V12 Finance - Is This Legal? Malv

#1
Hi,



In September 2015 I made an agreement to pay for goods from a musical retailer via a 10% deposit of £64.90, and nine monthly installments of £64.90 at 0% via V12 finance. The agreement was signed on 21/09/2015 when I collected the item purchase, and the deposit was debited from my account at that time, followed within a few days by the first of the nine monthly installments.



Then nothing. I studied the terms and conditions of the loan agreement, which indicated that the duration of the agreement was "9 months from the date we pay the credit to the supplier of the goods/services".



I noticed that they weren't debiting my account for the monthly installments, but ultimately, I continued to budget for the installments, and was always capable of paying them. V12 were simply failing to take the money. Nine months on from the date of the purchase, nothing, meaning that, through their fault alone, they'd taken only £129.80 of the agreed £649.00 from me (with only £64.90 of it being taken by the credit provider, the other £64,90 being a deposit paid directly to the retailer).



Then, a couple of weeks ago, I get an email from V12 Finance sending me an identical loan agreement with an identical date of signature (21/09/2015) on it, but the email stated that the first of the nine monthly installments would be taken as of the 17th of February 2017.



I've got screenshots of the loan agreement and the email mentioned above, but am unable to post them as I'm a new user.



Does anyone know if this is even legal? Leaving aside the fact that, even if it is, they'd be over-charging me to the tune of 10%, I'm unclear.



Any help or advice greatly appreciated, thanks.

#3
That does sound odd indeed. I have had finance with V12 a few times and never had any issues. It probably would of been wise of you to take this up with them much sooner, speaking to them is the best option.

#4
No I didn't contact them, as far as I was concerned I was keeping up my end of the deal by being good for the payments, and actually collecting what I'd agreed to give them was their responsibility, particularly as they'd already managed to take one payment.

#5
Have you contacted V12 Finance about this to find out what has happened? You do owe them money so why not just get this nipped in the bud? Personally I would have contacted them after the first missed payment.

#6



Have you contacted V12 Finance about this to find out what has happened? You do owe them money so why not just get this nipped in the bud? Personally I would have contacted them after the first missed payment.
Originally posted by Pixie5740


Yep, this.



You can argue all you want about how this is V12's fault and not yours, but the fact remains you could have made a ten-minute phone call that would have saved you a hell of a lot of hassle in the long run.

#7



No I didn't contact them, as far as I was concerned I was keeping up my end of the deal by being good for the payments, and actually collecting what I'd agreed to give them was their responsibility, particularly as they'd already managed to take one payment.
Originally posted by Malv


Yep! That's absolutely going to lead to a problem-free outcome.

#9



No I didn't contact them, as far as I was concerned I was keeping up my end of the deal by being good for the payments, and actually collecting what I'd agreed to give them was their responsibility, particularly as they'd already managed to take one payment.
Originally posted by Malv


Hmmmm....that's not how it works. It may have been remiss of them not take the payments as you thought they were going to, but you should have been in touch as soon as you realised that nothing was being repaid. If you have the money to one side, pay them. If you think that there is a get-out, you're mistaken.

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