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Has he been mis sold?

Hi everyone

I'm new here so I'm sorry if I've posted in the wrong section. I'm looking for some advice regarding a car loan.

I haven't got great credit due to some past mistakes and after my trusty little micra died on me my dad agreed to help me out with a car. He has a car himself on loan from a local company (we have since found out they are in the middle of a police case regarding fraud and clocking) anyway I seen a car there and went into see about it the sales guy told us (me and my dad) i couldn't have the loan but my dad could be a gaurentor for me. So we went ahead and after a month I needed to query something and when I called the loan company they told me i wasn't authorised as I am not the account holder.

At the moment I'm in a hard place financially, I've recently had a baby and am on maternity and my OH has lost his job due to staff cuts (last in first out situation) I'm struggling meeting car payments as it is a rediculous 22% apr and want to know were we would stand if my dad was to say he was mis sold the loan. If this isn't an option does anyone know how I could get out of the agreement.

Many thanks
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Comments

  • Where you stand is it wasn't missold and you can't get out of it.

    Another case of a guarantor loan going wrong here.

    Your dad is going to be on the hook for the payments.
  • Ok thanks pretty much as I guessed as it's obvious your told to read the small print, does this happen a lot then?

    If I was to give up the car and still pay the remainder of debt do you think they would reduce the monthly payments? Currency paying £208 per month.

    Thanks
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    On what basis do you claim the loan was mis-sold?

    The fact that you are struggling to meet the repayments is proof that you were unable to afford the loan which is why a guarantor was required in the first place.
  • Just saying the loan was missold does not make it missold (trust me, I've been telling my wife for years we're rich but the money has still not dropped into my bank account!).

    Unless you have a genuine complaint I am not sure what you can do.
    Thinking critically since 1996....
  • The payments won't be an issue when OH is working again although maybe I should have taken out Payment protection.

    Thanks for all your replies
  • Where you stand is it wasn't missold and you can't get out of it.

    Another case of a guarantor loan going wrong here.

    Your dad is going to be on the hook for the payments.

    What a lemon you are!
  • BB - at least you're consistent with the bull5h1t tonight!

    Not one ounce of advice in that post btw - as usual.
  • Only a month between "ill sign anything to get a newer car" and "have I been mis-sold, I cant afford the payments"

    A well thought out financial decision NOT.
  • Just curious, but if you took out the loan with dad as guarantor, is it not in your name (obviously he'd have to pick up the pieces) or is the loan in his name?
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    I'm struggling meeting car payments as it is a rediculous 22% apr
    How much a week cheaper would it have been at a less ridiculous 12.9% APR?
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