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BMW Financial Services - Voluntary Termination/Excess Mileage

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  • Originally posted by R0b View Post
    Well it has been some time but I've finally updated an example letter before action that you could use as a basis for bringing a claim. I'll admit that there's probably things in there that can be improved upon but hopefully gives you some comfort to know what you are talking about. In essence, if you were to bring a claim then the contents of the letter is probably what you are going to argue in court.

    I should point out that there are a few things in there that may or may not apply to your situation so be sure to make sure the letter is accurate if you are intending on using it. If you need access to it, I'll add it to my list of templates which you can find by clicking here.

    Would be good to know your thoughts and comments.
    Thanks for doing this R0b. Just FYI, the link you've provided in the post does not work. The document is obtainable through your list of templates however.

    I've just been on the phone to BMW Financial Services, asking for details of their legal department so that I can submit the Notice Before Action. I decided to ask also at this point, as one final port of call before going down the court route, whether or not BMW Financial Services would be prepared to make me a reduced offer (i.e. 30% of the alleged balance) to save us both a load of time and hassle. I explained very clearly, that this was in no way an admission of any liability on my part, and that I would only consider any offer made on the basis that all the incorrect/innacurate missed/late payment entries be reported as removed with CRAs. The advisor put me on hold and went off to check. Came back to me with an offer of reducing the alleged balance by 30%. I declined, and pushed back with a counter suggestion of 50%. Off they went again to check, before coming back to me with an acceptance of this suggestion. They then proceeded to explain that, even if I were to accept this offer, they would not be able to remove any former missed/late payment entries that had been submitted to CRAs, and that they would only mark the account as "partially settled". I argued it until I was blue in the face, but they were adament there was nothing they could do on this front, as it would qualify as "incorrect reporting" - the cheek of it!

    So it looks as though, regardless of whether or not I had been willing to accept an offer of a reduction of the alleged balance, I'd still have to take them to court anyway for inaccurate reporting! Unbelievable.

    If anyone has any thoughts before I "press the button" and seek legal action, then please do voice them!

    Comment


    • Strange, I've removed the file and re-uploaded it onto this post so it hopefully works now.

      I've nothing further to add really other than if it does go all the way, the crux of the arguments will come down to whether or not the excess mileage charges or collection fees fall within the meaning of "credit". The obvious answer to me is that it doesn't, for the reasons I've mentioned in the LBA which I think is a fair and reasonable expectation.

      If the matter ends up with a hearing at court, I would very much be interested in knowing which court it is so I can possibly attend in person.
      Attached Files
      DISCLAIMER: ANY CONTENT I POST IS INTENDED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND IS NOT A REPLACEMENT OR SUBSTITUTION FOR LEGAL ADVICE. I MAKE NO REPRESENTATIONS AS TO THE ACCURACY OF MY POSTS NOR DO I ASSUME ANY RESPONSIBILITY. USE OF ANY CONTENT IS SOLELY AT YOUR OWN RISK AND COST AND I ACCEPT NO LIABILITY. YOU SHOULD SEEK INDEPENDENT LEGAL ADVICE BY GOING TO Law Society's Find A Solicitor OR CONTACT YOUR LOCAL Citizen's Advice Bureau.

      Comment


      • Hi, read through this thread and I am in the same situation although a little more extreme. I am 3.5 years into BMW reporting a "6" on my account every month. I already have a mortgage etc and have no reason to get credit so had not known this was having such an adverse affect until now. I will never pay them off out of principle of the damage they've done to my credit rating. My question is this - How long can they report on this "account" for? 6 years the same as a default or longer? forever?
        Any help you can provide will be much appreciated.

        Comment


        • Originally posted by hollie1988 View Post
          Hi, read through this thread and I am in the same situation although a little more extreme. I am 3.5 years into BMW reporting a "6" on my account every month. I already have a mortgage etc and have no reason to get credit so had not known this was having such an adverse affect until now. I will never pay them off out of principle of the damage they've done to my credit rating. My question is this - How long can they report on this "account" for? 6 years the same as a default or longer? forever?
          Any help you can provide will be much appreciated.
          3.5 years? So a total of 42 missed/late entries? That's absolutely incredible.

          Legally, BMW Financial Services shouldn't be reporting more than about 6 missed/late payment entries. Once 6 have been recorded, they should file a "Default Notice" if they firmly believe there is a balance owed. This is why each and every new entry shows as a "6", as clearly the CRA's software application/engine can't understand or handle the prospect that a lender would issue any more than 6 missed/late entries.

          Once the Default Notice is filed, the missed/late entries have to stop. Credit files with CRAs have a life of 6 years - as soon as an account becomes older than 6 years, it gets removed from your file. This is why a Default Notice is so important, because it allows an individual to start walking that long 6 year road to hopefully end up repairing their credit rating.

          What BMW Financial Services are doing qualifies as an 'unfair absence of a default', and as such, constitutes inaccurate/improper processing of personal data (according to the terms imposed by the Data Protection Act). They are continuing to behave this way out of sheer arrogance - they believe there is absolutely nothing you can do to stop them so they're quite comfortable to continue damaging your perceived credit worthiness forever, apparently. I even have emails from their collections department, whereby they claim that they “do not need to issue a Default Notice” and that they have every right to “continue issuing missed/late payment entries every 30 days until the balance is paid”. So apparently, they’re so arrogant, they believe they’re above the law.

          I’d so very much like to take them to court, but the cost element worries me. I’m still making my decision.

          Comment


          • Hi folks, just a quick update on my situation. After settling my account with BMWF nearly 3 months on its still showing in my credit file with a zero balance. I have asked them why this has not been removed along with the negative markers previously applied, I’m now getting the usual waffle and no one wanting to take responsibility. I’m very frustrated as I would have been as well not settling my account!!!

            Comment


            • Originally posted by Cmilligan View Post
              Hi folks, just a quick update on my situation. After settling my account with BMWF nearly 3 months on its still showing in my credit file with a zero balance. I have asked them why this has not been removed along with the negative markers previously applied, I’m now getting the usual waffle and no one wanting to take responsibility. I’m very frustrated as I would have been as well not settling my account!!!
              Did you send your settlement offer in writing? In the form of a "without prejudice" full and final settlement offer letter? If not, then BMW FS are unlikely to anything other than just accept your payment and leave it.

              Golden rule here is ALWAYS get your terms (e.g. the removal of all former missed payment entries) agreed in writing before any money changes hands.

              Let us know how you get on. If they refuse to help you, then they really are the biggest bunch of immoral pigs I've ever known.

              Comment

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