Unexpected Refund from Porsche (VW) Finance!!

[cervezaman]

Paid off my finance agreement around a month ago and was waiting to receive the letter saying that they no longer have any title on the car.

Finally, received a letter today. Opened it up and it says the following:-

"During your agreement, we were obliged to provide you with account statements under the consumer credit act 1974. Unfortunately, we recently discovered that a number of these documents hadn't been issued on time, as a result of this, over the next seven days your account will be credited with £1,432"

Top result! I wonder if anyone else has received the same letter?

[cervezaman]

Yes, they've refunded a load of interest from my agreement because of their failings in issuing regular statements - which I hadn't actually realised I never received :-)

[cervezaman]

911wise said:

Congratulations on your windfall. Alas you have revealed your hand to the Ph moral guardians, and I now suspect you are only a few posts away for been berated for having a car you can't actually afford!

Yes, that did cross my mind :-)

[cervezaman]

Wills2 said:

Carl_Docklands said:

LOL Jackie.

The omission on my contract was to do with termination rights and yes it's pretty much all the interest I paid over a 3 year period.

I had the a refund due to that omission as well, £3900 returned.

Any chance of some further info on the exact omission on the contract? I'd love to screw some more money out of them :-)

[cervezaman]

Wills2 said:

Following a review of the annual statements of account that we sent to you regarding your agreement with us, we have identified that we did not remind you of your right to voluntary terminate your contract before completion. We apologise for this omission. The consequence of this is that we are not entitled to retain the interest paid by you after the first incorrect statement was due to be sent to you.

Thanks so much for the info. I might give them a little nudge ;-)