Tweet
VT Motonovo - DWF - Headache!
Hi, first post here after reading up on a few other similar topics. Please excuse the long post, but want to make sure all points are covered in order to get the best response.
In Feb 2014 I decided to Voluntary Terminate my Hire Purchase agreement on my VW CC with MotoNovo. It was 5 years HP, and I’d only had the car around 12 months but for one reason or another I needed the car gone.
I wrote to MotoNovo around 20th February 2014 informing them I wish to VT. To cut a long drawn out story which has been posted time and time again, I went back an forth with Motonovo after the car was collected by Mannheim and a whole host of extra costs were added for excess milage, condition etc, which they conceded on around Early April 2014 and took the other charges off leaving me with a balance of just over £4k which would have brought me up to the 50% mark on the HP agreement. The letter they sent me mentioned payment should be received within 28 days. Okay. However...
Around 5 days after receiving their letter I received a credit alert from Equifax that my credit report had changed, and low and behold the Moto agreement had been marked Defaulted as of 10th April 2014.
I had contacted Motonovo, asking this default to be removed, as the 28 days to pay had not even passed, they stated to me this is just a process they go through until payment is made but I wasn't convinced and contacted the Financial Ombudsman. The Financial Ombudsman investigated and agreed in July 2014 that Motonovo had acted erroneously in marking the file as defaulted, however they proposed that as the amount was still outstanding I should make a payment and the default marker will be removed.
I was at that time (and still am not) in a position where I could make a £4k payment to Motonovo (money problems, hence the car going in the first place) however I have sent repeated letters to them asking for some kind of arrangement to pay but every letter (sent RD) has been ignored and instead DWF have been chasing me for the full amount.
I don't want to hide for the next 6 years to get away from the 4k and wait for my credit file to be restored, I plan on looking for a mortgage in a few years time, or even renting which I know may now cause me problems due to the default. Monotovo won't reply to my offers of payment, and I don't want to deal with a glorified debt recovery agent as I don't believe that even if i were to make a full payment the default marker would be removed!
What is the best way for me to proceed in all this and hopefully have the default marker removed from my credit file?
Also, I understand that as I VT'ed the agreement, Motonovo didn't need to issue me with any formal default notice, however if this is the case, would they still be allowed to update a credit file to state it was in deafult and also how would this debt stand up in court if DWF were (in the unlikely event) to pursue the amount owed?
Many thanks to anyone who takes the time to read this, and reply hopefully.
J
In Feb 2014 I decided to Voluntary Terminate my Hire Purchase agreement on my VW CC with MotoNovo. It was 5 years HP, and I’d only had the car around 12 months but for one reason or another I needed the car gone.
I wrote to MotoNovo around 20th February 2014 informing them I wish to VT. To cut a long drawn out story which has been posted time and time again, I went back an forth with Motonovo after the car was collected by Mannheim and a whole host of extra costs were added for excess milage, condition etc, which they conceded on around Early April 2014 and took the other charges off leaving me with a balance of just over £4k which would have brought me up to the 50% mark on the HP agreement. The letter they sent me mentioned payment should be received within 28 days. Okay. However...
Around 5 days after receiving their letter I received a credit alert from Equifax that my credit report had changed, and low and behold the Moto agreement had been marked Defaulted as of 10th April 2014.
I had contacted Motonovo, asking this default to be removed, as the 28 days to pay had not even passed, they stated to me this is just a process they go through until payment is made but I wasn't convinced and contacted the Financial Ombudsman. The Financial Ombudsman investigated and agreed in July 2014 that Motonovo had acted erroneously in marking the file as defaulted, however they proposed that as the amount was still outstanding I should make a payment and the default marker will be removed.
I was at that time (and still am not) in a position where I could make a £4k payment to Motonovo (money problems, hence the car going in the first place) however I have sent repeated letters to them asking for some kind of arrangement to pay but every letter (sent RD) has been ignored and instead DWF have been chasing me for the full amount.
I don't want to hide for the next 6 years to get away from the 4k and wait for my credit file to be restored, I plan on looking for a mortgage in a few years time, or even renting which I know may now cause me problems due to the default. Monotovo won't reply to my offers of payment, and I don't want to deal with a glorified debt recovery agent as I don't believe that even if i were to make a full payment the default marker would be removed!
What is the best way for me to proceed in all this and hopefully have the default marker removed from my credit file?
Also, I understand that as I VT'ed the agreement, Motonovo didn't need to issue me with any formal default notice, however if this is the case, would they still be allowed to update a credit file to state it was in deafult and also how would this debt stand up in court if DWF were (in the unlikely event) to pursue the amount owed?
Many thanks to anyone who takes the time to read this, and reply hopefully.
J
