ING, False Invoice as part exchange on Agreement

ILW

Vinbri wrote: »

Thanks for the input.
Details of payment. I owe about £1000.00 off a £10,000 agreement, the car would be worth more than what is owed. Paid about £9k
I take on board all of what you have said, still feel there as been some mallpractice at my expense. I have offered to settle with ING but they will not even reply to letters.

I can seen there may have been a little skuldugery, but cannot see how it could have been at your expense. In fact, by making it look like you had paid a deposit you may have got a lower interest rate. How much do you think you have lost?

Vinbri

Thanks again,
It’s not what I've gained or lost. It is simply if I had known that a false fictitious exchange was to be done, I don't think I would have entered into the agreement.
And I have to ask why didn't ING check the invoice, there is no registration number recorded, so obviously false; I am happy I think I still own the Hyundai.

I entered into an agreement based on a false statement/information. If I had given false information, ING would have been terminating the agreement, I think.

Very Interesting comments thanks

PNPSUKNET

the way I look at it is if figure x quoted to me was all I paid , I wouldnt really care.

ILW

Seems a bit daft to destroy your credit rating on a vague hope of getting out of paying £1000. Also chances are that due to missed payments the loan company will now be piling on extra interest and charges. Not sure what the OP is trying to achieve.

Xbigman

I entered into an agreement based on a false statement/information. If I had given false information, ING would have been terminating the agreement, I think.

Loan companies that secure loans on cars want to see a deposit if you are to get their best deals. The dealer has manufactured a deposit for you with a fake trade-in, which in part actually benefits you.
Your original post stated you knew about this as you were aware the agreement had a fictitious £950 trade in on it. All the dealer has done is provide the loan company with an invoice for a trade-in to support the other paperwork. This is standard in this sort of fiddle.
You need to appreciate that this is fraud by you and the dealer, which is never a reason not to pay.
If discovered by the loan company they may well terminate your agreement. That (again) doesn't mean you don't have to pay, it means they demand immediate repayment of the full amount and they stick a load of extra charges and fees on top.

Your best bet is to shut up and pay up. You really don't want any of this coming out.
Regards



X

jamesd

You're punishing the wrong people. ING entered into what they honestly believed was a proper loan agreement with you and you should immediately resume paying and negotiate to immediately repay the arrears on condition that they accept that it was a misunderstanding of the situation on your part and remove any negative credit reporting that they have done now that you understand the actual situation.

You do have a grievance with the garage, perhaps, but that is completely different from your obligation to ING.

While we do believe that you didn't know about the invoice, from ING's side it'll look as though you knowingly made a fraudulent credit application, conspiring with the seller, and are now seeking to use that past fraud to get out of part of your obligation to repay them. Very bad idea and you shouldn't expect them to show any tolerance at all based on the view they will have of the situation. Only you resuming acting properly towards them immediately can salvage this part of your reputation.

Send them a recorded delivery letter setting out the facts as you now understand them, regretting any appearance that you may have been knowingly involved in the original deception and offering complete payment of the remaining arrears by cheque enclosed with the letter, provided they remove any negative credit reporting, now that you understand that they also had no part in the original deception. Best to pay half of the arrears immediately, not by cheque with the letter, as an indication of good will.