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james bruce
james bruce, Solicitor-Advocate
Category: Law
Satisfied Customers: 2351
Experience:  Owner at James Bruce Solicitors
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Our business went into administration April 2019. We had a

Customer Question

Our business went into administration April 2019. We had a finance agreement with RCI Financial Servicers for a company vehicle which as an asset of the business, the vehicle was sent back to Nissan.We received a letter from Nissan Finance dated 3rd May 2019, which was passed onto our administrator Thomas McIntyre from Begbies Traynor in Glasgow. He spoke to a member of the Nissan Finance Team (RCI Banque) who said the letter had been sent in error. RCI Finance are now chasing us for ourstanding payments for the vehicle as we had signed a personal guarantee.
JA: Because consumer protection law varies from place to place, can you tell me where this is?
Customer: We're based in scotland RCI Finance are based in England -
JA: What steps have you taken so far?
Customer: We have been querying the final figures for payment as the original credit quotations and agreement were not clear!
JA: Anything else you want the Lawyer to know before I connect you?
Customer: We have now asked given the current financial situation, we would like to negotiate a reduced amount? I'd like some advice on how to go about negotiating the reduced amount
Submitted: 11 days ago.
Category: Law
Expert:  Virtual-mod replied 11 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Expert:  james bruce replied 9 days ago.

Hello, I hope you are well. My name is***** am a solicitor advocate and I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter.
The finance being with a company in England where you have made a personal guarantee to the financial agreement, will mean that you are fully and legally liable for the full outstanding amount owing under the finance agreement. Unfortunately, and unclear treats should have been check and questioned before signing any financial agreement. Once the agreement has been signed, then that is the amount that would be financed and be payable. The finance company are under no obligation to negotiate a reduced repayent amount. This is basically the whole reason for asking for personal guarantors to business finance, so if the business closes, the personal guarantors become solely and fully liable.

If you write to the finance company explaining your personal situation and current finances and requesting a reduction in amount due, they may consider that request. But it would be unlikely they would agree in the current climate. These companies are claiming everything they can to stay in business themselves.

You may have a better chance, asking for a reduction in the monthly repayment amount and for the length of the agreement to be extended to allow for the reduction in monthly payments.

Expert:  james bruce replied 9 days ago.

Hello, I am just following up on your enquiry to see if I can assist further. Thank you for using Just Answer and for allowing me to assist you with your legal enquiry. Please do not hesitate to come back to me for further advice on this or any other legal matter. It will be my pleasure to be able to assist you again.