Hello and help please? (hp agreement default and DCA

[bony23]

Just a quick hello

i have defaulted on a hp agreement with FCE (Fords) and they have terminated my credit agreement even though they lied when i wanted to voluntery surrender the vehicle as i have paid just over 50%. they did not even send me a default notice. just to let people know i was made redundant and was unable to make full payments - i was paying the odd £100 whenever i had spare.

anyway, they have now sold the debt to a DCA who have asked for immediate return of the vehicle. can they do this?

is the initial credit agreement still "live"? i.e. paid over a 1/3 so from my brief research would need a court order?

anyway any help or advice would be appreciated.

if anyone who can genuinly help needs any additional info please do not hesitate to ask

[enaid]

Re: Hello and help please? (hp agreement default and DCA

Hello bony and a warm welcome to Beagles.
I think you will have to give more details as to what is going on with this. I suggest you start a new thread in the vehicle finance forum, here is a link http://www.legalbeagles.info/forums/...prune=-1&f=197

Then people will ask what other info is needed before they can help you. Enaid x

[Curlyben]

Re: Hello and help please? (hp agreement default and DCA

So what exactly are the DCA claiming for and what is this £100 charge for ?
Have you physically surrendered the vehicle or do you still have it ?

CCA s99 and s100 apply here I believe:

(1) At any time before the final payment by the debtor under a regulated hirepurchase
or regulated conditional sale agreement falls due, the debtor shall be entitled
to terminate the agreement by giving notice to any person entitled or authorised to
receive the sums payable under the agreement.

(1) Where a regulated hire-purchase or regulated conditional sale agreement is
terminated under section 99 the debtor shall be liable, unless the agreement provides
for a smaller payment, or does not provide for any payment, to pay to the creditor the
amount (if any) by which one-half of the total price exceeds the aggregate of the sums
paid and the sums due in respect of the total price immediately before the termination.

[Paule]

Re: Hello and help please? (hp agreement default and DCA

Thread moved to vehicle finance section

PKea

[Amethyst]

Re: Hello and help please? (hp agreement default and DCA

''even though they lied when i wanted to voluntery surrender the vehicle as i have paid just over 50%.''

can you also expand of this a little more please. Thanks, Ame x

[bony23]

Re: Hello and help please? (hp agreement default and DCA

hello everyone - many thanks for the replies so far

basically i was made redundant and was unable to make full payments fo FSE (fords), i informed them of my situation and told could only make payments of £100 (usually £412) per month. after a few months of paying the £100 i called to make another payment but was informed that they no longer own the debt and that according to them they account had defaulted (they did not communicate this was going to happen).

it is now with a DCA called Link Financial (welsh based i think).

just before the account defaulted i spoke to fords about voluntery terminating the agreement as i have paid over 50% to which they replied i could not.

anyway link financial hold the debt now and are demanding immediate return of the vehicle.

i was just wondering if the original credit agreement stands as its been terminated?

can they just take the car back?

any advice would be appreciated

tony

[enaid]

Re: Hello and help please? (hp agreement default and DCA

Maybe a silly question I know but was there any PPI with the original loan?

[bony23]

Re: Hello and help please? (hp agreement default and DCA

no ppi im afraid.

[enaid]

Re: Hello and help please? (hp agreement default and DCA

no ppi im afraid.

That's a shame could have taken a new path altogether. Never mind you'll be shown the right road anyway. Enaid x

[bony23]

Re: Hello and help please? (hp agreement default and DCA

any route will help - already been stung for a £100 litigation charge - dont even know what that is?

[Amethyst]

Re: Hello and help please? (hp agreement default and DCA

Had you repaid over 50% before you stopped paying the £412 a month and started the reduced payments/

[bony23]

Re: Hello and help please? (hp agreement default and DCA

yes i did but they said i hadnt - me being stupid took their word for it instead of requesting statement

[Amethyst]

Re: Hello and help please? (hp agreement default and DCA

Okay - I assume this was just by phone and not in writing?

And the 50% return clause is in your original agreement?

The DCA who want immediate return of the vehicle, are they wanting further additional payments as well on the agreement or just the ''litigation'' and charges costs?

[bony23]

Re: Hello and help please? (hp agreement default and DCA

yes 50% in original agreement

and yes you are correct - by phone

want me to continue making payment of £412 (which it was with fords)