MoneyBarn!!

[springermaad]

Hi,

I am wondering how to proceed and would welcome some views as to how to fight my corner if I have one to fight,

I had a VW Transporter LWB van 60plate on a Conditional Sale HP agreement which was taken out September 2016. Due to lack of work and not earning enough money and falling behind to a degree at which point MoneyBarn terminated the agreement in August 2017 and it was partly due to the monthly arrears payment of £60 a month on top of the £326.51 per month payments that broke me.

I didn't have the van quite a year before it was taken back voluntarily by MoneyBarn and sold at a BCA auction (Moneybarn) , not a general van auction which would have raised more money as well.

Anyway, The Finance agreement was for £9000 over 48 months. Vans Value at the time was £10,000 so I put a grand down, Due to various issues, I had only paid £2138.06 up until the point of repossession But also the van sold for £7450 which for what it was was a steal as the van was sold subsequently on eBay for £11990 go figure!! Anybody who knows transporters knows they hold money like nothing else.

So OK yes I know I am at fault for breaking the agreement but MoneyBarn wants a further £6403.92 on top.

Now I am not inclined to pay that by any means, Seeing as they really haven't lost any money at all as any charges incurred have been added on to the final figure owing.

So what to do next, please.

[R0b]

Re: MoneyBarn!!

Hello

maybe I'm missing something here but you say the finance agreement is £9,000, you've paid £2,138.06 and the van sold for £7,450 - you then said the van also sold for £11,990.

How can MoneyBarn sell the van twice and why are Moneybarn asking for £6,403.92 if you've already exceeded the finance amount?

Something tells me the figures you've given are not entirely correct or that you've omitted certain things.

Even without the correct figures, your in breach and you seem to owe Moneybarn something, nothing much more you can do really than either come to an arrangement or expect a court claim at some point and unless you can stump up the money, you will end up with a CCJ to your name.

Of course if the proceeds from the sale plus what you've already paid covered the total amount under the agreement then you owe nothing.

[Debt Camel]

Re: MoneyBarn!!

Don't get too excited by this idea, as I have not seen it work on a car finance, but how affordable were the monthly repayments at the start of the finance agreement? Should it have been obvious to anyone that you would struggle to repay that much?

[springermaad]

Re: MoneyBarn!!

Right, I bought the van for £10,000 paid a deposit of £1000 which left a balance of £9000.

The van once moneybarn had it back sold at auction for £7450.

The bloke who bought it for £7450 from the moneybarn auction has since sold it for £11990. Not that this figure has anything to do with it but just gives you an idea that moneybarn are run by idiots.

The £6403.92 is the figure that Moneybarn now wants in a final settlement after selling the van at a loss.

- - - Updated - - -

The original agreement was ok, It was the extra £60 arrears payment that was the problem but by that point, I was struggling anyway.

[R0b]

Re: MoneyBarn!!

If the total amount payable under the agreement is £10,000 then you've overpaid and you should not owe anything more. Irrespective of making a loss on the van they're only entitled to the total amount payable under the agreement which not only includes the credit for the van, interest and any admin fees.

So are you absolutely certain that the total amount payable was £10,000 including interest, admin fees etc.? If yes, then Moneybarn don't have a leg to stand on really.

Unless your finance was on 0% interest, a round figure is not generally the case on hire purchase or conditional sale agreements and it just seems odd that Moneybarn are claiming the loss of £6,403.92 after selling it at a supposed loss - how did they get to that figure?

[springermaad]

Re: MoneyBarn!!

No, sadly £16,672 was the total payable. Sorry, should have put that in the original post. Ah well, feel like fighting these chancers anyway. I just feel sick that I have to pay them for something I don't own and something they are not even in possession of.

Makes me sick that but when you think they are not out of pocket really as they have the £9000 back with a modest return.

[R0b]

Re: MoneyBarn!!

The reality is that you've signed up to a contract which, after taking into account interest and fees etc over the term of the agreement, agreed to pay that amount. Although you might consider £1,138.06 as a modest return for them, I doubt you've factored in any overheads in that so the likelihood is that the modest sum you referring to is probably going to be smaller than that.

If you are going to fight them then good luck to you but there has been previous posts on here regarding MB who have issued court claims for the recovery of the outstanding sums. If that is the case, then unless you have a good defence to the claim you are likely to end up with a CCJ - Perhaps added costs too if you do file a defence that is hopeless. From what you've posted so far, there doesn't seem to be much of one.

I sympathise with you but you might want to consider your options before its too late. [MENTION=48934]Debt Camel[/MENTION] has made a good point in asking whether or not those repayments were affordable to you, assuming she is looking at the responsible lending aspect of it.