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Moneybarn final billing letter - help needed

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  • Moneybarn final billing letter - help needed

    Hi,

    I am currently in the VT process with Moneybarn and would like some advice as to how they've come to the final balance as if I understand the CCA sections 99 and 100 correctly I am not liable for anything at all.

    The original agreement was for 54 payments of £229 so total loan agreement was £12,366. As per the account balance at point of return figure this meant I had paid a total of £10,357. The £175 relates to arrears on the account from a missed payment a couple of months ago of which I was in a payment plan prior to VT.

    I don't understand their less half rule figure of £1834.88 as I believe this would have been half of £12,366 which is £6183 and I've paid over £4000 more than this. If I understand sub-section 1 of CCA 100 correctly there is no provision for missed payments/arrears and the only provision is for being liable for half the amount due.

    Can someone advise where I stand please before I respond to Moneybarn? I should point out that the car was in poor condition when it was returned (couple of scratches and no service history) so part of me feels I've gotten away with this but equally the car was almost 10 years old.

    Just wondering where I go next. I have seen in other threads/forums that Moneybarn are notorious for not knowing the VT process.
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  • #2
    Maybe I'm missing something but doesn't it say the outstanding balance is £175?

    So you've either paid that off or you haven't but that seems to be what is stated as owing. Not sure why you you need to be worried about the "Less Half Rule".
    If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
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    LEGAL DISCLAIMER
    Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

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    • #3
      I'm not but the way I am understanding the CCA is I am only liable for half the total amount payable which I have more than paid so I am disputing the fact I have a balance at all. Or am I missing something?

      Comment


      • #4
        But it is already due and unpaid, so your duty to pay any further instalments are discharged but you still owe that from X months ago. As far as I understand it, you still owe anything that's due and outstanding, you can't escape liability for that

        If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
        - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
        LEGAL DISCLAIMER
        Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

        Comment

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