Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

hi, yes payments are no longer being made for the car , initially mothly payments were taken by direct debit however were allocated / paid within the company by personal salary ( mine ). the finance company say just under £10,000 is owed and although they have an asset recovery company chasing me personally , when responding to my complaint they have addressed their letter to the Ltd Company. I dont know if it is of importance but should also say that the Company name is mispelt on the original finance agreement.

Thanking you again for all your kind support.
Monalisa

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Does any one have any advice on how I should deal with the asset recovery company? also it's seems to be a real grey area wheteher they could take the car without a court order etc. Does anyone know for sure? As I'm about to draft a letter to Audi stating all the issues of my complaint referencing the Law and offer much reduced sum in full and final settlement. I am worried what will happen in the interim.

[WendyB]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Well if they took the car then presumably this would wipe out the debt?

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

No because they say I signed an indenity. they would just sell the car for anything at auction and come to me for the rest.

[Londoneye]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Hi Monalisa, no expert here but because of the complexities and the amount involved (over £5,000) It may be worth contacting a no win no fee solicitor and see if they think there's a viable case

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Thanks for this advice , Mona lisa.

[WendyB]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Hi Monalisa, no expert here but because of the complexities and the amount involved (over £5,000) It may be worth contacting a no win no fee solicitor and see if they think there's a viable case

But if you decide to do this, please go on recommendations from people who have used them, and not one of the million and one companies that are about who basically would do anything to get you to part with money. You could end up with sod all of your "winnings"

[Londoneye]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

WendyB..... fair comment! This might help: http://www.sra.org.uk/consumers/solicitor-check.page

[Amethyst]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

have all the letters now mona and having a good read....apologies havent been about today until an hour ago.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Thanks so much Amethyst I can't tell you how much I appreciate it.
Have sent an email to the asset recovery company today and asked them to clarify what they are chasing on what grounds and for whom etc.... after printing the rules of the Finance and Leasing association today of which audi are a member of.....I'm currently drafting Audi a letter amongs other things drawing their attention to specific the rules applicable to members of the FLA. Have also again requested a statement / breakdown of account and a copy of the finance agreement and any supprting documents ( i.e any indemnity I allegedly signed.)

Thanking you again for your much needed kindness and support.

[Amethyst]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Couple bits I'm not clear on which will make more sense of the letters.

Who actually has the car ?
Is this person willing to pay for it and/or return it to the finance company ?
Why and when did payments stop being made on the car ?


The main issue for you seems to be why this is an unregulated agreement when it needn't have been as it was a personal use vehicle, paid for by an individual who is the regsitered keeper of the car, and the deposit would have taken it below £25k but at the last minute was reduced to make the loan over £25k.

I think that needs looking at first.

The log book/condition etc is covered on their agreement by 9.1 which in my mind, is why the dealers tried to ensure you had an unregulated agreement.

Proving that will be nigh on impossible.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

My husbands brother whose name is on the Log book has the car.
Yes he is prepared to pay a sum ( but only a reduced sum ) in full and final settlent.

Payments by direct debit were initially stopped as once the company ceased to trade direct debits from the company account were cancelled by the bank etc. We made the next 6 payments by personal cheque and to the best of our knowlege monthly payments ( 35) had been paid. we continued to pay whilst we tried to locate the original documents and seek advice. As I / we were unable to get a statement from Audi finance a few extra installments may have been paid.

Hope this helps.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Judging by the high amount of viewers to this thread ( and the amount of us that have lost our jobs and/or businesses as a consequence of the current economic climate) it would appear alot of people are having severe problems finding out their rights if any under an unregulated agreement, many discovering misrepresention of finance contracts and / or indemnitys and / or goods has occurred, in particular in relation to Hp / Car Finance agreements over £25,000.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

I feel I have to write to the finance company again on Monday, does any one have any advice on the validity of an indemnity which is not properly witnessed and was gained through misrepresentaion. Any thoughts on all this is much appreciated.

[WendyB]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Would the total sum payable have been different depending on whether the agreement was regulated or unregulated?

If not, I can't see why the owner of the car is only prepared to pay a reduced sum in full and final settlement? Or is it that the car is not as described due to there being more owners/older than previously thought?

Or am I totally missing the point here?