PCP agreement - full and final settlement agreement following complaint - question

matttye

Hi

I have a car finance PCP agreement. I have stuck to all terms of the agreement and made payments as agreed.

Recently I had cause to complain because, with no explanation, my online account showed that my outstanding balance had increased by approximately £1,500 and the company started taking approximately £10 more than my usual monthly rental payment.

I asked them to look into this and asked that they immediately update my credit files which were now showing that I owed more than I actually do.

After an investigation and some back and forth e-mails between us, they called me today saying that after a meeting with head management, they cannot figure out what has gone wrong with my agreement and they actually do not know how much I owe them. For that reason they suggested that I make no further payments until my balloon payment is due in about 2 and a half years time They will then accept my balloon payment in full and final settlement of my agreement.

I have all of this in writing (by e-mail).

My question is: if they subsequently figure out what happened with my agreement, can they change their minds about this and demand the full amount of what I owe? I know morally I should pay them whatever I owe as I have had the benefit of the loan - i.e. the car - but I am only interested in the legal side of things at the moment.

Also, presumably this still does not affect my statutory right to hand the car back at the end of the agreement as I have paid off more than 50% of the outstanding amount.

For what it's worth my own records show that my outstanding balance is about £1,500 than what they are asking for, but I have used the data from their website to calculate the amount of rebate applied whenever I've made a lump sum payment so the figures might not be exact.

Thanks

matttye

Bump! 10chars

magpiecottage

Remind them, by e-mail, that, as you expressed dissatisfaction, they are required to deal with the matter in accordance with the DISP rules of the Financial Conduct Authority and that this includes a written response, and a copy of the Financial Ombudsman Service booklet.

Let us know what, if any, response they give.

matttye

magpiecottage wrote: »

Remind them, by e-mail, that, as you expressed dissatisfaction, they are required to deal with the matter in accordance with the DISP rules of the Financial Conduct Authority and that this includes a written response, and a copy of the Financial Ombudsman Service booklet.

Let us know what, if any, response they give.

They did respond in writing and enclosed a copy of the FOS leaflet, but that response predates the subsequent email they sent.

The written response enclosing the leaflet simply said they would meet two payments as a gesture of goodwill. The latter emailed response said they would write off all of the outstanding balance save for the balloon payment.

robatwork

They have emailled you back in response to your emails.

If this were me I would take to paper - send them a letter stating what you have been told, and ask them to confirm by return this is the case.

I would feel happier with a letter on letterhead with a name and signature that I could wave about in court should it ever come to that.

Once you get this, sit back and plan your trip to the Maldives.