First Response Finance

[Tony]

Hopefully it will be 2, let us know.

[dazmorg1969]

just came off the phone with first response, what they are going to do is take the car to auction and see what the car is sold for then they are going to wipe off the balance, this is ok but it still leaves me out of pocket, £250 for the trade in, £115 in car tax for the repo car and £57 for the first months insurance thats £422 i am out off pocket, also they are not going to take it off my credit report until the auction has finished, so at thye moment no other credit company will touch me for finance..

[Tony]

I do hope it will raise enough money, what happens if it doesn't?

Tony

[dazmorg1969]

they said that they would write off the rest of the debt, well thats what they have said on the phone, but i just dont trust them at the moment, i am still keeping my solisitors appoinment on friday to see what she says about this

[icemanwayne]

hello
having looked at the above psots i just wanted to add a little bit of info on how things can work and hope it may be of interest, i am just giving you my bit of knowledge.
a finance company will only reposes one of there cars as a last resort, they will always want to come to some arrangment before taking back the car, they will always want to get the full agreement paymnet with all the high intrest rate, rather than sell at auction and hope to get the rest of you without any security.if you were told that the agreement was canceled due to wrong information regarding work, then who ever told you this was seriously in the wrong, even more so if you have not missed a payment,
if they did take the car and said that they will auction the car and clear the balance this is also wrong, let me explain what i know. the car when purchased would have been at current market value, and because the agreement is relativly new then the payments you will have made will have mostly been made up on interest, little will have been made against the car,so basicaly you will be in nil equity on the car.now they take the car to auction plus addding the high interest rate charges and collection costs and auction costs.
this is just an example,say you paid 5000 for the car at forcourt price, i beleive at auction the car will fetch approx 3000 - 4000 if you are lucky, they will then take of all the above costs and reduce the total debt you owe, you could still end up owing them half of the agreement, if the agreement was at a certain stage , not quite sure what lengh that is, but they cannot take the car without the proper court papers.and at a further stage you can hand the car back and pay nothing, but this is not applicable on new and early agreements.
now this is why i dont understand how they would want to take you car.
lets say you were made bankrupt, the receivers would not take back the car if you used it to get to work, they cannot take anything which would cause you to suffer further hardship, example stop you working. same goes with the finance company, if you tell them that you were bankrupt and would still be making the payments then they would not take it from you.
so how they can simply take your car like they did is beyond me, i would be filing a small claims form right now on the internet. and i would be charging them for money lost,
you desperatly need to talk to CA .
i appologise for my spelling and grammer it sucks.
hope i have given you some help.
regards
wayne

[icemanwayne]

just one thing
keep records of times and dates of phone calls and also ask for anything they tell you to be put in writing.any letter you send must be duplcated.
i can remember once when my son took out a finance package, the intrest rate was 52%, i checked his credit history to find 2 small defaults with 2 mobile phone companies, 1 for 18.00 and 1 for 49.00, i paid these and requested they were marked satisfactory within 14 days, this is usualy done automatic, i then sent a letter to both to ask for removal, they have to power to remove the default from the file, if you follow this simple route it could save you 1000s in over charged intrest rates and could get you back on track with 17% borrowing,
so you see 2 very small defaulst ended up costing my son a small fortune. nice way finace companies can make money.
also i know its too late now but check your agreement, if a car is 3995 for example, make sure it states that on the agreement, my sons went from 3295 on the window screen to 2500 on the agreement after i paid a 1000 deposit in cash.total 3500, were did the 205.00 come from.
good job my son had me to check things over for him.
regards
wayne

[JEDN1988]

I use to work for First Response and i cant see them uplifting your car for nothing!

[fritzspa]

Originally Posted by dazmorg1969

they said that they would write off the rest of the debt, well thats what they have said on the phone, but i just dont trust them at the moment, i am still keeping my solisitors appoinment on friday to see what she says about this

How did you get on with your solicitors?

In future you should only communicate with this finance company in writing. It sounds very much like they are telling you what you want to hear & then carrying on as they like. You should send them a letter by recorded delivery & please if you have not already - speak to Citizens Advice as this company are behaving in a very underhand manner (if not actually illegal).

I have typed up an example letter for you to use below.

Hope this helps.



Dear Sir/Madam,

WITHOUT PREJUDICE

RE: Agreement Number *********

As per my phone conversations with your staff on (Insert dates here) where I was informed that it was your intention to cancel my credit agreement.

Your agents (Insert name here) removed the vehicle (insert registration number here) using what can only be described as undue pressure & harassing tactics. Since that time I have receieved no communication from yourselves regarding this & despite repeated requests by phone I note that my credit file still shows an outstanding account due to yourselves.

I hearby give you notice that I require confirmation of the following points:

1: That you have indeed taken the vehicle back.
2: That you will ensure that I receive confirmation that my contract has been canceled & all sums due by me are now settled.
3: That you will ensure I will receive a cheque to fully reimburse me for all sums already paid to yourselves & to include payment to cover my trade-in deposit as required by consumer trading laws.
4: That the relevant credit agencies have been notified that this account is now satisfied.

I expect to receive confirmation of the above points within 7 days of the date of this letter. I feel sure you will appreciate the urgency of this matter as if the vehicle has not been recovered by yourselves the Police will need to be contacted as the vehicle has been stolen. I have contacted the Citizens Advice Centre & Consumer Trading Standards in addition I will shortly be contacting the Financial Services Authority in addition to the local Police & BBC Watchdog.

I hope therefore that you will contact me shortly to ensure that none of the above avenues of recourse are necessary & that my concerns are dealt with in a timely manner.

Yours Faithfully




(Insert Name Here)

RESPONSE WITHIN 7 DAYS IS REQUIRED!