mis sold a loan

strof

hi
i would just like to sound out board members over the possibility over claiming for a loan my wife was i believe mis sold.

my wife had purchased a mg zr using a 5 year loan agreement . at around year 3 of the loan money was tight and i asked her to try and make a saving on the monthly payment.

its probably my own fault but i did not check when she came back about the details - this has just come to light that the salesman has sold her anther loan with a reduced payment of £20.00/ month but taken the loan period back to 5 years.

have my wife and myself any claim for mis selling . bearing in mind what happened to mg and the rapid depreciation of the car as a result. mg had already gone bankrupt at this point.
at the very least the salsman must be guilty of sharp practice.
any advice would be appreciated as the car woud have been paid for by now saving us a valuable£200/ month

melorablack

It sounds like she went in looking for a cheaper monthly payment and consolidated her debt into a new loan. I don't think there is anything legally wrong with that as long as all the paperwork was signed.

dunstonh

have my wife and myself any claim for mis selling

Highly unlikely. If she went back to the dealer then they really only have the option of extending the term. They are not independent and cant shop around. So, he gave her the only option that he had available.

at the very least the salsman must be guilty of sharp practice.

Nope. The CCA agreement would have said the term and the amount. Your wife made the choice. Probably the wrong choice but that is no the fault of the salesperson.

strof

of course my wife signed the papers and may well have been asked to read what she was signing.

i just think that that she has been took for a ride by the salesman who saw the chance of claiming comission on the loan rather than a responsibility to the customer and good professional financial practice, especialy in view of the circumstances of mg at the time. in this context i believe it was mis sold.





thanks for the advice.

di3004

Hi there

In regards of payment protection insurance (PPI), was there a possibility of this being mis sold, if ppi was applied, for instance automatically, of your wife may not have been eligible to make a claims for some reasons, if you want to know more on this, check this link below for more info, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

dunstonh

i just think that that she has been took for a ride by the salesman who saw the chance of claiming comission on the loan rather than a responsibility to the customer and good professional financial practice, especialy in view of the circumstances of mg at the time. in this context i believe it was mis sold.

If you ask a plumber to fix a tap and he fixes the tap then you shouldnt complain later that the tap was fixed.

The salesperson has no responsibility to the customer. They are tied to one lender and represent the lender. Not the customer. The situation regarding the dealership and manufacturer have no impact. She didnt go to an independent. She went to a tied dealer. Even then there is little or nothing else the salesperson could do.

of course my wife signed the papers and may well have been asked to read what she was signing.

So, she should take personal responsibility. Or perhaps you should for letting her do it when you seem to believe she is incapable of doing it herself.

melorablack

The only way they can reduce the monthly payments is for your wife to go into arrears on the loan and enter a debt management plan with the company. They can't change the terms of the agreement just because you want to reduce the monthly payments. A consolidation loan was the only way to go really.

jamesd

I don't see why you think the condition of mg has anything to do with this but lets for the moment assume that is matters in some way. What steps did the salesperson take to conceal the condition of mg from you and your wife when entering into the agreement to obtain a loan for a used (at the time of the second loan) mg car?

Why do you think you or she should be prohibited from taking a loan secured on the car? Or do you think she was offered a higher interest rate because she may have indicated that there were repayment difficulties that needed a lower monthly payment, so the loan would be more risky for the lender?

ILW

strof wrote: »

of course my wife signed the papers and may well have been asked to read what she was signing.

i just think that that she has been took for a ride by the salesman who saw the chance of claiming comission on the loan rather than a responsibility to the customer and good professional financial practice, especialy in view of the circumstances of mg at the time. in this context i believe it was mis sold.





thanks for the advice.

You can believe what you like, but from what you have posted there is no mis selling involved.