Finance problems

[XR125]

Okay, well I got my XR on finance about 3 months ago and they've only taken the first payment of like 140 pounds from my account, you think that they've wiped me by accident or something?

That'd be awesome but does anyone know whats going on?

I've been told not to tell them incase for some reason my info was lost then I've a free bike lol.

[Louise]

I think most finace offer a 3 months gap before they take the first payment? I know my loans were like that.

[LustyLew]

As Louise a lot of loan/finance people give you 'holidays' for the first three months of taking out a finance deal with them.

Is your regular payment £140? Or have they just taken 3 months in one hit? If thats the case, I'd call up and ask what they're playing at.
____________________
Like a Yorkie - I'm not for the girls

[froggeh]

They will get you. Put the money in a separate interest earning account until they do...

[XR125]

I first payment was like 140 quid and the payments after that is supposed to be 70 quid, I'll wait to the 25th of this month to see if they take it out.

[cqueen]

It's a 3 month payment holiday.

[finpos]

Kids these days...

Read your Credit agreement (That boring thing you signed). It will clearly describe the repayment schedule. If the company are not collecting these payments, rest assured they have not forgotten about you.

Possibly, there is a problem with collection, in which case, when it's discovered, they'll come after you without remorse even if it's not your fault. They will invoke the missed payment penalty charges in the agreement.

If it's a "payment holiday", it's not a holiday. They are deferring payments for 3 months, or, put another way, they have increased the term of the loan by 3 months in order to get 3 months worth of extra interest out of you. Duh.

finpos.

[XR125]

Your post would of been helpful provided you left the "duh" and the "kids these days" out

It could well be a holiday, but it doesn't say anything about the first date - just says the 25th of each month and my dealer didn't mention anything about it.

Plus my statement says specifically "Payment will be taken out every month on the 25th" so if they fail to collect it all its their fault, although they may continue to charge me the 70 quid each month if they do find out in the future.

Oh well, I'll let you know in a few days if they do take it out

[finpos]

Sorry, Kids these days, duh, " ". Will never get the hang of this internettery.

My point was, these fellers aren't stupid. They don't forget things, they don't give you breaks. Everything they do is engineered towards squeezing every last bit of your hard earned out of you. YOU need to keep on top of THEM to make sure they do not take the piss. Don't just wait and see, it'll cost you either money or a grief. They are experts in taking the first and giving the second.

Firstly, payment holidays are con. If they described it as "three months additional interest payments", they would not be half as popular. The fact that you don't even know if you have got one is slightly worrying to me.

The day your first payment did not happen, you should have have got onto them to sort it out. You have failed to pay them, you have broken your credit agreement and they now have you by the bollocks. If you are relying on the argument "but you didn't collect the money", you are relying on their goodwill, which is negligible to start with and will diminish with every missed payment.

Look at the penalty clauses in the credit agreement. Anything in there about penalties if they fail to collect? Anything in there about penalties if you fail to pay?

This sounds harsh, but finance companies rely on the naivety and complacency of their customers to make them the bulk of their profits, and it grips my shit that people fall for it. Don't go down that road.

Please don't tell me you took out the PPI on the loan.

Again, sorry for sounding like your dad.

finpos.