stoneacre car finance

flexibabe_22

not written for a copy of contract only rung up the twice. they never mentioned about writing to them for it, i dont think they can even be entirely honest about ....lol

standupguy

Ok, what appears to have happened is that the Dealer was leading you to believe that the Finance product was Hire Purchase with a right to terminate the agreement and return the car when you have paid half the HP price.

In view of the 5 year term and I assume a low deposit the Finance company have agreed to do the deal only on a loan which has no termination rights. They have done this to stop such a situation occuring with you returning a car with negative equity and them suffering a loss.

The issue is that it appears the dealer did not advise you of this change when you came to signing the document.

You have therefore been misold the product.

You have a right to complain and as the dealer was acting as an agent of the Finance company under the consumer credit act it is probably best to put your complaint in writing to the Finance company with a copy to the original dealer.

You should ask them to resolve this complaint within the timeframes laid down by the FSA complaints procedure and let them know that if this cannot be resolved satisfactorily within the FSA timeframes then you will be taking the complaint to the Financial Ombudsman service.

They will not want the case to go the Ombudsman so it will be interesting to see what they offer to resolve the mis-selling

Good Luck!

flexibabe_22

aw mate thanks so much, as far as i got told i could give it back in 3 yrs. 500 pound deposit and an apr of 11.5% totalling 11,500 est. over the 5 yrs if i kept car. i dont wish to inform stoneacre of the situation till i have gathered all my knowledge, and so they cant cover there ar**s. am i right in not infoming them yet?

flexibabe_22

sorry may seem like stupid question but how do i get in touch with fsa? will it cost anything and will they write to stoneacre themselves or do i write to them?

standupguy

flexibabe_22 wrote: »

aw mate thanks so much, as far as i got told i could give it back in 3 yrs. 500 pound deposit and an apr of 11.5% totalling 11,500 est. over the 5 yrs if i kept car. i dont wish to inform stoneacre of the situation till i have gathered all my knowledge, and so they cant cover there ar**s. am i right in not infoming them yet?

It's up to you.
The first thing Barclaycard loan will do when they get the complaint is to speak to the dealer for their comments and send them a copy of the complaint.

You need to think about what would be a satisfactory solution from your point of view - if I were the Finance company and received the complaint I would be trying to get an idea from you on what you are asking for to resolve the issue

flexibabe_22

for them to take my car and wipe the loan, because i didnt get what i signed up for. as far as i was concerned i was giving it back next nov, but 2 months ago realising that isnt a solution and i was lied to and thats one thing i hate. i feel,... well not sure how i feel???

standupguy

flexibabe_22 wrote: »

sorry may seem like stupid question but how do i get in touch with fsa? will it cost anything and will they write to stoneacre themselves or do i write to them?

You must send your complaint to barclaycard.
If they cannot resolve it within 24 hours they have to send you a written acknowledgement of receipt within 5 working days.

They then have 4 weeks to give you their response.

If they cannot resolve the complaint within 4 weeks they must send you a holding letter and they then have another 4 weeks.

After that they must send you a "final response letter".

If you think that their final response is not satisfactory then you can send your complaint to the Financial Ombudsman service at no cost to you.

It acttually will cost barclaycard £400 if it gets this far as that is the way the FOS scheme is funded - so it costs them whether they win or lose.

If you google FOS or Financial Ombudsman you will get all the details

flexibabe_22

i wouldnt say i was after anything compensation wise, im not a greedy person i just want whats right and i did sign the paperwork i am partly to blame for being ignorant and trusting!