PSA Finance UK Limited
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17 years of being an excellent customer and then treated like a criminal
I have been with Peugeot over 15 years having taken out a number of Financial agreements with PSA finance. Up until my last car it all went smoothly as each car was part-ex'd with the same dealership. On my last agreement I decided to hand the car back after its 3 years on PCP had come to an end and I fancied going with another car manufacturer. On return of the vehicle I had outstanding charges and was notified by letter. I phoned PSA finance and settled the amount (or so I thought!) and I was informed I had zero balance and my business with PSA had been concluded. I informed PSA finance that since all payments had been made and outstanding charges I would be cancelling the direct debit and they did not challenge this. This was back in late October. Today (Jan 24th) I received through the post a very sinister and nasty letter informing me that they had taken action to send an amount owing to a Debt Recovery Agency and that this would damage my credit rating for 6 years. When I phone PSA finance they informed me that the amount of £170 was still outstanding for the GAP insurance. I had assumed that payment was taken from my bank account back in late October especially when I was informed my agreement was showing as zero balance. Apparently PSA had been trying to take the £170 from my bank account after I was told everything was settled! They did not write to me to inform me of their difficulties in obtaining the £170 and I had no idea there was a problem. Having been a long term customer with Peugeot and PSA finance I was utterly shocked especially as the language used in the letter was nothing short of intimidation and a threatening behaviour. What was worse is not being told there was a problem. The amount was quickly settled on the phone however PSA finance would not rule out if I was to receive any further demands for payment from this Debt recovery agency. I made a formal complaint with them. I would never ever go back with Peugeot nor PSA finance. I am waiting to see if there are any further developments and if so I will have no hesitation to take legal action and to take matters further to the Financial Conduct Authority.