Finance Companies

Louling06 · 16 April 2008 at 11:53AM

Hi,
Just wondering if anyone has heard about my post above.
Thanks
Lou

chrisd80 · 18 April 2008 at 2:59PM

i got conned by carcraft they said the car i traded in was worth £0 as it was an insurance write off and they would be scrapping it since then it has been seen in skegness taxed and being driven about so they obviously sold it on.When i complained to them they said i accepted £400 for my old car which i didnt and have never received anyway as it doesnt appear on the finance companies statements.Could i claim this £400 and interest in the same way you do against the banks.If yes could i charge them the same extortionate interest they charged me 20.9 per cent :mad:

Tozer · 18 April 2008 at 7:41PM

Short answer is - NO! You traded your car in and reached a deal with them. You now don't like the deal as it appears you could have done better. Principles are nowhere near the same as for bank charge reclaiming.

Bad luck.

Louling06 · 28 April 2008 at 11:04AM

Still nothing anyone?

Ex-Spendaholic · 30 July 2008 at 5:33PM

I had a finance agreement with Open and Direct who later became Creation Finance. In the time I had it I missed a couple of payments. They chaged me £35 a go or those. Then when I chose to start paying by cheque rather than DD they decided they would charge me £50 for the privilege. In total the charges were £135. This was all between 2002-2005.

I sent them letter 1 and letter 2 and was told that their fees were legal and part of the T&Cs etc etc. I had told them in letter 2 that I would start court proceedings on 1 August.

Today I got a letter back saying that they would not be paying back fees.

I rang the Financial Ombudsman who told me that they don't cover this type of agreement if it was before 2007. They then referred me to another organisation - I think it was Finance and Leasing. They told me that Creation Finance aren't one of their members and gave me a number of another similar organisation (name I can't remember). I rang that particular organisation and they told me that Creation Finance are a lapsed member of theirs. They did give me a number of a guy from their legal team and suggest I ring him but I was unable to get him.

I'm wondering what I should do with this. Do I just let it drop? I don't know that it is worth going the MCOL route - isn't it £100 or something. Any thoughts?

Sol00 · 30 July 2008 at 5:45PM

If the charges are excessive and don't cover more than the cost of administration, you are entitled to request these fees back. I would take it to court as the chances are they'd settle out of court.

CeeJayBear · 2 August 2008 at 11:37AM

Sounds familiar (unfortunately!) I had very much the same from them, They failed to collect DD's from my account for five consecutive months, it goes without saying there was a nasty letter each month to add £25 to the account +interest of course. I had the manager of my bank (Barclays) call them up to explain what the problem was with them collecting payments, they admitted they had made a mistake but would not refund the charges. I had called them numerous times but in the end they would not even speak to me.
Finally I contacted the Onbudsman who wrote to them giving them eight weeks to respond........of course they didn't! now the onbudsman has taken up the cudgels on my behalf. WILL POST RESULTS HERE!

IN THE MEAN TIME i WOULD SUGGEST TREATING CREATION FINANCE WITH A GREAT DEAL OF CAUTION

Ex-Spendaholic · 2 August 2008 at 4:21PM

Thank for that Ceejay. I hope you get it sorted.

Was your agreement before or after 2007? I was told if it was before 2007 the Ombudsman couldn't deal with it. I thought that was odd.

CeeJayBear · 2 August 2008 at 4:25PM

The agreement was before 2007, but the problems began later, the onbudsman didn't even query the start dates

Ex-Spendaholic · 3 August 2008 at 1:02PM

Thanks. I think I'll send an email to the Ombudsman with all the info and see where that takes me. :beer:

Finance Companies

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