VT car finance with Secure Trust Bank (t/a Moneyway)

[felixx]

I have to be truthful this is the first time I have had issues with VT'ing car finance.

The car in question VOLVO V50 2008 model diesel i believe I'm the 4/5 owner if you count the motor dealer 96,206 miles.

When I purchased the vehicle it had little service history with the car, but on checking the MOT history online it was happy, the V50 doesn't come with a spare wheel as standard it's an optional extra, so there was no spare wheel, the rear lights lenses were cracked and a mysterious exhaust gas leak that could never be found both highlighted on the MOT history as advisories prior to me purchasing the car, there was a star cut into the dashboard on the passenger side, and the previous owner had dogs, so the car was not particularly tidy inside a smelt off wet dog.

I got the car, immediately serviced the oil/air filter, oil and aircon this was June 2015, it was serviced regularly by me as per manufacturer guidelines (I am a qualified mechanic) and prior to VT'ing it was given new timing belt water pump, front wheel bearings and discs all round due to it having been sat for approximately 12mths and not used as I have a motorcycle hence the decision to return the vehicle. I had approximately 13 payments left.

They have now sent me a notice of default for £1,385...this is for damages and the fact that between the person collecting the car and it going to auction they have lost all documents...and because I have never had this trouble before I dont have backup copies of the documents other then the spread sheet i did for the servicing....

I'm fighting it, but I'm concerned they may mess with my credit file..

I have never missed a payment and have statements to prove this

Any help is greatful accept

[R0b]

Can you post up the default notice, redacted of personal info?

A DN can only be issued whilst the agreement is active - how can you say that someone is in default of the agreement when it has already terminated?

As for the documents, do you have any paperwork from them saying that certain documents must be present before they will collect it? If so, that might be of assistance to you because you can point to that as suggesting if there were no documents on collection, the car wouldn't have been picked up according to the information you received from them. In any event, the person collecting would have likely wanted to see the V5C before taking it away.

Seems to me that Moneyway are acting on a fraudulent basis by threatening you with a default notice when in fact they need to be going back to the agent who collected the car and holding him/her or the company responsible.

Ultimately if they put an adverse entry on your credit file, I can't see any other meaningful way other than to commence legal proceedings for the default to be removed and damages (maybe harassment too). You can try the complaints route but you'd be looking at up to 8 weeks for Moneyway to give their final decision and then you'll need to raise it to the Financial Ombudsman which is probably another 8-12 weeks and even then you might not get the result you want, which means court would be the only option.

[felixx]

Hi, Rob, I can but it will be in a few days as I have just had surgery on my right arm. Which doesn't help

Nigel

Can you post up the default notice, redacted of personal info?

A DN can only be issued whilst the agreement is active - how can you say that someone is in default of the agreement when it has already terminated?

As for the documents, do you have any paperwork from them saying that certain documents must be present before they will collect it? If so, that might be of assistance to you because you can point to that as suggesting if there were no documents on collection, the car wouldn't have been picked up according to the information you received from them. In any event, the person collecting would have likely wanted to see the V5C before taking it away.

Seems to me that Moneyway are acting on a fraudulent basis by threatening you with a default notice when in fact they need to be going back to the agent who collected the car and holding him/her or the company responsible.

Ultimately if they put an adverse entry on your credit file, I can't see any other meaningful way other than to commence legal proceedings for the default to be removed and damages (maybe harassment too). You can try the complaints route but you'd be looking at up to 8 weeks for Moneyway to give their final decision and then you'll need to raise it to the Financial Ombudsman which is probably another 8-12 weeks and even then you might not get the result you want, which means court would be the only option.

[felixx]

Hi Rob

Sorry for the delay I've been one-handed for a while which has proven pretty challenging, Hopefully, I have attached the Notice of Default Sums Letter, The agreement, Vehicle report

I have complained and they have sent a final response letter through and my complaint has been partially upheld and they have Removed the fees for rear taillights and spare wheel. reducing it from £1385 to £1005.

I terminated the agreement, on the 10th June 2019 and received the notice of default sums on the 25th June 2019

If you need anything else feel free to ask

Felixx

Vehicle_Inspection_Report_BG58BUH.PDF STB DefaultR.pdf img001.pdf img002.pdf img003.pdf img004.pdf

Can you post up the default notice, redacted of personal info?

A DN can only be issued whilst the agreement is active - how can you say that someone is in default of the agreement when it has already terminated?

As for the documents, do you have any paperwork from them saying that certain documents must be present before they will collect it? If so, that might be of assistance to you because you can point to that as suggesting if there were no documents on collection, the car wouldn't have been picked up according to the information you received from them. In any event, the person collecting would have likely wanted to see the V5C before taking it away.

Seems to me that Moneyway are acting on a fraudulent basis by threatening you with a default notice when in fact they need to be going back to the agent who collected the car and holding him/her or the company responsible.

Ultimately if they put an adverse entry on your credit file, I can't see any other meaningful way other than to commence legal proceedings for the default to be removed and damages (maybe harassment too). You can try the complaints route but you'd be looking at up to 8 weeks for Moneyway to give their final decision and then you'll need to raise it to the Financial Ombudsman which is probably another 8-12 weeks and even then you might not get the result you want, which means court would be the only option.

[R0b]

Hi Felix,

There isn't really much to do other than to make a formal complaint to the Financial Ombudsman or wait it out and see what they do.

The notice of default sums is invalid anyway primarily for the reasons that the contract has ended. Secondly, it only applies where you are two or more instalments behind. So not worth the paper its written on.