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I wonder if anyone can help me with this.
Early in 2007, I took out a Personal Contract Plan with VFS and took into my possession an Audi A4 Avant. This was being paid for by the car allowance I was getting from my then employers. The monthly payment was £545 for 3 years.
Unfortunately, as everyone here knows, toward the end of last year I found myself unemployed. Despite this, I managed to keep the payments up on the PCP until April this year when it became no longer possible to keep up the payments.
I kept VFS up to date with everything as it went along, but finally was forced to surrender the vehicle as there was no way I could continue the payments. They were, and still are, aware that I am currently still unemployed. I surrendered possession to them in May 2008.
I heard nothing more about this until I received a letter from VFS yesterday. It said:
Further to out previous letter relating to your repudiation of the above Above agreement, we now write to advise details of your quantified liability, which is £10,153.76
Total Amount Payable £30,853.48
Less Amount Paid £5.546.60
Total £25,306.88
Plus Costs of Recovering Vehicle £100.00
Plus Selling Expenses £146.88
Less Sale Proceeds £15,400.00
Total Liability £10,153.76
We now request full payment of the liability within 7 days, failing which we will instruct our legal agents to collect the outstanding debt on our behalf
Now, obviously, I don't have that kind of money to pay them off in 7 days. If I did then I wouldn't have surrendered the vehicle in the first place - and they know that. I have not contacted VFS yet as I only saw this letter this morning (was out all day yesterday). Also, I am unsure what they mean by previous letter (unless they are referring to the one back in April that acknowledged that I wished to surrender the vehicle).
I would like advice on how to approach this please. I am on a DMP and am considering passing this over to them to deal with. But the point is that VFS are demanding £10K off me within 7 days when they already know that I couldn't afford to pay the original £545 per month as I am currently unemployed.
Can anyone advise on what the best course of action would be with this, what powers they have to reclaim the monies they claim is owed and what I can do.
The staggering part is how little they sold the vehicle for (probably in an auction) compared to it's original value. But then I suppose that's the credit crunch for you !
Thanks all
Early in 2007, I took out a Personal Contract Plan with VFS and took into my possession an Audi A4 Avant. This was being paid for by the car allowance I was getting from my then employers. The monthly payment was £545 for 3 years.
Unfortunately, as everyone here knows, toward the end of last year I found myself unemployed. Despite this, I managed to keep the payments up on the PCP until April this year when it became no longer possible to keep up the payments.
I kept VFS up to date with everything as it went along, but finally was forced to surrender the vehicle as there was no way I could continue the payments. They were, and still are, aware that I am currently still unemployed. I surrendered possession to them in May 2008.
I heard nothing more about this until I received a letter from VFS yesterday. It said:
Further to out previous letter relating to your repudiation of the above Above agreement, we now write to advise details of your quantified liability, which is £10,153.76
Total Amount Payable £30,853.48
Less Amount Paid £5.546.60
Total £25,306.88
Plus Costs of Recovering Vehicle £100.00
Plus Selling Expenses £146.88
Less Sale Proceeds £15,400.00
Total Liability £10,153.76
We now request full payment of the liability within 7 days, failing which we will instruct our legal agents to collect the outstanding debt on our behalf
Now, obviously, I don't have that kind of money to pay them off in 7 days. If I did then I wouldn't have surrendered the vehicle in the first place - and they know that. I have not contacted VFS yet as I only saw this letter this morning (was out all day yesterday). Also, I am unsure what they mean by previous letter (unless they are referring to the one back in April that acknowledged that I wished to surrender the vehicle).
I would like advice on how to approach this please. I am on a DMP and am considering passing this over to them to deal with. But the point is that VFS are demanding £10K off me within 7 days when they already know that I couldn't afford to pay the original £545 per month as I am currently unemployed.
Can anyone advise on what the best course of action would be with this, what powers they have to reclaim the monies they claim is owed and what I can do.
The staggering part is how little they sold the vehicle for (probably in an auction) compared to it's original value. But then I suppose that's the credit crunch for you !
Thanks all
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