Help - I can't conact finance provider

huskie69

Hi all

I purchased a bike from Wiggle about 15 months ago on 0% finance under an agreemenet with a provider called "V12 Retail Finance".

I'm in the process of changing bank accounts (manually) and wish to give my new payment details to this company so they can continue collecting direct debits.

I've phoned their number (they only have a single point of contact for all enquiries) - 029 2046 8900 (029 2046 8912 which is advertised on their webiste diverts to the same number), it rings and then gets placed an automated queue. It normally gets cut off after about 12-15 mins. I've so far tried this method 4 or 5 times, being on hold for a total of 1 hour so. I've tried emailing but I just get an instant reply advising me that they can't help me with my enquiry and that I need to call them. I've tried both [EMAIL="customerservices@v12finance.com"]customerservices@v12finance.com[/EMAIL] and also [EMAIL="sales@v12finance.com"]sales@v12finance.com[/EMAIL] with no luck.

I beleive they merged with another company a few months ago - "Secure Trust Bank PLC" whose name actually appears on my bank account transactions as a reference when the payments are collected. I've contacted "Secure Trust" compliants department (0121 683 6444) adivising them that I have no way of contacting V12 directly and that I will shortly be cancelling my Direct Debit. The person at Secure Trust made numeroues unsuccessful attempts to contact V12 on my behalf (I would have expected an easier streamlined process as they're part of the same group!). She said all she could do was try the same number I've been trying throughout the day and ask them to call me if she gets through successfully!

Where do I stand with this? I will no longer be funding my old bank account. I'm willing to continue paying this loan but have no way of talking to the loan provider!! Help!!!

Arleen

They have a physical address on their website so just send them a certified letter stating the bank change and details of new account to set DD against.

Additionally you cannot just stop paying because you can't get in touch, so until you can resolve that I would keep the account and DD in place, with funds to keep on making payments.

huskie69

Thanks Arleen but this company seems to have completely fallen out of contactability.

They may well have a physical adress with which I can send a recorded letter advising them of my new details. However, This will involve me incurring a further cost for sending the letter along with my own time getting to one of the ever dwindling post office branches in my vicinity. It's not really an option in the short-term as I'm pressed for time as it is during a normal day. If I do send a letter, I still can't be sure it will be enacted upon seeing as they can't even answer the phone or respond to emails.

In the meantime, phone calls and emails to this company remain unanswered - both fairly modern methods of communication, and the entire agreement was completed online with no physical documents whatsover handled by post.

glentoran99

Why are you doing it manually? use the switching service and the problem immediately goes away

Arleen

Let me point out that you could have averted all this by using the mevhanisms in place for bank transfers, as they move DDs for you.

And as much as you may not like letters, that is the way too go, you can confirm that wit T&C for the loan. If they will receive the letter but still not get back to you then it may be time to make formal complain and possibly involve the ombudsman.

huskie69

I won't techinically be closing this bank account as I'd like to be able make use of the overdraft facility currently in place if need be (cheaper than using a credit card). Using the bank account switching facility would have initiated a full closure of my original account.

Gaz83

You may think that you have exhausted all avenues available, but as stated you could send a recorded letter, and keep funding the account until it's acted upon.

Just stopping the DD will cause you far more trouble than it's worth.

glentoran99

huskie69 wrote: »

I won't techinically be closing this bank account as I'd like to be able make use of the overdraft facility currently in place if need be (cheaper than using a credit card). Using the bank account switching facility would have initiated a full closure of my original account.

Not the best idea, and I find it strange that it would be cheaper than a credit card, also bear in mind that if you aren't using this account I would wager the overdraft facility will be removed quite soon

magpiecottage

V12 Vehicle Finance Limited's authorisation by the Financial Conduct Authority has lapsed - see here.

Also, the address suggests that it was probably a finance broker, not a lender. You need to contact the actual lender. See who your loan agreement says the lender is.

huskie69

Thanks magpiecottage but I think that V12 vehicle finance might be a different company than the "V12" I'm referring to - they had two "V12"'s - Retail finance and personal finance, both are now owned by "Secure Trust Bank" who I've approached but they can't assist.

I'll just top up the old bank account until the end of the loan - it's inconvenient, and very frustrating that I can't talk to somone as I'm in a position to [ay off the loan in full but am unable to do so.

DCFC79

Have you posted a letter yet ?