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Mis-sold insurance on sofa deal

I recently ordered a sofa from a well known store on a 4 year 0% interest finance deal. At the time speaking to the sales guy he mentioned the 5 year optional fabric guard insurance which was £145 although I never said I wanted or was interested in this. It was only after the credit agreement had been drawn up I noticed this had been added. I questioned it at the time and was given the hard sell about why it's a good idea to have and said I would accept it as I had 7 days to change my mind. I have since decided I do not want it. The problem is if I cancel it they will have to re-apply for credit which I believe will affect my credit rating. Being slightly suspicious i'm wondering if this was a deliberate ploy where they point out that you will have to re-apply for credit thinking people will just accept it rather than potentially have their credit rating affected. I wondered if anyone had had a similar experience or if someone could offer some advice on the best way to deal with it as I don't want to pay for something I didn't ask for but equally don't want my credit rating affected by changing the order.

Many thanks

Comments

  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Could you ring the credit company and see what they suggest?

    Where I used to work if there were changes to a finance agreement we would call the credit company and explain the issues and then just re-key the credit agreement with the new products and amounts. They would cancel the first agreement and automatically pass the second one. The agreement numbers would be along the lines of abc123def456 for the first one and abc123def456-2 for the re-key.

    It's possible that other credit companies work in the same way.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Agree with Fosterdog, it shouldnt be a problem for you.

    Get it in writing though and watch your bank statement.

    In fairness, you havent been mis sold it though, you have just decided you dont want it and you are able to cancel it before it starts. That's not a mis sale.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • joecool77
    joecool77 Posts: 19 Forumite
    McKneff wrote: »
    Agree with Fosterdog, it shouldnt be a problem for you.

    Get it in writing though and watch your bank statement.

    In fairness, you havent been mis sold it though, you have just decided you dont want it and you are able to cancel it before it starts. That's not a mis sale.

    I was mis sold it in that it should have been an option, I was made aware of it but not asked if I wanted it and I didn't ask for it to be added to my order.

    Thanks for the replies though, I will ring the credit company and see what they say.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    joecool77 wrote: »
    I recently ordered a sofa from a well known store on a 4 year 0% interest finance deal. At the time speaking to the sales guy he mentioned the 5 year optional fabric guard insurance which was £145 although I never said I wanted or was interested in this. It was only after the credit agreement had been drawn up I noticed this had been added. I questioned it at the time and was given the hard sell about why it's a good idea to have and said I would accept it as I had 7 days to change my mind. I have since decided I do not want it. The problem is if I cancel it they will have to re-apply for credit which I believe will affect my credit rating. Being slightly suspicious i'm wondering if this was a deliberate ploy where they point out that you will have to re-apply for credit thinking people will just accept it rather than potentially have their credit rating affected. I wondered if anyone had had a similar experience or if someone could offer some advice on the best way to deal with it as I don't want to pay for something I didn't ask for but equally don't want my credit rating affected by changing the order.

    Many thanks

    You said in your OP that you eventually accepted it - so no mis sale.

    Anyway, hope you get it sorted okay
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • flutterbyuk25
    flutterbyuk25 Posts: 7,009 Forumite
    I had this when I bought my sofa 3 years ago, allowed them to add it on because I wanted to get home for my tea! I cancelled it with no probs within 7 days with no additional credit check being done.
    * Rainbow baby boy born 9th August 2016 *

    * Slimming World follower (I breastfeed so get 6 hex's!) *
  • joecool77
    joecool77 Posts: 19 Forumite
    McKneff wrote: »
    You said in your OP that you eventually accepted it - so no mis sale.

    Anyway, hope you get it sorted okay[/QUOTE

    By this point though the credit agreement had already been drawn up and they told me they would have to re-apply for credit if I didn't want it. I only agreed to it as I knew I had some time to think about whether I wanted to keep it or not. Maybe mis sold isn't the correct terminology however it was added to my order without my knowledge or consent. It doesn't sound like it will be too much of a problem to sort it out though.
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