Car Re-finance loan - singed twice no action

lruszczak

Hi All,

In Feb this year I have signed a refinance loan for a car. My PCP was ending in May so signed it then when APR was low to refinance the ballon payment.
All done, contract signed. Note said it will start a month from date on this agreement or month after last PCP payment which ever is first. PCP ends 17th May no payment then, no payment June and none July so call them July. They say there was an error and I need to resign contract again.
They sent same contract same APR just new dates and I would start payments bit later. As my address changed since 1st contract they just done extra address verification, confirmed all ok and sent new contract with new address. As no cost tome to avoid hassle signed again expecting 1st payment to go out on 15th August (or 2nd August as requested that date). Its now 16th September still no action from their end, no payment taken I do not even see direct debit being setup.

How do I proceed?

1. Do I ignore, what happens if I do can they ask for full amount back ASAP or make me take contract again?
2. If I do call them can I demand we start new contract as of today (so they right off payments for may, june, july, august, september due to their fault). At the end car is loosing in value due to age, usage and now prices are dropping. Basically form of compensation.
3. Can I call them and say as they failed twice now they can take car back at full market value as of today? That would pay off full amount and leave me enough for deposit for another one with more responsive lender.

Help much appreciated as its very new that they do not want your money and do not chase you for it!! I am worried that sooner or later they will realise they took no payments and will try to take one big lump sum or put default on my file.

Penguin_

I would contact them again, explaining what is still happening.

I would hope that you have the equivalent months worth of payments sat neatly away in an account ready for when they get their backsides in gear & ask you for the outstanding amount.

lruszczak

I have amounts from 2nd contract signing date as on phone lady said it will start new.

Saying that am asking here as also want to know if I can use compensation culture against them.
Its now a joke the waist of time on it.  

[Deleted User]

Compensation is for something you have lost, what have you lost as a result of them not taking the payments yet?

MalMonroe

lruszczak said:

Hi All,

In Feb this year I have signed a refinance loan for a car. My PCP was ending in May so signed it then when APR was low to refinance the ballon payment.
All done, contract signed. Note said it will start a month from date on this agreement or month after last PCP payment which ever is first. PCP ends 17th May no payment then, no payment June and none July so call them July. They say there was an error and I need to resign contract again.
They sent same contract same APR just new dates and I would start payments bit later. As my address changed since 1st contract they just done extra address verification, confirmed all ok and sent new contract with new address. As no cost tome to avoid hassle signed again expecting 1st payment to go out on 15th August (or 2nd August as requested that date). Its now 16th September still no action from their end, no payment taken I do not even see direct debit being setup.

How do I proceed?

1. Do I ignore, what happens if I do can they ask for full amount back ASAP or make me take contract again?
2. If I do call them can I demand we start new contract as of today (so they right off payments for may, june, july, august, september due to their fault). At the end car is loosing in value due to age, usage and now prices are dropping. Basically form of compensation.
3. Can I call them and say as they failed twice now they can take car back at full market value as of today? That would pay off full amount and leave me enough for deposit for another one with more responsive lender.

Help much appreciated as its very new that they do not want your money and do not chase you for it!! I am worried that sooner or later they will realise they took no payments and will try to take one big lump sum or put default on my file.

Hi, I would advise you not to ignore.

You could take the matter to the Financial Ombudsman as the company seems to be totally incompetent.

In any event, I'd contact them and tell them (not ask, they don't respond to asking, obviously) to get the matter sorted out now, or you are going straight to the ombudsman. Link -

https://www.financial-ombudsman.org.uk/ 

you can apply online, it's easy to do.

You could try asking them for compensation but they haven't sorted the matter out yet and also, if you take it to the Ombudsman you can ask them to request compensation for you. If you don't fancy going to the ombudsman then wait until it's all done and then ask for compo. You could get more if they continue to mess you about.

My car is on a PCP agreement with Toyota - and I extended my period of payment at the end of July. They sent me a new agreement via email, I signed it and scanned it and sent it back by email. No problem.

Everything went through smoothly and there was no break in payment. There shouldn't really be any problem because it is not a difficult process.

You say "can I call them and say as they failed twice now they can take car back at full market value as of today? That would pay off full amount and leave me enough for deposit for another one with more responsive lender."

You can ask but I don't think they will agree.

If the company does try to take a lump sum from your bank account without advising you then you can complain under the direct debit guarantee and report them, again to the Ombusman.

But you definitely do need to contact them again, tell them if they don't get on with it you're reporting them and you will also be asking for compensation.

It really is difficult to understand why they can't sort out a simple agreement and it makes me worry for their customers. 

sourcrates

You cannot go to the financial ombudsman without first exhausting the companies own complaints procedure.

So, your first step is to put down the phone, and make an official written complaint to the company's head office, detailing every failed event to date, tell them clearly what the issue is, and what you require them to do to put it right.

They have 8 weeks in which to issue you with a final response, if they have done this, and you remain unhappy, then you can involve the ombudsman, but not before.