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1000% per annum interest. PLEASE HELP!!!
Comments
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Seek advice from the Citizens Advice Bureau, I think Trading Standards may also deal with this sort of thing, but I may be wrong.0
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The log book (V5) just shows who "holds" the vehicle, not who actually owns it. Write off to DVLA and say you've lost it and need a new one; report the company to Trading Standards, and to the Police if the company harasses you. Get to the CAB as soon as possible and ask them for assistance.
The website says they hold a Consumer Credit licence, and if so they are bound by the legal procedures of the Consumer Credit Act. Despite what they say on the website, UNLESS you have signed over ownership of the vehicle via the V5, they cannot sell it to recoup the loan.
Get help!
Mel.Though no-one can go back and make a brand-new start, anyone can start from now and make a brand-new ending.
(Laurie Taylor, THE no. 1864)0 -
Take a copy of the Consumer Credit agreement and the Bill of Sale to a CAB or other money adviser.
A lot of Bills of Sale drawn up by certain companies are invalid, so it's worth getting them checked out. If it's not valid they shouldn't try to take the car and a money adviser will help you draw up a letter to that effect. Or you can let them take the car and argue for them to pay you some money back!
The thing to look out for on Mobile Money Bills of Sale is if the first payment shown on the Bill of Sale includes a document fee, the same as on the credit agreement. Under the Bills of Sale Acts, only the principal sum advanced and interest can be secured by a bill of sale.0 -
14 Q. How much will it cost?
A. We charge a monthly interest rate of 10%. So if you borrow £500 your monthly charge will be £50.00. This charge will be added for each month that you have the money and would never ever be more than the initial amount.
I find this a bit confusing, that's why I don't take out loans, glad I'm too thick to understand things, or I'd be in loads of debt0 -
They will have registered the debt with HPI. Even if you get a replacement V5 (log book) you won't be able to sell the vehicle until the debt is cleared.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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