Possible Mis-Sold Loan

LeeCat85

Hi all,

Just need a bit of advice. About a year ago my wife took out a loan from a company called creation finance, which was arranged through Carcraft to buy a new car. We regretted it almost as soon as we'd done it but we're in the boat now and we manage to keep up the payments. However after recently signing up with Creation online to be able to view our account statements etc. my wife noticed that in order for anyone to apply for a loan you have to be over 25, she being only 23 now and 22 at the time. I just wondered if anybody's had any experience of this before and may know who we could get some solid legal advice from to see where we might stand with possibly getting the loan written off?

Cheers in advance.

Emmzi

legal age of contract is 18. Nae chance. I assume she used her real DOB.

LeeCat85

Sorry should clarify that it's Creation's policy to not give loans to under 25s.

rs65

You only need to be 18 with carcraft.

rrf494g

they changed their policy to allow a loan that your wife wanted. They would say they did you a favour. Mis-bought is not mis-sold.

good luck

LeeCat85

The loan isn't through carcraft, its through creation. Therefore I would assume their t&c's apply? All carcraft did was search for a loan provider.

DevCoder

The loan is through carcraft as a third party though.

poppy10_2

LeeCat85 wrote: »

after recently signing up with Creation online to be able to view our account statements etc. my wife noticed that in order for anyone to apply for a loan you have to be over 25, she being only 23 now and 22 at the time.

They may not have had the requirement last year when you took out the loan. Even if they did, it's at their discretion who they lend to, and they can relax their criteria if they want. They didn't sell or mis-sell the loan to you - you approached them and asked for the money, nobody pushed you into it.

You have no chance of getting the loan written off. It was mis-bought, not mis-sold. Give yourself a slap on the bottom and don't do it again.

mynameistallulah

Is there any reason why you should not pay it back, do you still have the car?

Emmzi

LeeCat85 wrote: »

The loan isn't through carcraft, its through creation. Therefore I would assume their t&c's apply? All carcraft did was search for a loan provider.

Criteria is not the same as T&Cs. Find me where it says it in the T&Cs. Even then you seek to put both parties in the same position as at the outset as i no contract has existed, so the money still needs to be paid back.

opinions4u

It is quite possible for a firm to distribute loans with different criteria in different ways.

They might say 25+ online at 14%.

It might be 21+ through Carcraft at 19%.

It might be 18+ via Motorworld Superduper Car Showrooms but with a 29% rate.

I just wondered if anybody's had any experience of this before and may know who we could get some solid legal advice from to see where we might stand with possibly getting the loan written off?

I'm not legally qualified. She is over 18. She walked on to trade premises of her own free will. She entered in to a legally binding agreement to borrow money on clearly specified terms.

She will not get the loan written off on a technicality like this. There are no moral grounds to support her case either. She's a big girl now, she can afford the payments and you guys should get a grip. You got what you wanted. Deal with it.