Close Motor Finance - missing a payment

mcb12

Afternoon all,

Just after some advice, if anyone can help. My missus has a car on a loan from Close Motor Finance, and she has missed a payment by one day. She phoned them today to pay over the phone, and did it there and then. However, they were after a £40 fee, which she doesn't really know what it was for; consequently, she paid the loan payment, but not the fee. Some questions:

- Any ideas what the £40 is?

- Is this one missed payment likely to adversely affect her credit score in the future hugely?

- Car loans are generally unsecured, aren't they?

Thanks for your help in advance.

DCFC79

Id imagine the £40 is late payment, did your missus not ask what it was for ?

re affecting teh credit score i cant answer but have you or has she checked her score.

mcb12

Yeah, that's what they said, but it seems a little excessive for a missed payment.

Also, yeah, I've checked my score a while back, but do you mean since that?

DCFC79

mcb12 wrote: »

Yeah, that's what they said, but it seems a little excessive for a missed payment.

Also, yeah, I've checked my score a while back, but do you mean since that?

yes i mean since the last payment, not sure how quick they are updated though.

Whats in the t&c's re late payments(shoudl have read the t&c's when your missus signed up)

pauletruth

if it was only by one day and it was not a repeat then they would be extremely harse to lodge a default however she may get a late payment tag.

Apples2

Cars are secured if it is a HP agreement, unsecured if its a personal loan agreement. That 'ole agreement thing again.

Tremour-88

As far as I'm aware the FSA capped Late / Missed payment charges at £12 (they did for banks)

Pegjes44

I have got a Car Insurance with this company and 1 month i had a problem with the date of the direct debit and they charged me £ 27.00 to take back the DD 2 days later :mad: