Incorrect 'Total Amount' on finance agreement - what are my options?

Devilfish_2

Dear Money Saving Experts,

I bought a bed from Dreams a couple of months ago. We took advantage of the 1 year 0% finance offer as they weren't giving us any great discount for cash.

(values are examples)
Total Payable - £1000.00
Deposit - £200.00
Total Credit Amount - £800.00

I've had a letter from the finance company stating they made a mistake with the total credit amount. I checked my copy of the agreement and they are correct; the total credit amount is £600 instead of £800 so they've done themselves out of £200. I didn't notice this at the time, I guess they've somehow subtracted the deposit twice.

What are my options here? Do I need to pay them the £200? Do I have a case of "It's your fault so you need to cover the loss"?

I'd appreciate any help and advice you folks can offer.

Regards,
Devilfish

Tixy

If the finance agreement is only for £600 then presumably you would still owe the retailer for the £200, as the finance co will have only paid them the £600.
As its their error hopefully they will allow you to have a new finance agreement with the correct amount so that you don't have to pay the £200 straight away but can spread it out as you originally hoped.

BeInTheKnow

Well....

Im sure there is a legal clause that if a company has "accepted a payment" for what ever ammount, then you have a said contract for that purchase ammount. Like something being priced up wrong...Not sure if this can be used for Credit Agreements though.

So in theory, if you signed the agreement before receiving the product, they too have accepted the agreement to cover the cost of the product, making the the deposit and the stated credit ammount the agreed purchase price.

Not sure the legal stance on this, but thought i would throw something in...

Hax

Maybe I'm just too honest - but if I'd been in receipt of such a mistake I'd be happy to accept an amendment. Mainly because if the mistake was made in the other direction (i.e. credit agreement was for £1000 instead of £800) then I'd be wanting that corrected ASAP!

Surely, if you've only got an agreement for £600 then that's the only amount the credit company have to pay. Add the £200 deposit and that leaves you with a shortfall of £200 to cover the cost of the sofa. Someone's going to be after that money - I'd rather just sort it out amicably than end up being chased for it...

Just IMHO