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Barclays car finance problemo!
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# 1
willcrom
Old 02-08-2009, 1:00 PM
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Default Barclays car finance problemo!

Hi guys, first of all thankyou in advance for any advice that is offered to me and thankyou to the contributers of this great site.

Ok here we go, my dad recenty purchased a vauxhall corsa from vauxhall, the car was 7000, less 500 part ex he got for his old one, this was at the beginning of july 09, so 6500 he owes, he asked them for a settlement figure as he's just got a few quid and decided to pay the car off, barclays have sent him a letter saying he can settle before 25 aug 09 for 8500 and that the balance was 11,000!

I've been down to the showroom and asked them about the figures, the salesman said the salesperson who arranged the deal had no responsibility to explain the apr figures to my dad only the prices in pounds at the due dates, also he didnt say anything about the early settlement fee should you wish to pay up early, my dad was not given a copy of the credit agreement that he signed either, i have to go back thier tommorow to look at it (its in the vault apparently).

So does anybody know the score with regard to my dads situation.

Many thanks, Will.
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# 2
PNPSUKNET
Old 02-08-2009, 4:23 PM
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It maybe a front loaded loan agreement, when you take hp out they load the loan on the first so many payments, setup costs etc. I will say though that 2000 is a little steep, but knowing barclays they have penalty clauses in it
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# 3
standupguy
Old 02-08-2009, 5:27 PM
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It looks like there is something wrong with the figures as you understand them?

The agreement is regulated and covered by CCA regulations.
This means the rebate of charges calculation is laid down for early settlement. There should be no early settlemen fee

If the settlement quote is asking 8500 then the amount of advance must have been just less than that amount and you need to see a copy of the agreement to verify the figures.

Your dad needs to take this up with the Finance company.

It may that the dealer has charged for some extras which has increased the balance financed from the 6500.
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# 4
willcrom
Old 03-08-2009, 6:17 PM
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Quote:
Originally Posted by standupguy View Post
It looks like there is something wrong with the figures as you understand them?

The agreement is regulated and covered by CCA regulations.
This means the rebate of charges calculation is laid down for early settlement. There should be no early settlemen fee

If the settlement quote is asking 8500 then the amount of advance must have been just less than that amount and you need to see a copy of the agreement to verify the figures.

Your dad needs to take this up with the Finance company.

It may that the dealer has charged for some extras which has increased the balance financed from the 6500.

indeed they have charged him for ppi, which he did not ask for.
thanks for the reply guys, ive been down to the showroom today for the agreement and was shown a copy which was the same as the deposit form given to my dad but with the empty boxes now filled in!!! i said to the salesman that the boxes have been filled in on your slip (which was a photocopy-but with ink from a pen written in where the new amounts have been written) sorry if this is confusing.
i think the extra 2 grand has been put on for payment protection which my dad has not asked for either, but the daft old bat has signed a barclays partner finance agreement for the amount of 7,906.25.

what should i do?, if its ok i can forward a copy of the agreements for any knowledgeable people to look at. many thanks guys. Will
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# 5
standupguy
Old 04-08-2009, 9:42 AM
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From what you say the dealer has deceived your father.

1. PPI has been added without his knowledge.
2. The dealer did not explain the APR and interest charges
3. Your father was not given a copy of the agreement at time of sale - this is in contravention of the cca rules.
4. Figures were completed afterwards.

To put it bluntly, your father was well and truly "tucked-up" by this dealer.

He needs to contact the Finance company straight away and ask to speak to their Legal and Compliance manager.

He needs to tell them the issues and that he wishes to "make a formal complaint which he is prepared to take to the Financial Ombudsman service if the complaint is not resolved satisfactorily" - this alerts them to the fact that this is a serious complaint which they have to handle under FSA guidelines laid down to them.

I would suggest a satisfactory outcome would be to reach a settlement figure with the Finance Company which would exclude any ppi - so he would be looking for a settlement figure of say 6500 plus an element of interest for the 5 weeks the money has been out - say 6600?

You should find that this is resolved very quickly in view of the breaches of the cca act that has taken place.

good luck!
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# 6
dfh
Old 04-08-2009, 9:51 AM
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It really annoys me how these dealers seem to take advantage of people who they know may not be that knowledgable about finance.
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# 7
xmaslolly76
Old 04-08-2009, 10:05 AM
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DFH they do it because 99 times out of 100 they get away with it. Hopefully now the op has got involved he can sort this whole mess out for his dad.

If i ever see any empty boxes on an agreement i get them to fill it in before i sign and if they say its not applicable then thats what gets written across it by me!

Goodluck and i hope it all gets sorted quickly for you OP :-)
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# 8
willcrom
Old 04-08-2009, 5:40 PM
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Quote:
Originally Posted by standupguy View Post
From what you say the dealer has deceived your father.

1. PPI has been added without his knowledge.
2. The dealer did not explain the APR and interest charges
3. Your father was not given a copy of the agreement at time of sale - this is in contravention of the cca rules.
4. Figures were completed afterwards.

To put it bluntly, your father was well and truly "tucked-up" by this dealer.

He needs to contact the Finance company straight away and ask to speak to their Legal and Compliance manager.

He needs to tell them the issues and that he wishes to "make a formal complaint which he is prepared to take to the Financial Ombudsman service if the complaint is not resolved satisfactorily" - this alerts them to the fact that this is a serious complaint which they have to handle under FSA guidelines laid down to them.

I would suggest a satisfactory outcome would be to reach a settlement figure with the Finance Company which would exclude any ppi - so he would be looking for a settlement figure of say 6500 plus an element of interest for the 5 weeks the money has been out - say 6600?

You should find that this is resolved very quickly in view of the breaches of the cca act that has taken place.

good luck!
Thanks again S-U-G, ive been on the phone today to the manager at the showroom and he seemed very interested when i read out the four points that you made, he wants me and my dad to go down for a coffee! lol.

Anyway ive phoned barclays partner finance up and told them about the miss selling of the ppi and threatened to get the obdubsman involved, the guy on the phone was helpful to be fair to him, he told me to send copys of the agreement and a covering letter also to barclays for the customer team to look at, i asked if i could email them over as i have a good scanner, he said that would be fine.
i'm not sure how to word the letter though i know they can be sticklers on correct wording etc. stand up guy, can i email the copies to you to have a butchers at i have doctored all info ie; names and address using paint, so there is only figures to look at before i correspond with barclays. i will Pm you my email address. if you would rather not then again i really appriaciate the help given to me. thanks, Will.
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# 9
standupguy
Old 05-08-2009, 8:23 AM
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Barclays are putting unecessary obstacles in your way - perhaps to put you off.

You can now add a fifth point as far as Barclays are concerned ie, "asking you to put the complaint in writing which is in contravention of the FSA guidelines for treating customers fairly and complaint handling"

They have to accept your verbal complaint under FSA guidelines.

Go past any customer services staff and ask to speak to the "Legal and Compliance manager who handles complaint issues under the FSA guidelines"

They should not have asked you to put this in writing.

If they cannot resolve your complaint within 24 hours they have to then acknowledge your complaint in writing within 5 days and give you their decision within 4 weeks.

Do the above and you should then find that you get a satisfactory settlement figure within 24 hours.
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