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Bad credit through loan, not my fault
gazzelle_2
Posts: 6 Forumite
:mad: Hi
I have a been logged with Experian as a bad debtor by a finance company who recon that I owe them over 6000 pounds, but I don`t. Who can I get rid of this bad credit rating.
This is the story. I purchased a people carrier vehicle some years back through a finance company, when I had a good paying job. As time went on, I had to change my work situation and I was not earning the same money as previous. I managed to pay half the finance payments. When wondering how I could manage to keep up the repayments, I realised that under the terms of a regulated credit agreement I was entitled to hand back thye vehicle to the finance company without any further responsibility. I pursued this line and told the finance company that I could no longer afford the payments and that I wanted to exercise my rights under the terms & conditions of the regulated credit agreement to hand back the vehicle having paid half the payments. I had checked out my position with Trading Standards & Citizens Advice prior to proceeding.
Anyway to try and cut a long story short, the finance company took the vehicle and obviosly put it into an auction ( I know this cos I got a phone call from the new owner stating that he had bought it from a London aution ). Some weeks later I received a letter from the finance company stating that they had sold the vehicle and that I now owed the 6500 pounds. I was shocked. On contacting them they informed me that the credit agreement which I had taken out with them was not regulated. They said that it was an unregulated credit agreement. I argued the point with them as my copy of the paperwork clearly stated REGULATED CREDIT AGREEMENT. Realising that I was not going to get anywhere with them I sought further advice with Trading Standards who, on examining the paperwork told me that in truth the agreement had been made out as a regulated credit agreement but a regulated agreement only covers upto a certain amount of finance borrowing ( 20,000 pounds I think it was at the time )My agreement was for 83 pounds I think it was, more than this.At the time I was advised that it was thought that the figures had been manipulated so as to take the total value of the purchase just over the upper limit for a regulated credit agreement.
This together with the shot-gun way that the vehicle had been sold to me on my door step at 8:00pm in the pouring rain, in the first place. I spoke to a salesman in the midlands on a Friday afternoon, I live in the northeast of the uk(at least 4 hours drive away) He convinced me ( so he thought, but I think he really convinced himself )that once I saw the vehicle I would buy it on the spot. So he set off with me saying that there were no guaranties that I was going to buy the vehiclen and arrived in the pitch black on a rainy evening. Sure enough I fell for the car. He did`nt even come into the house. He got me to sign on the doorstep and was on his way. And that was that !!
Sorry for the length of this story but I needed to tell it. The problem that I have now is that the finance co. when I refused to pay the money which they requested, at the advice of trading standards ( they told me that the finance co. did`nt really have a leg to stand on, but nor did I, so leave the matter and see if they take you to court ) put me as a bad debtor with experian. the vehicle went back to the finance co. in april 2003 and I have tried repeatedly to have the blot on my credit record removed.Each time the matter is reffered back to the finance co. through Experian and the reply is that the matter still stands and I have to pay them the money. Surely I cannot have this bad debt against me for the rest of my life. If I had been taken to court over the matter and it was decided that I was in the wrong it would be fair enough. But it seems obvious to me that they knew that they did`nt really have a case but they also were not prepared to take me to court and expose the situation. but in the meantime I am suffering with not being able to get credit !!
HOW CAN THIS END??????????????:mad:
I have a been logged with Experian as a bad debtor by a finance company who recon that I owe them over 6000 pounds, but I don`t. Who can I get rid of this bad credit rating.
This is the story. I purchased a people carrier vehicle some years back through a finance company, when I had a good paying job. As time went on, I had to change my work situation and I was not earning the same money as previous. I managed to pay half the finance payments. When wondering how I could manage to keep up the repayments, I realised that under the terms of a regulated credit agreement I was entitled to hand back thye vehicle to the finance company without any further responsibility. I pursued this line and told the finance company that I could no longer afford the payments and that I wanted to exercise my rights under the terms & conditions of the regulated credit agreement to hand back the vehicle having paid half the payments. I had checked out my position with Trading Standards & Citizens Advice prior to proceeding.
Anyway to try and cut a long story short, the finance company took the vehicle and obviosly put it into an auction ( I know this cos I got a phone call from the new owner stating that he had bought it from a London aution ). Some weeks later I received a letter from the finance company stating that they had sold the vehicle and that I now owed the 6500 pounds. I was shocked. On contacting them they informed me that the credit agreement which I had taken out with them was not regulated. They said that it was an unregulated credit agreement. I argued the point with them as my copy of the paperwork clearly stated REGULATED CREDIT AGREEMENT. Realising that I was not going to get anywhere with them I sought further advice with Trading Standards who, on examining the paperwork told me that in truth the agreement had been made out as a regulated credit agreement but a regulated agreement only covers upto a certain amount of finance borrowing ( 20,000 pounds I think it was at the time )My agreement was for 83 pounds I think it was, more than this.At the time I was advised that it was thought that the figures had been manipulated so as to take the total value of the purchase just over the upper limit for a regulated credit agreement.
This together with the shot-gun way that the vehicle had been sold to me on my door step at 8:00pm in the pouring rain, in the first place. I spoke to a salesman in the midlands on a Friday afternoon, I live in the northeast of the uk(at least 4 hours drive away) He convinced me ( so he thought, but I think he really convinced himself )that once I saw the vehicle I would buy it on the spot. So he set off with me saying that there were no guaranties that I was going to buy the vehiclen and arrived in the pitch black on a rainy evening. Sure enough I fell for the car. He did`nt even come into the house. He got me to sign on the doorstep and was on his way. And that was that !!
Sorry for the length of this story but I needed to tell it. The problem that I have now is that the finance co. when I refused to pay the money which they requested, at the advice of trading standards ( they told me that the finance co. did`nt really have a leg to stand on, but nor did I, so leave the matter and see if they take you to court ) put me as a bad debtor with experian. the vehicle went back to the finance co. in april 2003 and I have tried repeatedly to have the blot on my credit record removed.Each time the matter is reffered back to the finance co. through Experian and the reply is that the matter still stands and I have to pay them the money. Surely I cannot have this bad debt against me for the rest of my life. If I had been taken to court over the matter and it was decided that I was in the wrong it would be fair enough. But it seems obvious to me that they knew that they did`nt really have a case but they also were not prepared to take me to court and expose the situation. but in the meantime I am suffering with not being able to get credit !!
HOW CAN THIS END??????????????:mad:
0
Comments
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How old is this debt and when did you last pay?If you've have not made a mistake, you've made nothing0
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You could try getting legal advice and taking them to court.Making my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
it was a 4 year loan and i had paid 2 years worth ( half ) in April 2003
Yes I could go to court and try and get a ruling but, why should I have to ?This will cost a lot of money and time.
The laws of this land are innocent till prooven guilty i thought. Damm me, i have not even had a trial but i have had a sentence !! Dose not seem right.
So if i took a disliking to someboby i could contact a credit agency and say that person owed me 5000 pounds say.Going by the experience that i have had, the credit agancy could put this person up as a bad debtor and scar their credit record. The worrying thing about it is that no matter how much the victim denies it, the black mark on their credit rating would stay there.
Is that right ?? I don`t think so, do you ?0 -
Well its a scar for 6 years, it will drop off your credit files after 6 years from the date of default0
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