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Van finance settlement figure. ?
I paid 8k for my van just over a year ago. I rang up to get a settlement figure today and despite me paying nearly £280 a month for the last year the settlement figure is £9.5k. I understand, kinda, why this is, but wondering if there is any room for movement on the figure, e.g, do I have a leg to stand on? The whole finance thing was a total case of them knowing I wasn't very savvy where this stuff was concerned, and just thrusting a single sheet of A4 in front of me and me singing it. I have nothing in way of contract or agreement so nothing to check!
DMP mutual support thread member: 358
At the start of a long path, but at least I'm on a path to somewhere!
At the start of a long path, but at least I'm on a path to somewhere!
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Comments
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Oh, and having looked at the statement I got through I am also paying VAT on the monthly payments. Don't know if this makes a difference.DMP mutual support thread member: 358
At the start of a long path, but at least I'm on a path to somewhere!
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all vans are subject to vat as its for business use, you will pay a higher figure to start as it will be the document fees, intrest front loaded etc0
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maybe give the full facts
type of finance..HP/personal loan etc
amount
vat
fees
PPI
APR
payment free months
missed payments
monthly payment
number of payments required
etc etc0 -
Came in to say the same as Clapton, now hes here il leave him to it, alot more clued up than me.Work in progress...Update coming July 2012.
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maybe give the full facts
type of finance..HP/personal loan etc
amount
vat
fees
PPI
APR
payment free months
missed payments
monthly payment
number of payments required
etc etc
The finance was 8k 1 year ago. I've paid £260 (inc VAT) per month since November 2008. I'm not aware of any fees? No PPI. Again, APR was not explained to me but I worked it out, I think, at about 29% :0 There was literally no documentation given to me to explain this though. No payment free months, no missed payments. The original term was over 5 years. I have spoke to the company and they are absolutely useless!! The guys on the phone have no clue whatsoever why the figure is a grand a half more than the original amount but they did say they don't front load with interest. I've asked repeatedly for paperwork but they only thing they will send me is an a4 sheet with what payments I've made, and nothing else. I want rid of the company, but I'm just trying to find out if there is a way I can pay this off for a figure that is more reasonably (such as less than they actually gave the dealer for the van!)DMP mutual support thread member: 358
At the start of a long path, but at least I'm on a path to somewhere!
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This sounds like a lease agreement if you are paying vat on the monthly payments.
What does it say at the top of the agreement - does it say lease?
If you can clarify the type of agreement it would help us to give the right advice0
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