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Loan on vehicle - Messy!!!

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  • Loan on vehicle - Messy!!!

    Hi

    I took a loan out secured on a van in 2017 and then a top up 2nd loan in sept 2017.
    At the time of 2nd loan I was in a very bad place as dad was dying and mum had a stroke so I shouldn't have took it out. And the APR rocketed from the 1st to 2nd loan
    In November I got hit by a bike and my van was deemed a total loss. The insurance company paid out direct to me even though the loan co had assigned the logbook

    I complained to the FOS in Feb and the investigator awarded in my favour twice but the loan co appealed for a 2nd time and the ombudsman went completely opposite to the investigator and awarded 100% in favour of the compamy. Obviously they must give back handers when it gets to final appeal as it is literally a complete reversal

    I am now a full time carer and have literally no excess income so cannot offer any kind of payment but they are now asking for payments to restart and when will I clear the arrears. They also seem to think the insurance haven't paid out yet

    I have requested an income and expenditure form from them which they have emailed

    Can anyone advise how to approach this as I feel my only option is to say take me to county court as I know they will not accept any reduced offer. I tried last year and was told they cannot allow the loan to take longer than the original term

    Really hoping for help

    Thanks in advance
    Tags: None

  • #2
    Originally posted by stunner1901 View Post
    Hi

    I took a loan out secured on a van in 2017 and then a top up 2nd loan in sept 2017.
    At the time of 2nd loan I was in a very bad place as dad was dying and mum had a stroke so I shouldn't have took it out. And the APR rocketed from the 1st to 2nd loan
    In November I got hit by a bike and my van was deemed a total loss. The insurance company paid out direct to me even though the loan co had assigned the logbook

    I complained to the FOS in Feb and the investigator awarded in my favour twice but the loan co appealed for a 2nd time and the ombudsman went completely opposite to the investigator and awarded 100% in favour of the compamy. Obviously they must give back handers when it gets to final appeal as it is literally a complete reversal

    I am now a full time carer and have literally no excess income so cannot offer any kind of payment but they are now asking for payments to restart and when will I clear the arrears. They also seem to think the insurance haven't paid out yet

    I have requested an income and expenditure form from them which they have emailed

    Can anyone advise how to approach this as I feel my only option is to say take me to county court as I know they will not accept any reduced offer. I tried last year and was told they cannot allow the loan to take longer than the original term

    Really hoping for help

    Thanks in advance
    Hi there

    A few questions

    1) when the insurance paid out, what did you do with the money?

    2) do you have a copy of the contract which you entered into as these will be necessary if anyone is going to be able to assist.

    3) what did you complain to the FOS about?

    thanks

    Paul
    I work for Wannops LLP . I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

    If you need to contact me please email me on Ptilley@wannops.com . My firms initial advice is always free.

    I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

    You can also follow my blog on consumer credit here.

    Comment


    • #3
      Hi Paul

      Sorry for delay in replying

      1) Money bought new vehicle and insurance

      2)i have got contract

      3) complained to FOS re affordability as at time of 2nd loan i was unable to work as mum had had a stroke but told them i could afford as i was desperate
      kind regards
      steve

      Comment


      • #4
        Thanks for the reply.

        Was this a bill of sale Log book loan then? If y ou have the contract and can post a copy with your personal details removed that would be a great help as its tricky to give pointers without having seen the papers
        I work for Wannops LLP . I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

        If you need to contact me please email me on Ptilley@wannops.com . My firms initial advice is always free.

        I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

        You can also follow my blog on consumer credit here.

        Comment

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