MoneyBarn Confussion

Snr_C

Hello everyone, this is my first time on this forum and I apologise if i've selected the wrong section to post this thread.

I'm posting really to see if anyone has any advise on a situation I have with the Car Finance company Money Barn and how best to approach it.

In 2014 I took out finance for a vehicle with them with total repayments valued at £25,000 which at the time was totally affordable and all was well for the first 2 years. In 2016 however during a period where I was not in the best frame of mind due to going through divorce I unfortunately lost my job due to organisational restructuring which left me in a bit of a financial predicament. After missing two payment of my loan I decided to contact Money Barn to see what I could sort out during the period whilst finding a new job but at the time of calling the call centre was closed and I was asked to leave a voicemail and await a call back.

I left details of my name, policy number, phone number and also a message explaining that I wished to discuss all options including the possible return of the vehicle due to financial pressures.

Two days later I received a call from a company instructed by Money Barn to collect my Vehicle asking where it was so they could collect that afternoon. In shock I gave the details and as promised they arrived that afternoon and took it away. I was then contacted by letter to be told that the vehicle had been sold for £7,000 at auction and I was liable for the outstanding balance.

Nine months ago my balance was still at £10,000 and being more financial stable I wanted to address the issue and requested a final settlement value which Money Barn came back with £2500 which I paid. (all paperwork available to confirm this)

I received a letter from money barn today which shows that payment was simply deducted from the £10,000 balance and it informed me that following an investigation that the FCA had carried out recently in Money Barn the £7,500 had been reduced to £700 following the implementation of FCA's recommendations!

The whole thing is a complete mess and I'm not sure where to start, should I:

1. Try contact them again to complain about the way the car was taken and that I was never given an opportunity to find another solution? (I've tried this before, they don't respond)
2. Simply dispute that the account should be closed as a settlement figure was agreed and paid?
3. Request that they apply their FCA recommendations to the amount prior to the Final payment (£10,000) and then reduce the settlement figure 75% as they did with the previous offer and then request a repayment?
4. A different solution that someone on here may have?

It's all a bit of a mess so sensible advice would be appreciated.

fwor

Snr_C wrote: »

requested a final settlement value which Money Barn came back with £2500 which I paid. (all paperwork available to confirm this)

If the wording in bold is correct and you have paperwork from Moneybarn that confirms that the £2,500 was a full and final settlement then just copy the paperwork and send it back to them - job done.

In the (likely in my opinion) event that the paperwork does not confirm that the £2,500 was a full and final settlement, I would personally just pay the £700 and get it out of the way. If I read your post right, that's a £3,200 cost to get rid of a £10,000 debt, which seems like a good deal to me.