Miss sold loan

apt74

In 2007 I purchased a car, funding it with what I thought was a PCP, but have since found out that it was fixed sum loan, with a balloon at the end.
When purchasing I clearly stated that I wanted a PCP, and the product was sold to me as a PCP.
I have no right to hand the car back, I can't part ex it, as I owe more than it is worth, and can't voluntary terminate it, although I have passed the half way point of the loan, as it isn't secured on the vehicle.
Could any one help me where I legally stand?

jonesMUFCforever

What did you sign???????????

apt74

I signed the agreement shown to me, and as it was explained to me. Unfortunately I don't know the different types of loans, and how they work.
Like most people, I trusted what he told me, this was no back street garage, but a land rover dealership.

apt74

It showed the payments, and a balooned amount the same as a PCP.

chalkie99

apt74 wrote: »

In 2007
When purchasing I clearly stated that I wanted a PCP, and the product was sold to me as a PCP.

Unfortunately I don't know the different types of loans, and how they work.

That doesn't quite make sense to me - in the first post you "clearly stated" the type of agreement you wanted and then in one of your later posts you say you don't understand the types of loans available.

Either way it is down to you to read what you are signing, and especially so if you don't understand what it is you are putting your name to.

Sorry that probably isn't what you wanted to hear

apt74

I think I made it clear that I have had 2 pcp's in the past, pcp's give the consumer certain rights, which I wanted, this product looks identical, but doesn't give you any of the rights.
I didn't know that the product I was taking wasn't a pcp, as to me it had the payments and the balloon at the end, and as I stated was sold to me as a pcp.
I have found out over the last year that the difference is that one is secured on the car and the other is secured to you.
Please could some one who knows and wants to help, please reply, and not pick fault in my wording, constructive help is what I am looking for, and I was told the was the place to come.
Thanks.

Cena87

The loan was for £5 thousand pound of which 40% automatically repaid a personal and biz account overdraft which was made up of charges .
claimed them back and they credited the loan account .

It is now well known that the banks have
Irresponsible targets and remuneration schemes which encourage staff to mis-sell unsuitable products which do no place the consumer's best interests first.

Any body please have any info do i advice that i am seeking the whole loan amount but what about the effect this action has done to my biz ,

ILW

apt74 wrote: »

I think I made it clear that I have had 2 pcp's in the past, pcp's give the consumer certain rights, which I wanted, this product looks identical, but doesn't give you any of the rights.
I didn't know that the product I was taking wasn't a pcp, as to me it had the payments and the balloon at the end, and as I stated was sold to me as a pcp.
I have found out over the last year that the difference is that one is secured on the car and the other is secured to you.
Please could some one who knows and wants to help, please reply, and not pick fault in my wording, constructive help is what I am looking for, and I was told the was the place to come.
Thanks.

Do you have any evidence that the salesman said it was a PCP?
Will the sales admit that you requested a PCP?
Do you have any witnesses that that you requested a PCP?
If none of the above I cannot see that there is anything you ca do legally.

apt74

My wife was with me.

Wutang_2

apt74 wrote: »

My wife was with me.

Game, set and match!

ILW

wutang wrote: »

game, set and match!

??? .........