Mis-sold Loan - Was told it was Hire Purchase

damasta

Hi all

I recently found out that I had been mis-sold a loan.

Basically what happened was that I went to a car showroom & bought a car on finance. They initially offered me a PCP but I declined and said I wanted HP because at the time, I thought that'd be the best option. They did the application, it got etc and I got the car.

Fast forward to now:-
I went to another car showroom who looked on their computer and said the car has no HP agreement on it. I called them up & found that it was not HP that they had applied for but it was a personal loan instead.

I have called the FOS for advice as I never knew who to complain to (the car dealership since they sold the loan or the finance company, Barclays Partner Finance, who hold it). The lady at the FOS said she will initially write to the car dealership for me (which was kind of them) and complain on my behalf. What I said I wanted was for the car to be HP not personal loan which was what was agreed.

What I want to know is, assuming it is found in my favour, what am I likely to get out of it?

The reasons why I thought it was a HP are as follows:-

• It was interest free and no bank in the land gives interest free personal loans
• Every time I have called Barclays Partner Finance they ask me for the reg plate indicating the loan was related to the car
• Nowhere on the forms of agreement does it say the words personal loan (apparently there is another line of text somewhere if it is HP not a personal loan)
• Further to the above the forms of agreement do not look like forms of agreement for a personal loan (since they mention the car a lot). At the very least they are not clear.

Thanks in advance

Apples2

What does it say in big letters at the top of the agreement you have?

damasta

Fixed Sum Loan

redcard

Close thread?

scholesfan88

You must have read and signed the paperwork before you got the car?

damasta

I did, but like I say the paperwork was not clear. It references the car a lot, does not say the words personal loan so I assumed it was a HP.

ERICS_MUM

damasta wrote: »

I did, but like I say the paperwork was not clear. It references the car a lot, does not say the words personal loan so I assumed it was a HP.

damasta wrote: »

Fixed Sum Loan

am I missing something here ?

damasta

Perhaps I am not clear.

The dealer indicated that it was HP. It does say fixed sum loan at the top yes, however, the wording of the T&Cs text seems to be worded vaguely as if it could refer to the car.

Barclays partner finance said that 'there is another line of text somewhere if it is HP not a personal loan'

redcard

Why don't you want it to be a loan?

HappyMJ

damasta wrote: »

What I want to know is, assuming it is found in my favour, what am I likely to get out of it?

The reasons why I thought it was a HP are as follows:-

• It was interest free and no bank in the land gives interest free personal loans

Loads of banks give interest free loans. Almost all credit cards give interest free credit for up to 56 days. The bank charge the retailer a fee which is added onto the price of the vehicle. If you had paid cash you could have got the vehicle much cheaper.

damasta

redcard wrote: »

Why don't you want it to be a loan?

The main reason is the car has devalued quicker than the Greek economy. On HP I can get rid after 3 years on a personal loan I am stuck until I am in positive equity by selling.