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Moneybarn missed payment

ollierico asked:

Hi all,

I have an agreement with moneybarn and have missed 1 payment with them, due to financial difficulty this month, and have stated to them in writing and on the phone that i give them permission to take out 2 payments when the next one is due including their charge (as I will have more than enough to cover this then). They don’t seem to want to accept this and want proof as to why I couldnt make the payment and bank statements etc and even then it will be referred.

I can’t see why it is such a big issue and I have accepted the late payment charge. If I just keep stating when will be making the payment, and wait until then, approx 3 weeks time – are they likely to cancel the agreement or collect the car?

on a side note – if they cannot collect the car i.e it is not where they come to collect it what can they do? can they report it as stolen or something or how do they go about getting it back?

Thanks in advance

Faljay replied:

I think you need to ask them why they are being so unreasonable when you have paid the late payment fee, as per the agreement. I would also check the agreement to see if any of the terms and conditions state they can either cancel the agreement or repossess the car if a payment is made late. If neither appear in the agreement and it only states that late payments entail a late payment fee, then they haven’t a leg to stand on, as per their own agreement.

Take Care.

😀

ollierico replied:

Hi thanks for the response,

I sent them an abrupt and straight to the point e-mail and they havent called or emailed in the last few days (previously were several times a day).

Can finance companies report the car as stolen if payment hasnt been received and they have been unable to repossess the vehicle? or is this just a myth?

mareo replied:

they do report them as stolen

ollierico replied:

Really?? Surely that would make the person that had the car arrestable no? Why in this case isn’t it done with everyone? People take out 20k loans then get them wiped and still have whatever they used the money for usually…

mareo replied:

cars are tanagable assets easy to lift of the street whereas money is not left on the street to be collected –

ollierico replied:

But it’s still technically theft whatever it is, would it hold up if they went to police etc or it went to court?

mareo replied:

That is how it is considered – the police will tell you your complaint is a civil issue whilst towing away your car –

supersniper replied:

Theft Act 1968 Stipulates that a person is guilty of theft if they dishonestly appropriates property, belonging to another, with the intention of permanently depriving another of it, thief and steal shall be construed accordingly ! All five points must be proven to constitute theft.

The Police will only act on a direct request from a finance company if these points can be proven, HOWEVER, I think we all realise that the ‘law’ is rarely applied in favour of the people. I had a similar problem with a van where there was a dispute under the Supply of Goods Act 1973, hire purchase, agreement. It was a case sent to the financial Ombudsman for a decision. They upheld my complaint and made a order for a full refund. Moneybarn, reported the vehicle stolen instead !!!

The police kept me for 24 hours and seized the vehicle…big mistake. I refused to give them my address and abode and had to put me before a magistrate the next day where I told them my version of events. Things did not go well for the Police or Moneybarn. I won’t bore you with the details, except to say, I got my money refunded and a £2,000 cheque from the Police for wrongful arrest and detention, a written apology from the Chief Constable. Knowing the ‘law’ is one thing, knowing where and how to apply it is another.

Steve ( former Met Police Sgt) !!

PS. Just to rub it in I then contacted Moneybarn ( CEO) to complain about duress and attempted Fraud ( Fraud Act 2006) stating I would make a claim in the courts for compensation for all sorts of things they claimed against me and got a further £500 in full settlement. It was well worth the effort 🙂