How do I get out of this please?

Bossyboots

sandralovescats wrote:

No problem. I am seeing the Orthopaedic Surgeon on Wednesday

I hope its not the same one I see. Mine is so arrogant and condesending I usually end up in tears.

I stood up to him this week though which took him rather by surprise.

sandralovescats

Bossyboots wrote:

I hope its not the same one I see. Mine is so arrogant and condesending I usually end up in tears.

I am in medicine myself, so the Consultants are usually alright with me! They cannot bamboozle me over medical stuff.

Just car finance people that cause me problems.......

Astaroth

Have you actually spoken to the company? Many people can miss understand the legal terminology in contracts which needs to be there to cover the creditor when the debtor decides to get a solicitor involved to try and wriggle out of a contract.

sandralovescats

No, I haven't contacted the Company yet. I need to get it sorted out in my head first, to explore options.

Basil_Hume

I urge you strongly to get a settlement figure from the finance company, which will be a routine activity for the company to do. Without this, you will only be guessing at what you owe.

If true, then this must be one of the most outrageous credit agreements seen on this forum and I'm sure CAB, Martin etc would be interested.

However, I have a suspicion that the 70%, 50%, 30% clause may not be quite what you have interpreted it as - and that you may be pleasantly suprised at the settlement figure.

sandralovescats

Thanks for the advice.

I have read and reread that contract. They seem to have covered all bases with everything.
It has an example laid out in black & white that if the original loan is for £100, the settlement figure within 24 months is £170, then £150 in 36 months etc.

I will do as you suggest and get a settlement figure from them.

I was unable to go to CAB today but will try tomorrow.

Yes, this contract is outrageous.

rog2

How did you find this Loan Company? When I first read the post I thought it was GE Capital - I had a loan with them a few years ago and they were very good when I settled early.
My daughter, however, bought a car from a company which promised credit to anyone, and two years later, the settlement figure was still more than the original loan, yet the car, unsurprisingly, was worth about 25% of the original selling price. I think that company was Rugby Finance. We had to take over the payments, having acted as guarantors - I was just so glad when that loan was finished, but I am sure that, if I had tried, there would have been something that we could have done.
Don't let this go, you have special circumstances and the loan company should be flexible in your case.

kuohu

These penalty figures sound scandalous, I had no idea that companies could do such a thing.

I'm afraid I don't have any advice to offer but I wish you all the best and keep us updated on your progress. Good luck.

sandralovescats

The loan is with Capital Bank, through a Citroen Car Dealership. Capital Bank is part of the Capital group. I have had car loans from GE Capital Woodchester and GE Money previously and they had only ever charged one month repayment as penalty.
That is why I was so dismayed when I read the agreement.

Will keep you informed of progress.

rog2

sandralovescats wrote:

The loan is with Capital Bank, through a Citroen Car Dealership. Capital Bank is part of the Capital group. I have had car loans from GE Capital Woodchester and GE Money previously and they had only ever charged one month repayment as penalty.
That is why I was so dismayed when I read the agreement.

Will keep you informed of progress.

It is too easy to confuse Capital with GE Capital, especially as your mind was probably more focused on the new car than on the Small Print. Whilst not accusing Capital of 'playing' on the fact that their name is uncannily' similar to that of a more respected player, I am sure that Capital must be aware of the similarity - I suppose it would be hard to expect them to declare that they have no connection with 'GE' Capital:rolleyes: :rolleyes:
May be Legal but it certainly isn't Fair.