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Another car finance question
Hi all, I think I know the answer but I feel its worth asking people with more knowledge on these matters.
I took out a finance agreement with a main dealer on a used vehicle in 2010. I drove the vehicle for 3 years and decided to hand it back at the end of the agreement (balloon payment didn't make economic sense). The car was loaded on to the back of the lorry and I wept as she was taken away.
Fast forward to present day and I have just received a letter from the finance dept of the manufacturer claiming that I owe a few hundred quid.
"We write to you with respect of the above mentioned agreement, to date we have not reached an agreement with you for full payment to settle your outstanding liability, including end of contract charges.
In order to resolve this issue we request your payment proposals are received in this office within 14 days of the date of this letter.
If you are experiencing financial difficulty and are unable to clear the amount in full by the date specified, we will consider an affordable payment plan, with no additional interest, for you to clear the balance over the next few months. Please contact us immediately on the telephone number below with your proposals for our consideration.
The letter continues to make threats if I don't contact them. I'm assuming that because the debt is less than 6 years (I'm in England) that it can't be Statute Barred. This is the first contact that the company have made in demanding any payment, nor have I received any information on what the additional costs incurred are for.
Any advice? Thank you.
I took out a finance agreement with a main dealer on a used vehicle in 2010. I drove the vehicle for 3 years and decided to hand it back at the end of the agreement (balloon payment didn't make economic sense). The car was loaded on to the back of the lorry and I wept as she was taken away.
Fast forward to present day and I have just received a letter from the finance dept of the manufacturer claiming that I owe a few hundred quid.
"We write to you with respect of the above mentioned agreement, to date we have not reached an agreement with you for full payment to settle your outstanding liability, including end of contract charges.
In order to resolve this issue we request your payment proposals are received in this office within 14 days of the date of this letter.
If you are experiencing financial difficulty and are unable to clear the amount in full by the date specified, we will consider an affordable payment plan, with no additional interest, for you to clear the balance over the next few months. Please contact us immediately on the telephone number below with your proposals for our consideration.
The letter continues to make threats if I don't contact them. I'm assuming that because the debt is less than 6 years (I'm in England) that it can't be Statute Barred. This is the first contact that the company have made in demanding any payment, nor have I received any information on what the additional costs incurred are for.
Any advice? Thank you.
0
Comments
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Ask them what the charge is for.0
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what paperwork do you have for the loan, and from handing the car back?2021 GC £1365.71/ £24000
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Unfortunately, no paper work has been kept, given the length of time since it was handed back. It all got shredded a couple of years ago.
I'm in the process of writing a letter asking what the charges are for and evidence.0 -
I've checked my equifax report and it states that the finance agreement has been settled. Not sure they have a leg to stand on?0
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Was this a PCP or HP with a balloon?0
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