I have the original/signed loan agreement - is it a valid document?

Gullibles_Travels

To cut a long and very sad story short I would like to know if a loan agreement is valid if I have possesion of the original agreement and the loan company have a copy?
I have been mis-sold goods & services through mis-representation & description (holiday points/timeshare) and am looking at all avenue's to get out of paying for the loan underwritten by Barclays Partner Finance. I have been totally conned by the holiday company (Buena Viva) and Barclays have a joint duty of care as far as I am aware.
I am not due to commence payments until May 2009 but want to settle this ASAP. Still cant come to terms with how foolish we have been or how Barclays can happily be involved with providing finance (part of reason why I felt confident at the time was due to their involvement!).
Any help greaty appreciated.

foxwales

You bought a timeshare with a loan from barclays I take it?

It is your responsibility to read, understand, comprehend and assess the financial viability and undertakings of what you are about to sign; i.e. the agreement.

You signed the agreement which shows your acceptance; very hard to wriggle out of.

However if you were mis-sold then you need to follow the company in questions complaints procedure; after sufficient time you can approach the OFT (Office of Fair Trading) or FSA (Financial Services Authority) for guidance and assistance in dealing with the mis-selling.

Have a look at their sites for guidance on what you must do to carry out a complaint with their assistance.

jonesMUFCforever

You owe Barclays the money no question.

If you have any recourse at all it is with Buena Viva.

Gullibles_Travels

jonesMUFCforever wrote: »

You owe Barclays the money no question.

If you have any recourse at all it is with Buena Viva.

As an update, and for anyone else reading this, we have protection under the Consumers Protection Act 1974. This specifically protects us against such undertakings experienced by us.

I wont go into details here as the company that conned us read everything! I will go so far as to say that we are now happily getting away from our situation and will be advising as many people as possible to seek proper legal advice as the majority of opinions on this website are very much just that, 'OPINIONS'. i appreciate that most people cannot afford legal advice, but if they check with their household insurance and with any work related memberships they could well find that they can get assistance or qualify for legal aid. They, like me, are desperate for help and sometimes look to these type of pages for help. This in many cases can help, but there is NO SUBSTITUTE for professional advice.

Take free a 1/2 hour consultation. It really helps. CAB can put you in touch with a local solicitor

lorna2805

I am in exactly the same position, I too have a barclay loan after being told I could just try it without any cost! I was so keen to escape after 2 or 3 hours I signed!let me know what you manage to do thanks

~Brock~

1. Having the original copy of the loan contact will not in itself make the loan unenforceable, or change the fact that it exists. A court can (and probably will if in isolation) rule enforceablity in this event.

2. You have the protection of Section 75 of the consumer credit act where goods/services are not fit for purpose. The lender is jointly liable for the negative effect of any proven illegal sales practices or misleading anticedent negotiations or representations made by the supplier. You must raise any issues immediately with both the lender and the supplier. This only applies if the supplier was paid directly by the lender (i.e. not a cash loan).

3. If you signed the loan agreement away from the business premises of the lender or the supplier, you have an automatic cooling off period of 14 days.

4. If you have concerns about the practices of the timeshare company, you should report these to the OFT, who will review their fitness to hold a consumer credit license.

theartfullodger

Speaking as a Barclays shareholder: Please can we have our money back??


Cheers!

Lodger

ILW

lorna2805 wrote: »

I am in exactly the same position, I too have a barclay loan after being told I could just try it without any cost! I was so keen to escape after 2 or 3 hours I signed!let me know what you manage to do thanks

Don't understand.
Why not just walk out? Did they lock the doors or tie you to a chair? I am at a complete loss as to why you had to sign something.

phlogeston

Gullibles_Travels wrote: »

As an update, and for anyone else reading this, we have protection under the Consumers Protection Act 1974. This specifically protects us against such undertakings experienced by us.

Many people only think that cover under the CPA '74 only applies to credit card transactions. Luckily you have found out that this is not the case.

If the sale was for a timeshare, you would have also had additional rights to cancel which make the agreements VERY EASY to wiggle out of within 14 days under the Timeshare Act 1992.

If you are misled into signing a contract (misrepresentation), then you are also entitled to cancel (rescind) the contract or claim damages.

phlogeston

lorna2805 wrote: »

I am in exactly the same position, I too have a barclay loan after being told I could just try it without any cost! I was so keen to escape after 2 or 3 hours I signed!let me know what you manage to do thanks

If it is a timeshare, you have 14 days to cancel the contract.

Apples2

Does that 14 days apply if you signed whilst overseas (where these people ply their trade in scartchcard scams to tourists from the UK)