the high court within the time frame

                Comment


                • #9
                  Re: funding corporation

                  I thought that ,but its not a hp agreement.
                  cant upload no scan but the post 2&6 are true to the agreement word for word

                  Under a bill of sale they can repo anytime without a court order as long as they have complied with the cca 1974 regarding notices.

                  nothing signed no docs no tax 1 key

                  Comment


                  • #10
                    Re: funding corporation

                    it does not have to be a hp agreement to be covered under the cca1974

                    you have things like

                    conditional sale agreements
                    fixed term loan agreements
                    pch agreements

                    i can go on and on

                    now forget what you have been told in the past, i myself have been through this myself in my distant past , so please answer these questions

                    Following the consumer credit act the lender MUST produce firstly a default notice, giving you at least 14 days to respond, followed by a termination notice, stating their intention was to recover the vehicle to realise thier security, as this was not done, and i have not heard anything from the lender, the lender has breached the consumer credit act, and therfore has no right to terminate, making the repossesion unlawful

                    who was the company that repo the vehicle, are they registered as vehicle collection agents, does the vehicle collection agent have a consumer credit licence to ask for the shortfall from you, or was the recovery agent just acting on behalf of the lender for removel of the vehicle to release a security. if not the reposession was unlawful

                    even under a bill of sale

                    THEY ARE NOT PERMITTED TO TAKE THE VEHICLE OFF YOUR DRIVE WITHOUT AN ORDER FROM THE COURT
                    SECTION 92 CCA 1974 EVEN UNDER A BILL OF SALE AGREEMENT

                    were the repo men SIA REGISTERED TO IMMOBILISE VEHICLES

                    the bill of sale and cca 1974 agreement are linked, one will tarnish the other

                    now do you still have the default and termination notice
                    have you contacted the high court, paid the fee, and confirmed when the BOS was registered
                    Last edited by miliitant; 26th September 2012, 13:06:PM.

                    Comment


                    • #11
                      Re: funding corporation

                      You might want to read this:

                      http://forums.moneysavingexpert.com/....php?t=1285325

                      and

                      http://www.probonogroup.org.uk/lawwo...2016.04.08.pdf

                      Comment


                      • #12
                        Re: funding corporation

                        Although not that important, unless they haven't done it, that to accompany the BoS must be a sworn affidavit confirming the validity of the BoS. Also this affidavit can only be sworn by a solicitor or other officer of the court

                        Right, a bill of sale must be attested "The execution of every bill of sale by the grantor shall be attested by one or more credible witness or witnesses, not being a party or parties thereto" (i.e. someone must witness your signing the bill of sale. this makes the agreement properly executed. )

                        The second part of the process is registering the bill of sale. This involves the credible witness to the execution of the bill of sale swearing an oath that they saw you sign the bill of sale:

                        "Such bill, with every schedule ... every attestation of the execution of such bill of sale, together with an affidavit of the time of such bill of sale being made or given, and of its due execution and attestation, ...shall be filed with the registrar within seven clear days after the making or giving of such bill of sale..."

                        It's not the debtor, or (in my opinion) the creditor that needs to swear the oath, it is the witness. I'm not aware of any case law to back this assertion up, it is just what makes sence.

                        GET A COPY OF THE bos

                        Make a written application with a £40 fee (recorded/special/registered delivery) might have chaged that fee by now

                        Provide the name and address of yourself and the funding corporation

                        The address is Judgement and Orders Section, Room E15, Royal Courts of Justice, Strand, London, WC2A 2LL
                        Last edited by miliitant; 26th September 2012, 13:26:PM.

                        Comment


                        • #13
                          Re: funding corporation

                          default dated 13th feb 2012 arrears of £273 paid no later than march 1st2012 (1 months arrears) did n`t keep the envelope but 2nd class mail 4 days from date on default means only 13 days notice

                          It has all the prescribed terms and bold lettering the only other iffy bit is it is not underlined as it should be?

                          NOTICE OF TERMINATION AND SEIZURE
                          Letter dated march 1st 2012
                          Interestingly it states Our records indicate you havenot satisied the notice of default dated 10/02/2012 see above

                          Bill of sale registered properly and within the seven days required

                          Comment


                          • #14
                            Re: funding corporation

                            Bill of sale registered properly and within the seven days required

                            how do you know that, have you a copy from the court with the affidavit, with the court seal, and a copy from the funding co as well

                            does the default notice give a numerical date to comply with or states just 14 days

                            Comment


                            • #15
                              Re: funding corporation

                              sneaky so and sos aren`t they
                              They might be borderline but imo these contracts are tight, you have been lent money to by a chattel on the condition the chattel is security for the money lent, you dont pay they take the chattel.
                              Its all set out in the ancient bill of sale act 1878 amended1882
                              the reference to the cca act 1974 on a bill of sale is that they must follower the correct procedure for repossession when it comes to default notice and termination they do not need to go to court.

                              Comment

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