Loan account cancelled by company

millsy1980

I was wondering if anyone had any guidance with regards to a situation that has arisen recently with a loan agreement I have? Any help or thoughts would be appreciated.

I have a loan with Volkswagen Finance on a SEAT car and was recently having a spring clean and update of all things money related. I contacted the finance company to get an up to date balance which they did over the phone, no problems and I gained the information I required.

A week later I received a letter from the finance company informing me that they were discharging their interest in my vehicle due to the repayment of the loan. News to me as I hadn't sent a cheque and had no intention of doing so! :T

Today I have received a phone call from VW stating that due to a computer error my loan agreement has been closed. As a result no Direct Debit payment will be taken this month and they need to set up my loan account again BUT will require fresh documentation signed (Loan agreement). As a customer and consumer how do I stand with regards to this? I guess it is too much to be able to turn around to them and say, your error so tough, thanks for paying my loan off for me?

catieeb06

I take it you want the car repossessed? You borrowed the money, they have admitted their error, do the decent thing and pay up.

jonesMUFCforever

millsy1980 wrote: »

I was wondering if anyone had any guidance with regards to a situation that has arisen recently with a loan agreement I have? Any help or thoughts would be appreciated.

I have a loan with Volkswagen Finance on a SEAT car and was recently having a spring clean and update of all things money related. I contacted the finance company to get an up to date balance which they did over the phone, no problems and I gained the information I required.

A week later I received a letter from the finance company informing me that they were discharging their interest in my vehicle due to the repayment of the loan. News to me as I hadn't sent a cheque and had no intention of doing so! :T

Today I have received a phone call from VW stating that due to a computer error my loan agreement has been closed. As a result no Direct Debit payment will be taken this month and they need to set up my loan account again BUT will require fresh documentation signed (Loan agreement). As a customer and consumer how do I stand with regards to this? I guess it is too much to be able to turn around to them and say, your error so tough, thanks for paying my loan off for me?

If they had just set up another D/D on your account and collected repayments as before you would have been none the wiser - they have admitted an error which has caused you no financial penalty so do the decent thing!

Enfieldian

Did you even have to ask this ridiculous question?

Judging by your user name you are old enough to know better.

sharpy2010

millsy1980 wrote: »

I was wondering if anyone had any guidance with regards to a situation that has arisen recently with a loan agreement I have? Any help you can give me to steal money that was lent to me would be appreciated

I have a loan with Volkswagen Finance on a SEAT car and was recently having a spring clean and update of all things money related. I contacted the finance company to get an up to date balance which they did over the phone, no problems and I gained the information I required.

A week later I received a letter from the finance company informing me that they were discharging their interest in my vehicle due to the repayment of the loan. News to me as I hadn't sent a cheque and had no intention of doing so! At this point, I could see the possibility of the remainder of my loan being paid for me by the loan company, and the clerk who made the error being sacked, but I couldn't care less about that. :T

Today I have received a phone call from VW stating that due to a computer error my loan agreement has been closed. As a result no Direct Debit payment will be taken this month and they need to set up my loan account again BUT will require fresh documentation signed (Loan agreement).

As a customer and consumer how do I say to them get stuffed you made the mistake, I'm basically a thief, I know I owe you money but I'll try anything to rip you off , and I'm not going to ever pay you back.

I've re-written your original message as you actually meant it, without the hinting contained within it.

paranoidpete

i think you should offer to set up a standing order or other payment method but do not sign a new credit agreement as they should still have the original paper one that they can use

bengalknights

Arrange direct debit to be setup but enforced under the old agreement, dont sign a new one though unless they offer lower interest rate.

YorkshireBoy

paranoidpete wrote: »

do not sign a new credit agreement

bengalknights wrote:

dont sign a new one

I'm intrigued. Why not?

When I bought my last car the dealer lost the agreement (Ford finance). When they highlighted this to me (a month after I had driven away and when they realised they couldn't actually take money from my account) I was happy to sign another agreement...on the same terms. The benefit to me was the new one started 3 months after the original one should have.

ALIBOBSY

I would say you would be hard ushed to avoid paying altogether, no judge would stand for that. But given this is their error they should be willing to negotiate on the new loan. If they want a fresh agreement they perhaps could agree a lower interest rate.

this is exactly the sort of thing a bit company like banks etc would do, if you want anything from them they charge admin fees interest whatever and all these big companies negotiate hard. Therefore you negotiate hard back.

ali x

chanz4

They have everyright to the money, think the reason why they want a new agreement is due to the payment schedule on it as otherwise the payment in total would be less than paid.