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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I took a loan out and signed a contract with out being informed

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I took a loan out and signed a contract with out being informed that it was a non regulated contract. They have increased the interest and i complained and then found them repossesing my car without any authorised documentation. Therefore,i would like to know What my remedies are as i have no income without this car.

Best regards,

Were you behind with your repayments?
Customer: replied 4 years ago.
I took out a £50,000 loan in 2007 and I was supposed to pay back around £67,000. However, I called them after 3 years, which by then, I had already paid back around £37,000; to reduce my monthly instalments as I was having financial difficulties and at that time. I did this on three occasions and the lady I spoke to said that this wasn't a problem and to which then I asked how much extra will I be paying, she responded with "around £2000" and I had agreed that amount with her on the phone. So this put my total up to £69,000. Last year in July, I started calculating how much I have already paid and I have now paid over £69,000 already and they are still demanding an extra £12,000. Therefore I made a complaint and it is still an on going dispute and now they have repossessed my car without replying to my last letter and without any authorisation.
I would always advise people in your situation to hide the car or lock it in a garage so that they cannot repossess it.

In your case, you seem to have paid off your outstanding amounts, so you should try complaining to the company and see if they will return the car, very unlikely though that this will happen as they may have sold off the car already.

If this doesn't work, I am afraid you may need to buy another car and separately claim against the company in the courts for wrongful repossession and damages.

Hope this helps
UKSolicitorJA and other Law Specialists are ready to help you
Customer: replied 4 years ago.
The man that came to take it said that he will hold it for 10 days until we reply, hence why I have asked for your help. What do I do from here?
You need to get in touch with the finance company and query why the car has been repossessed yet you have more or less paid off what you agreed to pay off in the first place.

You may also go to court for an order stopping them from selling the car and asking them to return it to you as you have paid more than the agreed 67k.

All the best