Loan on vehicle - Messy!!!

[stunner1901]

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

[pt2537]

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

[stunner1901]

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

[pt2537]

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

[jhonpaul]

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 company. Obviously they must give back hander 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[/QUOTE]

Yes I came to know that the first you have to concern that the vechicle is secured or you have buyed with the lenient and with your accident cover bundle.And tolerate the arrangement with a few inclusion to a new visit driver And suppose that if any individual who does not have access to the vechicle and does not have the inclusion moved over them in occasion they are driving in case of out merge.Mostly every one will have lent their vechicle to to have a companion at a certain point.