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  • FIRST POST
    Danigood
    Car stolen. Finance company chasing
    • #1
    • 14th Nov 14, 6:18 PM
    Car stolen. Finance company chasing 14th Nov 14 at 6:18 PM
    Hi there. New here but need some advice.

    I took car finance out in jan14, car was stolen in mar14, my insurance said they paid in full, however there was a shortfall of £350.

    I did keep getting no dad letters each month but because I have not had any written letter sent to me to advise there is still a balance.

    So I decided to call them today and check, they are now asking for £1400. Can they do this?

    I am in a position to maybe able to pay £350 which is the shortfall?

    I am partly to blame for ignorance.

    Any advice is most appreciated.
Page 1
    • Tixy
    • By Tixy 14th Nov 14, 6:25 PM
    • 31,062 Posts
    • 39,469 Thanks
    Tixy
    • #2
    • 14th Nov 14, 6:25 PM
    • #2
    • 14th Nov 14, 6:25 PM
    I did keep getting no dad letters each month
    ???

    I would ask them to send you a full breakdown of the alleged outstanding balance so you can understand how they have arrived at the balance.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
    • forgotmyname
    • By forgotmyname 14th Nov 14, 6:26 PM
    • 29,275 Posts
    • 12,017 Thanks
    forgotmyname
    • #3
    • 14th Nov 14, 6:26 PM
    • #3
    • 14th Nov 14, 6:26 PM
    I presume they passed it onto debt collectors who added their own charges?

    "I did keep getting no dad letters each month" ??
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

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  • Danigood
    • #4
    • 14th Nov 14, 6:32 PM
    • #4
    • 14th Nov 14, 6:32 PM
    No the file is still with them. I've not had any reminder letters or defaults. Just emails stating no dd has been taken.

    Because I never paid the remainder on the settlement figure, can they just continue to charge each month the amount that was agreed?

    Also, am I right in thinking that due to my insurance company paying £5500 I would be in front of my contractual payments?
  • Danigood
    • #5
    • 14th Nov 14, 6:39 PM
    • #5
    • 14th Nov 14, 6:39 PM
    Did keep getting no direct debit letters each month
    • Tixy
    • By Tixy 14th Nov 14, 6:45 PM
    • 31,062 Posts
    • 39,469 Thanks
    Tixy
    • #6
    • 14th Nov 14, 6:45 PM
    • #6
    • 14th Nov 14, 6:45 PM
    You did originally inform them that the car had been stolen?

    And did you have correspondance from them acknowledging that? Do you have a letter / statement from them that shows that they did receive the insurance payment and allocate it against your account? Is that how you know there was a £350 shortfall?

    Were the letters you received stating that they had tried to take a DD and failed? or were they informing you that they hadn't taken the DD that month (presumably because they account was in credit at that point)?
    Last edited by Tixy; 14-11-2014 at 6:47 PM.
    A smile enriches those who receive without making poorer those who give

    or "It costs nowt to be nice"
  • Danigood
    • #7
    • 14th Nov 14, 6:56 PM
    • #7
    • 14th Nov 14, 6:56 PM
    I informed them immediately

    I have never had correspondence from them apart from the emails advising I'm due to make a payment but there is no direct debit in place. Please make alternative payments.

    They told me on the phone that my settlement figure was £5850, I then had confirmation that the insurance was paid out soon after.

    They today said that as I didn't settle, the settlement figure no longer exists. I was told that a manager would call me Monday to discuss, he said your balance is now roughly £1400

    I'm very worried I will be liable for this
    • stator
    • By stator 14th Nov 14, 7:02 PM
    • 7,192 Posts
    • 4,966 Thanks
    stator
    • #8
    • 14th Nov 14, 7:02 PM
    • #8
    • 14th Nov 14, 7:02 PM
    If the original £350 is valid offer to pay the £350 as full and final settlement, but get it in writing.
    Changing the world, one sarcastic comment at a time.
    • BrassicWoman
    • By BrassicWoman 14th Nov 14, 7:06 PM
    • 2,177 Posts
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    BrassicWoman
    • #9
    • 14th Nov 14, 7:06 PM
    • #9
    • 14th Nov 14, 7:06 PM
    was that the excess on the insurance? £350?
  • Danigood
    No insurers awarded £6000 less excess of £500, they sent finance £5500, my settlement figure at the time was £5850.

    I'm worried sick. Can I say my finance was ahead and in credit would this work?
    • chanz4
    • By chanz4 15th Nov 14, 8:48 AM
    • 10,031 Posts
    • 2,986 Thanks
    chanz4
    they wont mark your credit in arrears as yet, however you do owe the shortfall and would arrange asap.
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
    • Thrugelmir
    • By Thrugelmir 15th Nov 14, 11:36 AM
    • 63,703 Posts
    • 56,408 Thanks
    Thrugelmir
    I am partly to blame for ignorance.
    Originally posted by Danigood
    Totally to blame for simply ignoring the issue. The debt will have grown as charges will be levied to collect the outstanding debt. Rather than post on here. Speak to the Debt Collector and agree a settlement figure along with a schedule of repayments.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
    • matttye
    • By matttye 15th Nov 14, 11:50 AM
    • 4,746 Posts
    • 2,994 Thanks
    matttye
    Edit: never mind, just seen post #7 which makes things a bit clearer.
    What will your verse be?

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