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  • FIRST POST
    • FamilyFirst
    • By FamilyFirst 17th Aug 19, 9:42 AM
    • 5Posts
    • 3Thanks
    FamilyFirst
    Help! Last payment made on car loan, however...
    • #1
    • 17th Aug 19, 9:42 AM
    Help! Last payment made on car loan, however... 17th Aug 19 at 9:42 AM
    I’m not sure where to turn for advice and clarification. I have just paid my final payment on my Kia and I was thrilled to free up £300 that I have been paying for 60 months.
    I received a call last week from Barclay’s Partner Finance/Clydesdale to explain they will be collecting a final payment of £591
    I queried the charge and they said it was in my credit agreement. I very confidently can say I was never told about this final charge, as I am quite conservative with finances. I do not buy what I cannot afford. They said I signed the credit agreement at time of purchase so I asked for proof. Today I received a copy of the agreement but my signature is not on it. Theirs is on every page but not mine. I cannot find my own original paperwork from time of purchase. Has anyone heard of something like this? I certainly have not budgeted for effectively a payment twice the amount of my monthly payments which I had thought were now complete!
    Can I refuse this payment? It appears they will take it automatically via direct debit. Surely this can’t be allowed???
Page 1
    • FamilyFirst
    • By FamilyFirst 17th Aug 19, 9:48 AM
    • 5 Posts
    • 3 Thanks
    FamilyFirst
    • #2
    • 17th Aug 19, 9:48 AM
    • #2
    • 17th Aug 19, 9:48 AM
    Note: my completion fee being charged is £299.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 17th Aug 19, 11:02 AM
    • 5,533 Posts
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    poppasmurf_bewdley
    • #3
    • 17th Aug 19, 11:02 AM
    • #3
    • 17th Aug 19, 11:02 AM
    My first completion fee, back in the early 70's was £2!

    I think £299 is an exorbitant amount, and basically adds another monthly payment for no benefit to you whatsoever.

    If they can't produce an agreement with your signature, then I think you have a good claim to dispute the amount.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
    • FamilyFirst
    • By FamilyFirst 17th Aug 19, 11:28 AM
    • 5 Posts
    • 3 Thanks
    FamilyFirst
    • #4
    • 17th Aug 19, 11:28 AM
    • #4
    • 17th Aug 19, 11:28 AM
    Thanks Poppasmurf! I think we can dispute it also but not quite sure how best to do that; would you happen to have any suggestions?
    • tempus_fugit
    • By tempus_fugit 17th Aug 19, 11:48 AM
    • 766 Posts
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    tempus_fugit
    • #5
    • 17th Aug 19, 11:48 AM
    • #5
    • 17th Aug 19, 11:48 AM
    I don't think you can dispute it. The agreement sent will be a copy of the wording, and the fact it's not signed is neither here nor there. You wouldn't have got the car if you hadn't signed an agreement. My question would be, where is YOUR copy of the signed agreement, which you would have received when you bought the car? This should be retained for the lifetime of the loan, which seems pretty straightforward to me. Without that, you can't prove that you didn't sign the standard agreement and you'd be on a sticky wicket trying to refuse to pay it. And BTW, this sort of charge is pretty normal on these sort of agreements, even though it may seem high.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.

    Pedant point: There is no such word or construction as "I's", the word to use is "my".
    • FamilyFirst
    • By FamilyFirst 17th Aug 19, 12:07 PM
    • 5 Posts
    • 3 Thanks
    FamilyFirst
    • #6
    • 17th Aug 19, 12:07 PM
    • #6
    • 17th Aug 19, 12:07 PM
    I totally agree I should’ve kept the paperwork and my response is quite simply I cannot find it. I do understand the importance of retaining it, however as a human being, we make mistakes in life. Losing the agreement is one of my mistakes.
    I do believe they should have a copy of my signed agreement and I am totally positive I did not sign an agreement stating an exit fee of £300!
    • fwor
    • By fwor 17th Aug 19, 12:45 PM
    • 6,228 Posts
    • 4,283 Thanks
    fwor
    • #7
    • 17th Aug 19, 12:45 PM
    • #7
    • 17th Aug 19, 12:45 PM
    I'd agree with the point that you have nothing to lose by disputing the charge, but you should be prepared for them to just reject your complaint.

    Without any paperwork of your own you really don't have a case - you cannot assert that the amount is unreasonable if you can't prove that you didn't accept it when you signed the agreement.
    • Nearlyold
    • By Nearlyold 17th Aug 19, 1:25 PM
    • 1,390 Posts
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    Nearlyold
    • #8
    • 17th Aug 19, 1:25 PM
    • #8
    • 17th Aug 19, 1:25 PM
    Unless there has been some totally inexplicable mistake the fee will be in the agreement, typically on the first page on the left hand side where there is a breakdown of the figures in the agreement. You normally sign in a box below these figures

    The first figure is always the Cash Price of the goods, then typically deposit, amount borrowed, interest charges, arrangement fee (if any), Option to Purchase Fee (ALL HP agreements have an Option to Purchase Fee as payment of this fee transfers title of the goods to you - though the fee can be zero) you probably have a Conditional Sale agreement which don't always have an end fee (as title automatically passes) however in your case there is a completion fee of £299. Any fees will be included in the "Total Amount Payable" as shown in the agreement and factored into the APR as also shown in the agreement
    Last edited by Nearlyold; 18-08-2019 at 5:10 AM.
    • TadleyBaggie
    • By TadleyBaggie 18th Aug 19, 9:56 AM
    • 3,355 Posts
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    TadleyBaggie
    • #9
    • 18th Aug 19, 9:56 AM
    • #9
    • 18th Aug 19, 9:56 AM
    Same happened to me several years ago, last payment was much higher than regular payment. Checked my copy of the agreement and sure enough the "option to purchase" fee was there.
    • alfie1950
    • By alfie1950 18th Aug 19, 10:19 AM
    • 152 Posts
    • 94 Thanks
    alfie1950
    Fairly standard practice to have a large completion fee at the end of the agreement...
    If you signed an agreement you will be deemed to have read it.
    The downside of fighting this , probably quite legitimate fee , is that you could end up by having your credit history trashed .
    During the time taken to fight this it will be recorded on your credit file as a missing payment.
    Take it on the chin and put it down to experience ( or lack of ) !
    • FamilyFirst
    • By FamilyFirst 19th Aug 19, 4:21 PM
    • 5 Posts
    • 3 Thanks
    FamilyFirst
    Thanks everyone! I’ve actually found my original paperwork and it is in the agreement, however my signature is not on any of it. As it is in the agreement, I’m not going to dispute it simply because I don’t remember them telling me about it. I should’ve read it, even though I didn’t sign it.
    Thank you all for your feedback and suggestions.
    • Les79
    • By Les79 19th Aug 19, 5:30 PM
    • 1,434 Posts
    • 1,572 Thanks
    Les79
    Thanks everyone! I’ve actually found my original paperwork and it is in the agreement, however my signature is not on any of it. As it is in the agreement, I’m not going to dispute it simply because I don’t remember them telling me about it. I should’ve read it, even though I didn’t sign it.
    Thank you all for your feedback and suggestions.
    Originally posted by FamilyFirst
    Bear in mind that 60 months is a long time as well! It could be the case that they did mention it at the time but, due to excitement and the fact it was so long away, you weren't listening to that bit! No shame in that like.

    Or maybe they didn't tell, which hopefully prompts you to check contracts a bit more carefully in the future

    Anyways, congrats for paying it off and enjoy your car!
    • chelseablue
    • By chelseablue 21st Aug 19, 4:10 PM
    • 2,899 Posts
    • 3,352 Thanks
    chelseablue
    On the bright side at least its only 300 quid, we have to pay £4,000 balloon payment in 3 years if we want to keep our car
    • username901
    • By username901 23rd Aug 19, 8:27 PM
    • 82 Posts
    • 79 Thanks
    username901
    But that £4000 figure would have been given to you when you signed the PCP agreement 24/36 months ago giving you plenty of time to arrange a way of paying it off or sorting an alternative.
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