Mis-sold loan?

royalblue

Hello,

I took out a loan back in July 2007 for a car. I was sold the loan by the dealer on the basis that it was HP.

I had a loan for a car that I was part exing, the new dealer described that loan as terrible and that I should pay it off by securing a new loan under HP terms to pay for the car and the old loan. Which I did.

Now having had financial problems I am only able to offer token amounts to my creditors, I carried on paying the car loan with help from family. It turns out that the loan was not HP but an Unsecured loan, I was told this by another creditor running checks on what I owe.

Now I have the terms of the loan that say it is indeed Unsecured, but my sales invoice suggests otherwise, it states that it was sold to the finance company and delivered to me, which suggests HP.

The agreement they sent me is unreadable which is one thing but would this loan be classed as mis-sold with the evidence of the sales reciept? The only other thing I have is the memory of the converstaion with the dealer who sold me the new loan telling me how HP was much better for car loans.

All thoughts appreciated.

Beast

What does the credit agreement you signed say? Surely you read the document before you signed it and so you understood and agreed the terms?

royalblue

Beast wrote: »

What does the credit agreement you signed say? Surely you read the document before you signed it and so you understood and agreed the terms?

Although the agreement would have explained this to me I did not read them all the way through.(Too trusting and excited to get the car!)

The Agreement they have since sent is un-readable.

Can everyone honestly say they read the agreements all the way through?

Beast

Unfortunately ignorance isn't a defence. Lesson learned to read things in full before signing them.

royalblue

Beast wrote: »

Unfortunately ignorance isn't a defence. Lesson learned to read things in full before signing them.

With PPI it seems it doesn't matter what the agreement says. If I was told one thing and given another I would have thought I may be protected? no?

Fonz_2

I think you may have misunderstood PPI. This is an insurance which protects you should you lose your job for example and be unable to pay.

royalblue

Fonz wrote: »

I think you may have misunderstood PPI. This is an insurance which protects you should you lose your job for example and be unable to pay.

Hi Fonz.

I am aware of the meaning of PPI. Being self employed myself, I never signed up for it in any loan or card I have had, knowing that it probably wouldn't help me.

I was just using it as an example of the fact that not everything is black and white as regards agreements and how they are sold.

R0bert_Sterling

royalblue wrote: »

an example of the fact that not everything is black and white as regards agreements and how they are sold.

The problem is that in this case it probably is in Black & White, in the agreement you signed. As you pointed out though, you didn't read it through before signing.

What happened to your copy of the agreement?

royalblue

R0bert_Sterling wrote: »

The problem is that in this case it probably is in Black & White, in the agreement you signed. As you pointed out though, you didn't read it through before signing.

What happened to your copy of the agreement?

I don't have a copy, I am not sure why as I have the receipt for the sale and the seperate sheet of T&C's, maybe I wasn't sent or given a copy at or after I signed it.

Why would the dealer make out the receipt to the finance company? This would only happen if they still owned the vehicle as under an HP agreement. This is why when I signed the agreement I would have checked the repayment terms (how much and how many etc) but not the detail.

I think the dealer shafted me into signing up for a new loan where he would make commision rather than me extending the current loan I had.

iolanthe07

Can everyone honestly say they read the agreements all the way through?

Yes, always and thoroughly; and if I don't understand something I ask someone who does.