Specialist Motor Finance

Fighter1986

Oh boy these guys... 

So I was lucky enough to be able to shift the outstanding balance of my car finance on to a 0% credit card (even the follow on rate is lower than the APR I had on the loan).

Obtained a settlement figure, paid the dues, and had the agent tell me I've overpaid.

She confirmed this with a colleague who also confirmed I'd overpaid.

A manager authorised a partial refund.

I received an email from SMF confirming my account is closed and settled, and that the overpayment is on its way back to me.

Received the overpayment refund yesterday.

Today, I receive a text message to say a payment has not been received for the month (Oh, besides the nearly £14,000 I have send you this month, you mean?).

So I sign in to my online account with SMF and it is no longer showing £0 outstanding but now showing the amount they said I'd overpaid by outstanding.

I had it in writing that the account is closed and settled with a £NIL balance, and that the confirmed overpayment had been issued, prior to this nonsense today. 

Where do I stand with this? Their overpayment refund has already been used to repay part of the credit card balance used to clear the loan in the first place. 

Fighter1986

So I called them and they apologised; not before their collections team called me and reminded me they can tow my car if I default... 

They advised me not to worry and the system will update overnight to once again show a settled balance.

But how many people will get that call from their collections team terrified and pay the money there and then for fear of losing their transport?

I've already got a complaint against them with the FOS, I've added this to it. 

Absolute chicanery. 

Ryan_Holden

I don't know if many people would be terrified knowing that they had just cleared the balance. It's not ideal but I don't know if it's that serious.

Fighter1986

Ryan_Holden said:

I don't know if many people would be terrified knowing that they had just cleared the balance. It's not ideal but I don't know if it's that serious.

It's the latest in a whole string of absolute incompetence and buffoonery from this company. There's a reason I already have a complaint outstanding with the FOS against them.

But honestly, in this instance, being told "Oh you overpaid" and later "Oh, no you didn't", probably would leave many people parting with money they didn't owe especially with the added threat of their car being taken (Yes, you and I know that's not possible, but that doesn't stop their collections team threatening it, or those less in the know from being taken in by it).