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Car stolen. Finance company chasing

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Car stolen. Finance company chasing

edited 30 November -1 at 1:00AM in Loans
12 replies 2K views
DanigoodDanigood Forumite
5 posts
edited 30 November -1 at 1:00AM in Loans
Hi there. New here but need some advice.

I took car finance out in jan14, car was stolen in mar14, my insurance said they paid in full, however there was a shortfall of £350.

I did keep getting no dad letters each month but because I have not had any written letter sent to me to advise there is still a balance.

So I decided to call them today and check, they are now asking for £1400. Can they do this?

I am in a position to maybe able to pay £350 which is the shortfall?

I am partly to blame for ignorance.

Any advice is most appreciated.


  • TixyTixy Forumite
    31.5K posts
    I did keep getting no dad letters each month

    I would ask them to send you a full breakdown of the alleged outstanding balance so you can understand how they have arrived at the balance.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • forgotmynameforgotmyname Forumite
    30.7K posts
    Tenth Anniversary 10,000 Posts Name Dropper
    I presume they passed it onto debt collectors who added their own charges?

    "I did keep getting no dad letters each month" ??
    Censorship Reigns Supreme in Troll City...

  • No the file is still with them. I've not had any reminder letters or defaults. Just emails stating no dd has been taken.

    Because I never paid the remainder on the settlement figure, can they just continue to charge each month the amount that was agreed?

    Also, am I right in thinking that due to my insurance company paying £5500 I would be in front of my contractual payments?
  • Did keep getting no direct debit letters each month
  • edited 14 November 2014 at 8:47PM
    TixyTixy Forumite
    31.5K posts
    edited 14 November 2014 at 8:47PM
    You did originally inform them that the car had been stolen?

    And did you have correspondance from them acknowledging that? Do you have a letter / statement from them that shows that they did receive the insurance payment and allocate it against your account? Is that how you know there was a £350 shortfall?

    Were the letters you received stating that they had tried to take a DD and failed? or were they informing you that they hadn't taken the DD that month (presumably because they account was in credit at that point)?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • I informed them immediately

    I have never had correspondence from them apart from the emails advising I'm due to make a payment but there is no direct debit in place. Please make alternative payments.

    They told me on the phone that my settlement figure was £5850, I then had confirmation that the insurance was paid out soon after.

    They today said that as I didn't settle, the settlement figure no longer exists. I was told that a manager would call me Monday to discuss, he said your balance is now roughly £1400

    I'm very worried I will be liable for this
  • statorstator Forumite
    7.4K posts
    Tenth Anniversary 1,000 Posts Combo Breaker I've helped Parliament
    If the original £350 is valid offer to pay the £350 as full and final settlement, but get it in writing.
    Changing the world, one sarcastic comment at a time.
  • BrassicWomanBrassicWoman Forumite
    2.8K posts
    Sixth Anniversary 1,000 Posts Name Dropper Mortgage-free Glee!
    was that the excess on the insurance? £350?
    May 19 grocery challenge £100.79/ £200
  • No insurers awarded £6000 less excess of £500, they sent finance £5500, my settlement figure at the time was £5850.

    I'm worried sick. Can I say my finance was ahead and in credit would this work?
  • chanz4chanz4 Forumite
    10.3K posts
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    they wont mark your credit in arrears as yet, however you do owe the shortfall and would arrange asap.
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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