ADVICE PLEASE ON FINANCE
Discussion
i would appreciate any help.
Last july i bought a car from a dealer this is a well known and well respected family run dealer, i paid 30% cash and the rest finance this was through a major finance company / bank that most dealers use.
In september i decided i no longer wanted the car and out of interest re approched the dealer i purchased the car from to see if he is interested in purchasing it back and at what price, he explained he actually has a regular customer after one of these cars and took all the details and said he would let me know, about 4 days later he called and made a offer it was not too bad and would save me all the hastle advertising etc etc so i accepted and was told to ask for a settlement figure from the finance company and cancel the direct debit i took this along with all the stuff for the car to the dealer he wrote out 2 cheques one for myself £575 and one for the finance company £5925 making the agreed £6500 for the sale of the car all the paperwork / receipts of sale were done and i went on my way cancelled my direct debit and my cheque cleared straight away.
About 4 weeks later i received a letter from the finance company saying my september payment was not received and xyz charges have been added to the account because of this i immediately chased this informing them a cheque was sent to them to settle the account after about 3 days they re confirmed this was not received, i chased the dealer who stated it was sent and checked his bank it had not been paid so he cancelled this and re issued another and sent it by recorded mail they received this but it bounced.
Basically this Finance company / bank placed a freezing order onto this dealers accounts due to a unpaid stocking loan and eventually the dealer went into liquidation the dealer is still running but bar a slight name change and now the son is the boss not the father to be honest they have been helpfull in supplying information to myself and the finance company, it ends up the owner at the time had some sort of personal guarantee on the company and was forced to sell his house etc to pay off some of the debts.
The finance company seem to be funny with me they have spoked to the dealer directly and my self and at all times everyone is trying to help them even the receiver's have been involved but because there is not enough in the pot for all the debit they have now put 5 months non payment on my credit record and a termination of finance and the latest is they are going to report me to the CIFAS (credit industry fraud avoidance system) they seem to think this is some sort of scam and im stuck in the middle i dont want to start appointing solicitors which will cost me a fortune.
what would you do or advise
cheers
J
Last july i bought a car from a dealer this is a well known and well respected family run dealer, i paid 30% cash and the rest finance this was through a major finance company / bank that most dealers use.
In september i decided i no longer wanted the car and out of interest re approched the dealer i purchased the car from to see if he is interested in purchasing it back and at what price, he explained he actually has a regular customer after one of these cars and took all the details and said he would let me know, about 4 days later he called and made a offer it was not too bad and would save me all the hastle advertising etc etc so i accepted and was told to ask for a settlement figure from the finance company and cancel the direct debit i took this along with all the stuff for the car to the dealer he wrote out 2 cheques one for myself £575 and one for the finance company £5925 making the agreed £6500 for the sale of the car all the paperwork / receipts of sale were done and i went on my way cancelled my direct debit and my cheque cleared straight away.
About 4 weeks later i received a letter from the finance company saying my september payment was not received and xyz charges have been added to the account because of this i immediately chased this informing them a cheque was sent to them to settle the account after about 3 days they re confirmed this was not received, i chased the dealer who stated it was sent and checked his bank it had not been paid so he cancelled this and re issued another and sent it by recorded mail they received this but it bounced.
Basically this Finance company / bank placed a freezing order onto this dealers accounts due to a unpaid stocking loan and eventually the dealer went into liquidation the dealer is still running but bar a slight name change and now the son is the boss not the father to be honest they have been helpfull in supplying information to myself and the finance company, it ends up the owner at the time had some sort of personal guarantee on the company and was forced to sell his house etc to pay off some of the debts.
The finance company seem to be funny with me they have spoked to the dealer directly and my self and at all times everyone is trying to help them even the receiver's have been involved but because there is not enough in the pot for all the debit they have now put 5 months non payment on my credit record and a termination of finance and the latest is they are going to report me to the CIFAS (credit industry fraud avoidance system) they seem to think this is some sort of scam and im stuck in the middle i dont want to start appointing solicitors which will cost me a fortune.
what would you do or advise
cheers
J
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff