Notice of sums of arrears letter - Voluntary Termination

[Clowders]

Hi all,

My financial agreement was with Close Brothers. I voluntary terminated the agreement in October 2019. I have just received a notice of sums in arrears letter which states I have to pay an 'S-RFR Reverse Future Rentals' charge of £11,931.70. The letter says I also have arrears of £666.47 for missed monthly payments which were applied after I terminated the finance agreement. There are other charges such as excess mileage and damages which I am not disputing. The letter also states they sold the car at auction for £7,592.

Can any help me regarding the Reverse Future Rentals charge and the arrears? I do not believe I owe this money. Any advice is most welcome

I have tried to look at the template letters but nothing populates when I click on the link. Does anyone have a template or can they direct me to another thread which may contain a template letter.

Thanks in advance

[R0b]

Do you know or have they explained what the S-RFR Reverse Future Rentals? If not, then that is your first question. I've never heard of it before so I am curious why they are charging for this.

Just to be clear, once you admit the charges being owed, it could be very difficult for you to reverse your position legally so if you are not disputing them, then you better make sure you pay up.

The template letters are now rolled up in the updated VT Guidance document found on the link below. The template letters should assist you but there won't be one which fits your situation. You can't really consider any charges unless you know what they relate to - and as for what the car sold for, that is entirely irrelevant.

https://legalbeagles.info/forums/for...on-your-rights

[Clowders]

Hi Rob

Thanks for the response

To be honest I have no idea what it means. I will send them a letter asking them to clarify this ‘charge' while stating I do not believe I am liable for this charge or the arrears.

I will repost when I receive a response.

thanks

Jo

[Clowders]

Hi Rob

I telephoned Close Brothers yesterday and was advised the letter was an automatic letter and the reverse charges were for internal use only and are not payable by me. They also stated the monthly arrears showing had been written off - not that they were ever owed - and did not show on my account.

I was left with the impression they hoped the letter was not challenged and the due amount paid by unsuspecting consumers.

They advised a letter has been sent confirming only the mileage and damages are payable but I will wait for confirmation of this in writing. I was advised I would also be informed of how these could be paid in full to close brothers or instalments via debt recovery agency.

Ollie in one of the branches was very helpful. Am I'm allowed to put his telephone number on here for others to use?