Mis sold loan??? What can I do?

Hattyhazel

Hi

I have recently purchased a Caravan in November 2012 under what I thought to be a hire purchase agreement. All previous caravan purchases have been on HP so wouldn't have thought any different. On collecting my van I was given a document which had the agreed monthly figures on etc which I duly signed. The rep took back the document and put it neatly in her pile of paperwork. I asked for a copy (knowing I'm legally entitled to it) and she informed me that I couldn't as it had to be sent t the finance company for them to forward me a copy???? I was a little unsure but due to the hustle and excitement of the handover it got forgotten.
Unfortunately due to personal circumstances my husband and I decided we needed to get rid of the van & finance. I telephoned Barclays to explain the situation and was advised that they had no interest in the van at all as the "agreement" wasn't a HP but a Personal Loan. I could if I wanted to sell the van and repay the loan. We all know that I would loose a great deal of money on a brand new van. By this time I was fuming at myself for not demanding a copy of what I signed on the day. I asked Barclays for a copy of what I signed (on the day) with my actual signature on it. They have sent me a printed document with a blank signature box. I again asked for it on a further two occasions and both times it was the same document without my signature. The box reads "sign if you want to be legally bound by its terms" or something like that. I then wrote again expressing my concerns about the whole situation and they responded back with a £50 good will gesture for their poor service, another promise to get a copy of my signed agreement and a copy of the letter they sent to the dealer questioning them about mis selling me the loan. To date no letter from the dealer. And still no copy agreement. I have again sent another letter giving them 7 days to respond otherwise I ill seek legal advice. The 7 days is tomorrow. What should I do... Have I got a case?

gb12345

Hattyhazel wrote: »

Hi
I have again sent another letter giving them 7 days to respond otherwise I ill seek legal advice. The 7 days is tomorrow. What should I do... Have I got a case?

Legally they have 8 weeks to investigate your complaint from the date of receipt. Once the 8 weeks are up or they have come to a final decision that you disagree with (if earlier) then you can refer the matter to the FOS.

I wouldn't bother with legal advice, you will just be wasting more money.

chanz4

as its after 2007 they dont have to provide a signed copy

chalkie99

Hattyhazel wrote: »

Hi

I have recently purchased a Caravan in November 2012 under what I thought to be a hire purchase agreement. All previous caravan purchases have been on HP so wouldn't have thought any different. On collecting my van I was given a document which had the agreed monthly figures on etc which I duly signed. The rep took back the document and put it neatly in her pile of paperwork. I asked for a copy (knowing I'm legally entitled to it) and she informed me that I couldn't as it had to be sent t the finance company for them to forward me a copy???? I was a little unsure but due to the hustle and excitement of the handover it got forgotten.
Unfortunately due to personal circumstances my husband and I decided we needed to get rid of the van & finance. I telephoned Barclays to explain the situation and was advised that they had no interest in the van at all as the "agreement" wasn't a HP but a Personal Loan. I could if I wanted to sell the van and repay the loan. We all know that I would loose a great deal of money on a brand new van. By this time I was fuming at myself for not demanding a copy of what I signed on the day. I asked Barclays for a copy of what I signed (on the day) with my actual signature on it. They have sent me a printed document with a blank signature box. I again asked for it on a further two occasions and both times it was the same document without my signature. The box reads "sign if you want to be legally bound by its terms" or something like that. I then wrote again expressing my concerns about the whole situation and they responded back with a £50 good will gesture for their poor service, another promise to get a copy of my signed agreement and a copy of the letter they sent to the dealer questioning them about mis selling me the loan. To date no letter from the dealer. And still no copy agreement. I have again sent another letter giving them 7 days to respond otherwise I ill seek legal advice. The 7 days is tomorrow. What should I do... Have I got a case?

If you haven't got a case at least you have a caravan and if it's not on HP then, as you have been told, you are free to sell it.

Why do you think you would be better off with an HP agreement?

You would not be free to sell it and you would still have to make the payments which you suggest you cannot do. Your choices would be:

to find 50% of the HP agreement as a lump sum at which point you could hand the caravan back and end up with nothing.

or

to stop paying, have the caravan repossessed and auctioned off for next to nothing, leaving you with a huge debt payable immediately.

The option you have to sell at the best price you can negotiate yourselves on the open market seems to be the best way out for you.

laurel7172

What difference do you think having an HP agreement would make?

As far as I know (I'm sure somebody will correct me), you can only "hand the keys back" without penalty if you have already paid half the total amount due under the agreement. This seems unlikely if you only bought the caravan last November. So you're in exactly the same position of needing to sell the van and pay off the loan with the proceeds. Sorry

KaiserBill

Hattyhazel wrote: »

Hi

I have recently purchased a Caravan in November 2012 under what I thought to be a hire purchase agreement. All previous caravan purchases have been on HP so wouldn't have thought any different.


Are you saying that you can`t be bothered to read the important legal documents that you sign ?

jellie

laurel7172 wrote: »

What difference do you think having an HP agreement would make?

As far as I know (I'm sure somebody will correct me), you can only "hand the keys back" without penalty if you have already paid half the total amount due under the agreement. This seems unlikely if you only bought the caravan last November. So you're in exactly the same position of needing to sell the van and pay off the loan with the proceeds. Sorry

This is right. And by "total amount", it's the total amount due for the van itself, and excludes the cost of any insurances.

OP - whether you had a HP or personal loan, you would still end up very out of pocket by getting rid of the van so soon after purchase.

moohound

How much is outstanding and how much is the caravan worth?
Did you px your previous caravan to put towards it?

If you area giving up caravanning you could eBay your gear/awning etc to help make up the difference.

poppasmurf_bewdley

Hattyhazel wrote: »

Hi

I have recently purchased a Caravan in November 2012 under what I thought to be a hire purchase agreement.

What did the legal document that you signed say at the top, in big bold writing?

And to quote you on the writing on the agreement where you signed: "sign if you want to be legally bound by its terms".

How can these be described as "miss-selling"?

We regularly get people coming onto this forum claiming to have been miss-sold a loan when what has happened is their situation has changed and they no longer want/need/afford whatever it is they have purchased with the loan money. None of them have ever been miss-sold the loan, and I'm afraid you haven't either.

nelly12

chanz4 wrote: »

as its after 2007 they dont have to provide a signed copy

Didn't know that, where can I find out the legislation for that?

MPH80

It's not legislation - it was a court case:

http://www.stephensons.co.uk/site/news_and_events/uptodatenews/credit_agreements_carey