Help neeed asap

Twos

Hi People,

It has come to light that i'm in a very sticky situation. I bought a car in 2008 and the car went heavily into negative equity. The pcp ended in september 2010 but I held Lombard till this year when they finally came and took the car away as they were well within there rights too.

Ok i have just recieved a letter from them stating that i intitally owed £72000 when the contract came to an end and advised them I would try and sell the car privatley to get back as much money as could to pay off the debt. I gave the car to a local garage to sell for me but they could not sell so Lombard took the car back and sold it for £41000....They retail on forcourts for over £60000. Anyway i've recieved the letter and I still owe them £34450 and they want this money.

Where do I stand?

browneyedbazzi

If I were you I'd be seeking proper legal advice from a solicitor...with those sort of sums involved you want someone to go through your contract with a fine tooth comb!

Twos

At the time the PCP looked to be a little off but the broker advised me at the time that due to the financial climate the car would go up in value and or would not loose as much money. Due to the financial climate and recession everything hit rock bottom. Also the agreement was not signed on his premises and no other advise was given with end payment or anythibng else. I was blinded by the monthly payments and low deposit. I never thought I would end up owing so much money!

browneyedbazzi

Sales people are very good at spinning a product/offer so that you only see the up sides and are completely distracted from the downs and/or risks.

Does the contract you signed include any mention of a right to cancel within 7 days?

The Cancellation of Contracts made in a Consumer's Home or Place of Work etc Regs 2008 mean that if you sign a contract somewhere other than at the trader's regular place of business you must be advised of your right to cancel (this must be in writing and there are rules as to the format it must be given in). If you were not properly advised of this right then the contract is likely to be unenforceable.

You said you bought the car in 2008...when exactly? I can't remember off the top of my head when the regs came into force but I'll try to find out (if I can't from home then I'll be able to at work tomorrow).

ETA - I've just checked and the regs came into force 1st October 2008 - was your contract signed before or after that date??

DarnIt_3

What car did you get!???

browneyedbazzi

DarnIt wrote: »

What car did you get!???

I'm thinking Aston Martin - my bf wants one and that looks about the price range lol

Twos

I recieved the paperwork on the 11/08/2008, I must have signed in and around then as I giot the paperwork through email. Like I stated they blinded me by the deal. i was to gulable and fell right into there trap! They have made so much money out of me already. |They didnt even give me a peopr chance to sell the car for what it was worth.

Twos

right to cancel was 5 days on one of the papers. Also I didnt get the service book or anything when I purchsed the car. I even kept up all the payments and never missed one. There has got to be a way out of this! I really feel let down by the broker! !

Twos

No it was a Ferrari 360 spider last one off the prduction line! Thats where it all went wrong! Should have stuck to the porsche cayenne which I p/x'd!!!

Twos

O not to mention the £5000 deposit and all the fees......

browneyedbazzi

Hi Twos, sadly if the contract was signed prior to 1st October 2008 the regs don't apply - you really should see a solicitor who can look closely at the contract and give you proper advice.