Finance conundrum

grabla

If a finance company, cancelled a direct debit 18months in to a 36month contract, and then several payment dates later, weren't chasing you for missing payments, and there was no sign of them contacting you, or trying to establish a new contract, where would you stand?

I stress its the finance company who's cancelled the direct debit, confirmed by the bank this morning...

Last payment taken May, and direct debit cancelled sometime after.

Fiddlestick

grabla wrote: »

If a finance company, cancelled a direct debit 18months in to a 36month contract, and then several payment dates later, weren't chasing you for missing payments, and there was no sign of them contacting you, or trying to establish a new contract, where would you stand?

I stress its the finance company who's cancelled the direct debit, confirmed by the bank this morning...

Last payment taken May, and direct debit cancelled sometime after.

It could be an administrative oversight on their part.

I should stress that just because they cancelled the method by which they take payment, that in no way means that your contractual obligations to service the debt has come to an end.

Contact the finance company and find out what's going on ASAP as debts don't just disappear.

grabla

I rang the company Monday, and they said that the DD had not been cancelled, and they took the monthly payment in June. I'll have to wait for my next statement, as the system in the bank didn't show any money going out in June, and it said 'cancellation' against the DD.

I'll keep my eye on it. Dont want the car reposessing due to any negligence by the finance company.

zppp

grabla wrote: »

I rang the company Monday, and they said that the DD had not been cancelled, and they took the monthly payment in June. I'll have to wait for my next statement, as the system in the bank didn't show any money going out in June, and it said 'cancellation' against the DD.

I'll keep my eye on it. Dont want the car reposessing due to any negligence by the finance company.

Has your bank got a reason for the cancellation. Only, it may be your bank that has cancelled it if it has gone unpaid.