V12 Finance - Is This Legal?

Malv

Hi,

In September 2015 I made an agreement to pay for goods from a musical retailer via a 10% deposit of £64.90, and nine monthly installments of £64.90 at 0% via V12 finance. The agreement was signed on 21/09/2015 when I collected the item purchase, and the deposit was debited from my account at that time, followed within a few days by the first of the nine monthly installments.

Then nothing. I studied the terms and conditions of the loan agreement, which indicated that the duration of the agreement was "9 months from the date we pay the credit to the supplier of the goods/services".

I noticed that they weren't debiting my account for the monthly installments, but ultimately, I continued to budget for the installments, and was always capable of paying them. V12 were simply failing to take the money. Nine months on from the date of the purchase, nothing, meaning that, through their fault alone, they'd taken only £129.80 of the agreed £649.00 from me (with only £64.90 of it being taken by the credit provider, the other £64,90 being a deposit paid directly to the retailer).

Then, a couple of weeks ago, I get an email from V12 Finance sending me an identical loan agreement with an identical date of signature (21/09/2015) on it, but the email stated that the first of the nine monthly installments would be taken as of the 17th of February 2017.

I've got screenshots of the loan agreement and the email mentioned above, but am unable to post them as I'm a new user.

Does anyone know if this is even legal? Leaving aside the fact that, even if it is, they'd be over-charging me to the tune of 10%, I'm unclear.

Any help or advice greatly appreciated, thanks.

DCFC79

To me it sounds a little odd but im not an expert in this area.

Did you phone them when the first payment wasnt taken ?

ashp_2

That does sound odd indeed. I have had finance with V12 a few times and never had any issues. It probably would of been wise of you to take this up with them much sooner, speaking to them is the best option.

Malv

No I didn't contact them, as far as I was concerned I was keeping up my end of the deal by being good for the payments, and actually collecting what I'd agreed to give them was their responsibility, particularly as they'd already managed to take one payment.

Pixie5740

Have you contacted V12 Finance about this to find out what has happened? You do owe them money so why not just get this nipped in the bud? Personally I would have contacted them after the first missed payment.

Gaz83

Pixie5740 wrote: »

Have you contacted V12 Finance about this to find out what has happened? You do owe them money so why not just get this nipped in the bud? Personally I would have contacted them after the first missed payment.

Yep, this.

You can argue all you want about how this is V12's fault and not yours, but the fact remains you could have made a ten-minute phone call that would have saved you a hell of a lot of hassle in the long run.

MEM62

Malv wrote: »

No I didn't contact them, as far as I was concerned I was keeping up my end of the deal by being good for the payments, and actually collecting what I'd agreed to give them was their responsibility, particularly as they'd already managed to take one payment.

Yep! That's absolutely going to lead to a problem-free outcome.

Herzlos

Presumably, since you've got all the money put aside, you can just phone and settle it now?

Shakin_Steve

Malv wrote: »

No I didn't contact them, as far as I was concerned I was keeping up my end of the deal by being good for the payments, and actually collecting what I'd agreed to give them was their responsibility, particularly as they'd already managed to take one payment.

Hmmmm....that's not how it works. It may have been remiss of them not take the payments as you thought they were going to, but you should have been in touch as soon as you realised that nothing was being repaid. If you have the money to one side, pay them. If you think that there is a get-out, you're mistaken.

Gaz83

Also:

Malv wrote: »

as far as I was concerned I was keeping up my end of the deal by being good for the payments

Your end of the deal isn't to be good for the payments. It's to make the payments.

forgotmyname

If you have the money phone them and say you have just checked your bank after receiving the letter and see they didn't take the money and you didn't notice. then offer the full payment and see if they can knock anything off.

Have a banter with them, polite and say you thought your budgeting was woeking well when there was more money in the account each month.

I have found that works well for a lot of stuff. A bit of banter. Worst case you pay what you originally owed.