credit acceptance/marlin

zorberq64

Hi is there anybody to help me out, my problem first started with marlin when i lost my car back in april 2002 after not being able to keep up the repayments due to loosing my job, i was then told it was sold at auction and heard nothing else until i got a letter in dec 2006 from BDR recovery asking for full payment of £7090 which they claimed was left outstanding i can't remember if that included ppi or not, this was on behalf of MCE portfolio Ltd i rang them and they would not agree to what i was offering to pay so they said they were going to take it further and it was left at that, then i got another letter jan 2007 threatening court action they still would not accept my offer so then left it heard nothing else until sept 2008 when i got a letter from mortimer clarke solicitors saying i had not been replying to all the letters sent by marlin (which i did not receive any)and it had now been passed to them for legal action being taken and threatening a statuory demand to recover the dept.
I did receive the demand so besause i did not want to face bankruptcy that i was being threatened with and the possability off loosing my personel possessions and maybe even our home i decided very reluctantly to take out a secured loan to pay it off, they sent me a letter after i did this saying it had now been settled and confirmrd that my last payment made towards the debt was back in 2004 for just £30 but no proof of this and i don't remember paying it, was this the right thing to do or have i blown £7000 for nothing, would love to hear from someone to tell me it was all wrong and that i can claim it back, as i have now been reading about these finance companies and recovery people wish i had read it all before paying them maybe £7k less in debt.
Also the car was purchased for £7k then sold at auction for £3.5k and my payments totaled about £3k but they said i still owed £7k as it was interest etc.

Premier_2

You buy a car with a loan for £7k

You make payments totalling about £3k

That means you still owed a minimum of £4k

You fail to keep up repayments so the vehicle is repossessed and sold at auction for about £3.5k

That means you still owe £500

Add to that interest charges accrued, plus any other costs, and yes it could be possible that the amount you needed to pay to settle the loan was still £7k. It certainly wouldn't be £30.

However, you were entitled to and should have demanded a breakdown of how the £7k final settlement figure was arrived at before paying it.