We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Credit company asking for more money!
Options

stressedred
Posts: 32 Forumite
in Loans
hI ALL
BIT OF ADVICE NEEDED PLEASE.
I recently returned a car on finance, under my right to termination to a credit company, before i could return the car i had to pay a certain amount I.E £5548.94. they would not entertain untill that figure was reached and all installments up to date. the actual wording on the agreement reads if you have already paid this amount plus any overdue instalments and have taken reasonable care of the vehicle you will not have to pay any more.
So the car was returned, and they then sold it on for £3617.66
The other day i recieved a letter stating i owe them £218.81 for arrears of instalments due at the date of surrender.
there sums being 26 installments at £218.81 = £5689.06 which has you can see is more than i needed to pay anyway.
Also on the letter it states balance on your account at the date of surrender was £5346.44
which means i paid of the loan £5751.44 which is above the minimum i needed to pay.
Could anyone give me advice on where i stand on paying or do i need to pay.
any further figures required please dont hesitate to ask.
stu
BIT OF ADVICE NEEDED PLEASE.
I recently returned a car on finance, under my right to termination to a credit company, before i could return the car i had to pay a certain amount I.E £5548.94. they would not entertain untill that figure was reached and all installments up to date. the actual wording on the agreement reads if you have already paid this amount plus any overdue instalments and have taken reasonable care of the vehicle you will not have to pay any more.
So the car was returned, and they then sold it on for £3617.66
The other day i recieved a letter stating i owe them £218.81 for arrears of instalments due at the date of surrender.
there sums being 26 installments at £218.81 = £5689.06 which has you can see is more than i needed to pay anyway.
Also on the letter it states balance on your account at the date of surrender was £5346.44
which means i paid of the loan £5751.44 which is above the minimum i needed to pay.
Could anyone give me advice on where i stand on paying or do i need to pay.
any further figures required please dont hesitate to ask.
stu
0
Comments
-
I am afraid they are correct - you do have to pay all arrears up to the date of surrender regardless whether you have already paid half the hp price.0
-
thanks for that stand up appreciated, can i just clarify one thing is surrender when they have actually sold the car on, or when i return the car to the finance company?0
-
when you return the car to them - once you have given the car back, if it takes them a day or a year to sell it on, that is their problem.0
-
:undecidedcheers paulm, so whats my line of attack refuse to pay stating the car was handed back with all repayments upto date and minimm finance paid?
what next :undecided0 -
Expect them to start taking action against you - eventually it will turn to a CCJ.
Only you know whether £200 odd quid is worth trashing your credit files for 6 years or so.
Do you want to finance a new car anytime soon? - With a CCJ forget it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards