Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • armcosurfer
    • By armcosurfer 29th Jul 16, 4:59 PM
    • 22Posts
    • 19Thanks
    armcosurfer
    Cancelling a finance contract
    • #1
    • 29th Jul 16, 4:59 PM
    Cancelling a finance contract 29th Jul 16 at 4:59 PM
    Hi, my son recently bought an expensive mountain bike (£3700) on an interest free fixed sum loan agreement over 4 years. After just 2 weeks the front and rear suspension collapsed while he was riding it and he was very lucky to escape with minor cuts and bruises. The bike was repaired under warranty by the supplier, but after just another month,the suspension is beginning to make noises similar to what it had before. There is just a six month warranty on the bike and he has lost all confidence in this bike, now feeling that he will be left paying expensive repair bills for the next three and a half years until the finance is paid off.
    He would like to return the bike and cancel the finance package without penalty, is this possible in any way? Would he be able to do this because the goods are of unsatisfactory quality or not fit for purpose? Thanks.
Page 2
    • armcosurfer
    • By armcosurfer 18th Oct 16, 10:23 PM
    • 22 Posts
    • 19 Thanks
    armcosurfer
    Hi again, a quick update- my son heard from V2 finance about a month back saying that they were 'still investigating the claim'. How they could investigate anything I don't know as he still had the bike and there had been no effort by Tredz or V2 to arrange a collection of it. So he then contacted them and told them to collect the bike for inspection which they did a week later. Nothing from them for about two weeks until yesterday when he had a phone call from Customer Service at Tredz, they told him that he had tampered with the bikes suspension(with an adjustable spanner and damaged the front forks) and that his warranty was now void and they would be sending the bike back out to him! The bike had not been touched by him after the first repair,it has sat in the shed until Tredz reluctantly collected it. There were very minor marks on the fork top caps after the first repair by the so called suspension specialists.
    As I suspected all along, this has just been delaying tactics by both companies to enable them to collect another couple of monthly payments from my son, the bike would still be in the shed in an unusable condition now if we had not told them to collect it.
    So since buying the bike in May ,he has used it for a maximum of 10 days and paid 4 months of payments for the privilege! After buying the bike specifically to use this Summer,well the Summer has now gone! He cancelled the direct debit payment yesterday after the phone call with Tredz customer services and does not intend to pay a penny more.
    Where do we go from here? Obviously,(as I expected), neither company are interested in reimbursing him and have no intention of following the Consumer law, at least not without a court fight. Do we go to our local Trading Standards, would they help? Thanks.
    • Moneyineptitude
    • By Moneyineptitude 18th Oct 16, 10:34 PM
    • 17,229 Posts
    • 7,769 Thanks
    Moneyineptitude
    Cancelling the Direct Debit will likely cause you more problems than it solves. If you continue simply refusing to pay, you'll incur late payment charges, default and ultimately a CCJ.

    If you want to win this, it is you who will have to threaten them with court action. In order to do this you'll need to have evidence from an independent inspection of the bike. Unfortunately, as it's no longer in your possession, you have now put yourself in a very weak position.
    • armcosurfer
    • By armcosurfer 20th Oct 16, 11:45 AM
    • 22 Posts
    • 19 Thanks
    armcosurfer
    Well,getting the bike back is no problem, however,why would a court believe our independent inspection over the retailers independent inspection?
    I'll get my son to write one more letter to Tredz and V2 finance threatening court action and the involvement of the Trading Standards but I don't hold much hope for a satisfactory response from them.
    • wealdroam
    • By wealdroam 20th Oct 16, 12:00 PM
    • 17,412 Posts
    • 13,983 Thanks
    wealdroam
    ...why would a court believe our independent inspection over the retailers independent inspection?
    Originally posted by armcosurfer
    It's the court's job to decide, on the balance of probabilities, which side is correct.

    If you can convince the court to rule in your favour, then you win. It's as simple as that.
    Start collecting all that convincing evidence.

    As said above, don't even consider court action without some sort of evidence.
    • unholyangel
    • By unholyangel 20th Oct 16, 5:00 PM
    • 10,193 Posts
    • 7,352 Thanks
    unholyangel
    Well,getting the bike back is no problem, however,why would a court believe our independent inspection over the retailers independent inspection?
    I'll get my son to write one more letter to Tredz and V2 finance threatening court action and the involvement of the Trading Standards but I don't hold much hope for a satisfactory response from them.
    Originally posted by armcosurfer
    Did your son receive a final response from V2 within 8 weeks as promised? Has he referred the complaint to the financial ombudsman yet?
    Money doesn't solve poverty.....it creates it.
    • armcosurfer
    • By armcosurfer 23rd Oct 16, 8:28 PM
    • 22 Posts
    • 19 Thanks
    armcosurfer
    No final response from V2,and no,we haven't contacted the ombudsman yet. I have very little faith in the ombudsman service after going through the procedure with them to make a complaint about my insurance company cancelling my insurance after an accident-months of letter writing and 'phone calls and at the end of it ,it doesn't actually go through the ombudsman,! A team of clerks get to make the decisions.!
    By the way,the customer service rep at Tredz insisted that they had the right to repair each defective part of the bike 3 times!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,523Posts Today

3,965Users online

Martin's Twitter