JBWTK - Anyone know about loan contracts?

[jbb]

Hey guys..

Short version: anyone know about loan contracts and can have a quick look at one I have for me?

Long version: I took a loan out a couple of years ago for a car, now I find out the other day my first payment was rejected and I owe the company an extra $$$ since the beginning of the loan. I presume the most of the money owed is interest occurred on a dishonour fee they charged me at the time. I want to dispute it because I have a piece of paper from them saying they would take the first payment on the 30th; however the paperwork I got today shows they tried to take first payment on the 18th.
I rang them up and they said 'it is standard practice to take a payment once the contract is entered in to or agreed upon'. As far as I can see in the contract there is nothing saying they will do this, and to my knowledge the start date for direct debits was the 30th.
I know that statement combined with the evidence enough seems simple enough, but I just would like someone to be able to confirm I am not missing something in the contract clauses.

So does anyone here have any ideas? ..or able to give it a read over for me (preferably someone who has some sort of qualification in this area)?

ie: Does it mean they broke their contract and I don't need to make any more payments on my car? lol

Cheers,
John

[Desmo]

Check your PDS, but you don't have a leg to stand on.

[RIPLEY]

Speak to the lender and agree to pay the original amount and a small token percentage interest for goodwill.
If you owe it anyway its probably the cheapest easiest solution, most loans state if you default in any manner they can ask for the remainder immediately, and that can sting.
Beating a bank on a standard loan contract wont be easy.

[mystery]

First payment for a car loan in arrears is generally one month from disbursal, If its a standard chattel mortgage type facility you should also have an option of payments in advance. I'm surprised the contract has a specific date. You could request that you make up the missed payment & ask that they waive the penalty fee/interest, worst they could say is no. Still worth asking though - just be polite.

Which finance company is it?

[St Ives]

Standard practice is what happens until individual contract variations are made. Unfortunately I'd bet you signed the standard contract (loan) agreement as well as a separate document where they agreed to take first payment on a date that differed from standard practice.

If while reading the entire loan contract (standard version) you noticed the discrepancy, made the required changes and initialled those changes on the document you signed, you might have a case for insisting they are in error (and a good reason to copy the document before submitting).

If your document stating the initial payment date specifically refers to overriding the standard contract you might also have a case.

If none of the two above examples apply then you may have to start suggesting to the lender that you will take your case to the ombudsman on the grounds that you only entered the contract on the terms negotiated between yourself and their agent.

Whatever you do, since you have a disagreement I'd recommend keeping your own log of dates and content of telephone calls, names of the people you speak to and for the whole time behave in a reasonable manner with the intention of getting this resolved amicably. Getting pushy with the banks requires skill and in depth knowledge of your rights, which I don't have and I suspect you don't.