car finance debt

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upinthesky

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i have a question if a finance company passes a loan onto a debt collection agency have you the right to now how much they bought it of the finance company for?
 
upinthesky said:
i have a question if a finance company passes a loan onto a debt collection agency have you the right to now how much they bought it of the finance company for?
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Nope All they have done is sell the debt probably @ a very large discount. The Debt Agency then tries to recoup more than they paid.
 
No you dont have that right - why do you want to know - it doesnt change the amount you owe?
 
yes i understand that but the total finance price was 16500 and we have paid 11100 so really there down 5500 but they want 12600 because the total cost of finance was 23000

is there anyway of getting this amount reduced? its been 3 years since i have made a payment and the total should have been paid by now it was a higher purchase agreement
 
You forget they are entitled to interest on the capital lent to you, you owe the money despite not making arrangements over the past few years so do make arrangements now, by all means do the best deal you can but you still owe the monies.
 
Is it bought on HP. If you want rid of the car and the debt ...

You can Probably use the half rule and give back the car. However, if you do this make sure that you took "reasonable" care of the car as the bank hire a company to check the car who basically are hired to say that car is a wreck and needs to be repaired. If you can show that you took "reasonable" care of the car I.e had it serviced regularly then they won't be able to charge you extra as you can show that you took "reasonable " care of the car.
 
Michael3 said:
No you dont have that right - why do you want to know - it doesnt change the amount you owe?
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The Question can be the amount you FAIRLY owe.

Finance Houses routinely apply every extra charge they can lump on.
If the amount owed comes close to reasonable then of course it should be paid.

However Finance Houses rarely play-fair.

If it,s a Consumer Hire Purchase by all means look at the Half Paid Rule, but it can be got around by Finance Hoiuse on reschedules etc.

Tread warily and get everything in writing.
 
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