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Finance company
I am writing to address concerns regarding the ongoing charges and interest accruing on the vehicle account for the car, originally purchased under my company’s name, with myself as guarantor.
To provide background, I purchased the vehicle, valued at £39,000, for business purposes and paid a £17,000 deposit. Unfortunately, due to the unforeseen impact of the COVID-19 pandemic, I had to return the vehicle, as my business was no longer able to support the payments.
Since then, I understand that the account has been transferred to a third-party collections agency. However, I am increasingly concerned that this third party has now moved to secure debts against properties registered in my personal name. Moreover, they are applying daily interest, which is exacerbating the financial burden significantly.
Given that these properties are personal assets and not related to the business, I believe it is essential to review the terms under which the third party is acting, as well as to clarify the basis and rate of these accumulating interest charges. I would like to request an account summary, detailing the outstanding balance, daily interest applied, and a justification for securing these debts against my personal assets.
I am keen to work toward a resolution and would appreciate your urgent assistance in reviewing the account terms. Please let me know if any documentation is required from my end to expedite this review.
Thank you for your attention to this matter. I look forward to your prompt response.
Best regards,
To provide background, I purchased the vehicle, valued at £39,000, for business purposes and paid a £17,000 deposit. Unfortunately, due to the unforeseen impact of the COVID-19 pandemic, I had to return the vehicle, as my business was no longer able to support the payments.
Since then, I understand that the account has been transferred to a third-party collections agency. However, I am increasingly concerned that this third party has now moved to secure debts against properties registered in my personal name. Moreover, they are applying daily interest, which is exacerbating the financial burden significantly.
Given that these properties are personal assets and not related to the business, I believe it is essential to review the terms under which the third party is acting, as well as to clarify the basis and rate of these accumulating interest charges. I would like to request an account summary, detailing the outstanding balance, daily interest applied, and a justification for securing these debts against my personal assets.
I am keen to work toward a resolution and would appreciate your urgent assistance in reviewing the account terms. Please let me know if any documentation is required from my end to expedite this review.
Thank you for your attention to this matter. I look forward to your prompt response.
Best regards,
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