MKDP - would I be liable - someone please help

[smithyone]

Re: MKDP - would I be liable - someone please help

Hi, yes I cannot scan in until tomorrow

[Amethyst]

Re: MKDP - would I be liable - someone please help

threads merged save confusion xx

[smithyone]

Re: MKDP - would I be liable - someone please help

Hi All, I have uploaded the letter and documents I received from MKDP now, please note that the credit agreement is very poor quality, this is how I received it. Any advise would be greatly appreciated.

[Guest]

Re: MKDP - would I be liable - someone please help

So they are chasing you for just over 6K ?

It looks like they VTd the car anyway, did you request this, do you know approximately what the car was worth when it went back ?

alos I notice you purchased the insurance was this an option or was it compulsory.

[smithyone]

Re: MKDP - would I be liable - someone please help

Yes just over 6k, the car was worth about 7.5k, I didn't request VT and cannot be certain if insurance was compulsory or option al

[Guest]

Re: MKDP - would I be liable - someone please help

i Hi

Just to be sure, and not that I don't believe you but it is important , are you sure it would have still had such a relatively high resale value and are you sure that you did not request A VT.

If you were not asked bout the insurance it was compulsory,

[smithyone]

Re: MKDP - would I be liable - someone please help

No it's fine I appreciate the assistance, it's hard to judge with value, maybe 7k, with the VT when I couldn't pay they advised it would be repossessed, no mention of a VT... And with the insurance, I don't remember it being optional

[Guest]

Re: MKDP - would I be liable - someone please help

Well here are two issues. One is that they seem to have issued a VT in the accounting any case. On a vt you are liable for one half of the contract price plus any arrears, but you get no allowance for the value of the car.
Usually this is to the debtors advantage, however if the car has a good resale value it works for the dealer in that he gets a good return on the contract plus a bung when he sells the car. This MAY be why they VTd it rather than put it thorough the books as a voluntary surrender.

You would have to have authorized and requested a kosher VT in writing.

The other is the contract, I am fairly sure that the gap insurance should have been included within the total charge for credit and not added as additional credit to the loan, as it was a charge which was needed for you to but the car and not an optional purchase this MAY make the agreement unenforceable.
I will have to double check all this and get back to you tomorrow.

[ncf355]

Re: MKDP - would I be liable - someone please help

Andy on the case, like it!

[Guest]

Re: MKDP - would I be liable - someone please help

Hi

Is it possible to get the trade in value of the car when sent back. Perhaps a similar age model now, just to help with the figures ?

[smithyone]

Re: MKDP - would I be liable - someone please help

Well now the trade in value of a 2009, (mine was a 2003), is in the region of 3.5k but seeing as they are now discontinued, I am thinking lower value

[Guest]

Re: MKDP - would I be liable - someone please help

no thats fine about 4k then saves me correcting for the time difference.

[smithyone]

Re: MKDP - would I be liable - someone please help

Hi Andy, do you need any further information?

[Guest]

Re: MKDP - would I be liable - someone please help

Hi Andy, do you need any further information?

Yes sorry got involved with some other stuff and was awaiting some info from NDL.

Tell me dd you ever receive any notices of default at all, default sums, oft guidance on arrears, threats of repossession that sort of thing prior to the car going back ?

[smithyone]

Re: MKDP - would I be liable - someone please help

No problem Andy, I appreciate the help! I don't recall receiving any of the above