Bill Of Sale Contract

MADSTEVE99

I took out finance with approved car finance in feb 2006,on a five year deal,due to my wife suffering serious illness i am unable to keep up the repayments.On the top of the agreement it says 'CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974'.
I believe this was sold to me as an H.P. agreement as i believed it was an H.P. agreement I understood it was within my rights to seek a voluntary termination due to the fact I had paid two and years repayments,when I rang the finance companythey told me it was not possible as this was a bill os sale agreement and not a hp agreement.The finance company have told me they will issue a default notice then a seizure notice,then the car will be sold at auction and I will be responsible for any shortfall,which they informed me will be pursued for in the court.They have offered reduced payment which i still cannot afford to make.
Is there anybody who can offer any practical advice I would be very grateful.

twistedeagle

Probably not what you want to hear, but I prefer to be honest than mislead you...

I assume you signed this document? The document would have set out the terms and conditions for the agreement and would have clearly stated any rights under voluntary termination (or not)


The only thing... (and this is where I am not sure where you stand...), is that if it is NOT an HP agreement, is the loan actually secured on the car? ie, can they seize it? Just throwing that out there... anyone?!?!

carolneale

I also took out what I thought was a hire purchase agreement with approved car finace in feb 2005, this was a joint agreement with my husband.
In 2007 my husband died and I am finding repayments difficault but have only missed one month. Because of this the funding corporation have left a message on my answer phone asking for either myself or my husband to ring them, They have had two copy death certificates and still havent got there records straight. I was recently told by a financial advisor that I could use the halves and thirds option and tell them to collect the vehicle and I would not owe them any,more money, it was when
trying to do this I found out that my agreement isnt hire purchase but a bill of sale, I was wondering if I could voluntarily terminate the agreement without still having to make furter payments.

I was also misold PPI, when my husband died I tried to claim only to be told it only covered me.

The funding corporation need a kick up the rear end.

onealvec

The funding corporation along with acf car finance has just done the samething to me. Someone realy needs to do something about mis-sold of agreements between these two company.

Tubbss

Hi,
In may experience only a HP agreement falls under halfs and thirds rules, so if not HP then there is no right to VT. As the car is not subject to HP it MAY be possible to sell the vehicle and pay off the balance on the loan (providing that the sale raises enough to cover this). You would need the finance companies written permission to do this as although the car is not subject to hire purchase they may still have an interest registered on the vehicle on the HPI register.

Tubbss

In response to carolneale and onealvec - did you not read the agreements etc prior to signing????? "I thought I was an hire purchase agreement........"

Twistedeagle - spot on mate - if the agreement is not hire purchaed then the finance company have no right to repossesion - they may have an interest registered on the car but have no right to repossesion.

jonesMUFCforever

It depends on whether it is a personal loan or HP - this would be clearly documented on the CCA agreement - if OP and others sign agreements blindly not knowing what they are signing - then they have to accept responsibility for what THEY signed.

scj1985

Hi I'm a newbie to all this and apologise if this should be posted elsewhere but I am in need of some help.

I too have a Bill of Sale agreement with The funding Corporation and I was mislead to believe that this was a HP Agreement by the Manager of ACF at the time, being young and very naive to it all.

I took out the agreement in May 2007 and kept up with all y payment untilt the vehicle kept breaking down was having to pay for repairs and in the end a new car to be put on the road and the vehicle purchased on the Bill of Sale Agreement have been off the road since Feb 08. I am now on a rescheduled arrangement with The Funding Corporation.

I was advised in June 2009 the my reschedule had been put in place for a 12 month arrangment that would be ongoing if I did not miss any payments. I have not missed a single payment and I currently pay by Standing Order EVERY month.

Yesterday, I received a letter from Red 2 Black Collections Limited (Debt Collection Company set up by The Funding Corporation) advising that they have been instructed by The Funding Corporation (funny as it's the same company) to collect the outstanding balance of £7084.66 and that the sum is payable immediately under the terms of my agreement and that failure to respond to this request may affect my ability to obtain credit for the next 6 years. They have kindly attached a Bank Giro Credit Note for me to forward this amount. The letter has no mention of contacting them to set an arrangement on this. Now if I was struggling to pay for the broken vehicle to start with, what possibly makes them think I have this amount of money lying round to send to them???

I am also in the process after receiving advice on various other forums of trying to find out whether or not the Bill of Sale Agreement is VOID. I am about to write to the Royal Courts of Justice with a cheque for £5.00 asking for the registry details as I am lead to believed that the bill of Sale Agreemet should be registered with them within 3 clear days of me taking it out. If the Bill of Sale Agreement turns out to be VOID they will not be able to claim possession of the vehicle.

My problem is if the Bill of Sale is VOID then where do I go next? When the agreement was taken out it also came with a Credit Agreement which I have been told is fine under CCA.

If the Bill of Sale is VOID does this render any document steming from it also to be VOID?

Any help would be very much appreciated as I'm totally at a dead end and unsure where to go.

Thanks in advanced

bloodstone3

I purchased a car last year in Sept 2008 from a company called Approved Car Finance. As part of their package they initially pre-arranged finance form a company called The Funding Corporation. After I was told how much I could borrow I was allowed to choose a vehicle from their stock list. At this point I was encouraged to purchase GAP insurance, which was sold to me on the basis that if the vehicle was declared a total loss then my insurance company would pay the current market value and the GAP would cover the difference between that and the remainder of the finance.
I had a no-fault accident July 2009 and the vehicle was written off by my insurer. They have now settled and I naturally thought that the GAP insurance would cover the remainder of the settlement figure. They however have only paid a fraction of the balance, stating that their policy only covers up to the recommended book price (Glasses Guide) at the time of purchase. They go on to suggest that the vehicle was £3500 over priced at the time of sale. This has left me with a balance of £3500 and the finance company are threatening that if I do not pay this with 14 days then I will be liable for the full remainder of the loan which is over £10,000. At no point was this made clear to me by the salesman.
My question is this. Can the retailer who sold me the vehicle, knowingly sell me a car that is substantially over priced and at the same time arrange finance with a insurance product that they must have known would not cover the full amount of the loan in the event of a total loss?
Pls advise as I really don't know where else to turn. I do not have the means to pay the £3500 and I am worried that I will be left with a substantial debt. This feels completely unfair to me but I need to know if it is also illegal?

jonesMUFCforever

Why not start your own thread?

emijane29uk

Hi all,
After some advice . I am struggling to pay my car finance to the funding corporation. I have already paid 8500 for a ford focus over the past three years, and have 6112.00 left to pay. I have phoned them to say i cant afford payments and been told tough. I do not have any cover apart from the GAP insurance.
This agreement is a BILL OFF SALE i thought it was a hp agrement the same as a lot of people. Dose anyone know what happens if i fail to make payments. And the chances of losing my car are. The fact ive paid so much for a car that cost 1000 to buy now a days is frustrating. But i agree i signed and read the agreement. Young and egar to get a car.

With a bill of sale agreement is there any way out ?

Em