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Rci Finance !!! Help !!!!

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  • Rci Finance !!! Help !!!!

    We Had 2 Cars With Rci, And To Cut A Long Story Short, After About A Year, We Found That We Couldnt Afford Them, As We Sold Our House, Taking A Huge Loss, And Faced A Load Of Debt From That. We Contacted Rci To See If We Could Re Negotiate, They Just Weren't Interested, And Were Actually Quite Agressive, Rude, And Nasty !!
    In The End, We Sent Them A Fax, Telling Them We Were No Longer In A Position To Carry On Paying For The Cars, And That We Would Leave Them At The Local Renault Garage For Collection, Were We Knew They Would Be Safe.
    We Had No Correspondence From Renault What So Ever, We Eventually Got A Letter Saying That We Were Deemed To Have Repudiated The Agreement And They Hereby Accept Such Repudiation.
    The Next Thing Is, That They Issued Defaults Against Us For The Full Amount Of The Vehicles, Which We Accepted Reluctantly, But As We Had Theoretically Breached The Contract. That Was Back In November, Then This Morning, I Recieve A Letter From A Firm Acting On Behalf Of Rci Finance, That 1 Of The Vehicles Had Been Sold, For Just 7k, It Was Less Than A Year Old, And That We Now Owe Them £6k To Be Paid Within 7 Days !!!
    Now If At Any Point, We Had Been Told That Even If The Cars Had Been Sold, We Would Have Still Be Liable For The Other Amount Of Money Owing, We Would Have Battled On, Kept The Cars, And Handed Them Back, When We Were Half Way Through The Contracts, But You Try And Talk To Them, And They Are Just Aggressive.
    The Whole Point Was That We Handed The Cars Back, As We Couldn't Afford Them, So How Can We Pay £6k For A Car That We Don't Even Own Anymore !!!

  • #2
    Re: Rci Finance !!! Help !!!!

    Which firm sent you the notice?
    Have they sold the other car yet?
    Do you still have the original contracts?

    Comment


    • #3
      Re: Rci Finance !!! Help !!!!

      Hiya

      I'm sorry to hear of your trouble, but I'm sorry I am unable to help in this situation. I'm sure I know who will be the best person for this and will flag it up to him.
      Be patient we will get help for you.

      Comment


      • #4
        Re: Rci Finance !!! Help !!!!

        Given that you simply handed back the cars, you will find that you are still liable for the amount you originally borrowed, less what they got for the cars.

        Specifically what type of contract was it?

        Comment


        • #5
          Re: Rci Finance !!! Help !!!!

          It was a pcp finance, handing the cars back, really was a last result, we tried really hard to talk to them, and come to some sort of arrangement with them, to maybe extend the period of the pcp, or to change it to a normal hire purchase and take the cars over a longer period, and their attitude, was tough, you got yourselves into this !!! we really were quite gobsmacked about this !!
          At NO point did they say to us, that we would be liable for any amounts of money being left over from the sales of the car ??
          We have been told, that in a situation like this, they still have to remove the final value fee, is this true ???
          We are certainly not going to pay for cars, that we don't have, when we weren't given the correct information, we weren't given the option of taking the cars back, and arranging to change the payments, they really were no help what so ever !!
          The recent letter that we have had, has come from a company called salans, but in their letter, nowhere have they said who we need to contact, nothing about who we should make payments to, nothing about where to send payments, totally nothing !!! it seems very unprofessional to me, and sadly, if they continue to persue this, my husband will have no choice but to take bankruptcy !!! which really is a very last resort !! we handed these cars back because we really couldn't afford them, we are just keeping our heads above water as it is, so this is just a major blow......
          ------------------------------- merged -------------------------------
          Oh !! Rci Have Already Put Defaults Against Us For The Full Amounts Also
          Last edited by horatiosmummy; 26th March 2009, 08:06:AM. Reason: Automerged Doublepost

          Comment


          • #6
            Re: Rci Finance !!! Help !!!!

            PCP works by deferring most of the cost until the end of the loan period. You appear to have breached the contract by not making the payments and attempting to hand the car back early. Although RCi appear to have accepted your breach and accepted that the contract is repudiated, there is still money owing under the contract.

            What does your paperwork say about surrendering the cars early?

            To formally end your agreement early RCi would have given you a settlement figure which will consist of how much you still owe on the loan, plus the gaurranteed minimum future value of the car (or cars) plus any fees for ending early (these usually consist of interest and an administration fee.)

            Crucially settling early usually presents a problem because cars depreciate more than you have paid off at the beginning of the loan period although this evens out as the period goes on.

            Comment


            • #7
              Re: Rci Finance !!! Help !!!!

              We have had no settlement figure or anything from RCi, we haven't really had any correspondence from them, except to issue a default notice against us
              ------------------------------- merged -------------------------------
              It also wasn't that we hadn't make the payments, we were actually paid completly up to date
              Last edited by horatiosmummy; 26th March 2009, 13:48:PM. Reason: Automerged Doublepost

              Comment

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