Placing a Debt into Dispute

billybraggtastic

I've received a request for payment from a finance company in connection with a Personal Guarantee I gave for the HP of 2 vehicles. I was a director of the business which has since gone into Liquidation.

The letter asks that I contact them with my repayment details (within 19 days) and outlines the steps/actions they may take for recovery if I fail to do so.

I have written to them requesting a breakdown of the sum but have yet to receive a response.

I would like to send them a reminder letter but wanted to add that if they do not respond within 7days that I would consider the debt in dispute and would not be held liable for any further charges or costs associated with collecting the debt due to their non-compliance with my initial request.

Is there any legislation or FSA guidlines that I can quote which will give weight to my reason to dispute?

thanks in advance

BBT

GeorgeUK

Do you need the vehicles now?
If not, you may be able to do a voluntary termination as it is HP (might want to check the paperwork incase business HP is different to personal HP) - or possibly call business debtline.

If you can do a VT, then you would only be liable for 50% of the original cost rather than the full amount if they were to start reposessions. It might be better to be pre-emptive rather than give them a chance of doubling your liability.

billybraggtastic

Thanks George, but I will probably need to that to the file 'Things I wished I'd known'. It's becoming a bloody big file an' all!

billybraggtastic

Sent a reminder off but still nothing.

Their self imposed 19day period will expire on Saturday. I expect I will receive a further letter from them threatening allsorts.

I can see this becoming a battle. :mad:

GeorgeUK

They have not started reposession yet, so you may be able to do the Voluntary termination. Check with the business debtline people. If they start with reposession you will not be able to do a VT (send it by recorded delivery so you have proof that they received it if they dispute this and go to court).

billybraggtastic

GeorgeUK - I didn't explaim this fully. Company went into Liquidation over 2yrs ago and it is only now that the Finance Co is looking to recover associated costs and o/s monies.

Thanks for your comments though.