Mis-sold Loan - Was told it was Hire Purchase

R_P_W

damasta wrote: »

I was in the car show room having been told here's my HP agreement, I couldn't really say hold on a minute I just need to phone the citizens advice bureau a minute

Why not????

StuC75

How about 'Hold on a minute until I read what I am signing'..

Clive_Woody

The biggest problem being it will be your word against their's when you claim that you wanted to buy the car using HP but then signed a loan agreement and walked away with the car.

ILW

damasta wrote: »

poppasmurf_bewdley:-
Seek from who? The dealer had told me it was HP so I assumed it was.

Vectis:-
I, naively I admit, assumed that it was the same. Much in the same way that a mortgage is totally different from a loan and yet it is occasionally referred to as one.

A mortgage is a loan.

27col

Since when does anyone believe what a car dealer tells them. I ask, this while admitting to the feeling of excitement as the time to get my hands on my shiny new car approached. However, in my case I was paying cash and there were not much in the way of t & c's.
I remember quite a few years ago, buying a s/h car. I agreed a price and then later on went back and said I would take the interest free credit offer. The trade-in amount for my car immediately went down by about £300. Thus proving that there is no such thing as interest free credit. So I paid cash and saved the £300.

Brock_and_Roll

Car dealers rank only marginally above estate agents - one should assume that everything they say is either a lie or a gross distortion of the truth unless there is firm evidence to the contrary.

Brock_and_Roll
[dad 30 years a car dealer]

damasta

ILW wrote: »

A mortgage is a loan.

As is car finance, it is a loan secured against a car

damasta

poppasmurf_bewdley wrote: »

No. What you needed to say was: "Hang on, this is not very clear. I need to get some advice before I go any further."

The problem was that you wanted to be off and get your hands on that shiny new car, and you assumed (that word again) everything was what you wanted. You are now suffering from not seeking advice.

Like I said, the T&Cs looked like they were for HP. One could argue that it was worded cleverly to conceal the fact that it was not.

The fact is this, the average person on the street is not expected to understand every single word of every set of T&Cs they sign.

Look at PPI for example, I know that on some loan agreements including PPI it says that the PPI is optional and can be cancelled at any time yet there are lots of people claiming that they were told the contrary. These customers are getting refunds based on what they claim they were told not by what they signed.

How is this any different? I was told something, I checked the T&Cs, they seemed to make sense, I signed in good faith I am now told that what I signed was not what I asked for. Other than being naieve and not getting a second opinion on what, from what I saw was a perfectly valid document what have I done worng exactly?

It is worth noting BTW that I did used to work for a bank and saw such documents all the time so it is not as if I am a 'dumb consumer' as some of you seem to be wanting to point out.

I asked a question looking for advice is all jeez.

damasta

HappyMJ wrote: »

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.

Which banks are these we should all go!!!

Credit cards are different in that they give yo it interest free for 2 months (or sometimes a year if its a new purchase on a new card).

As for the cash... wish I had it to spend LOL

poppasmurf_bewdley

So now you've gone from "assuming it was HP" to "Like I said, the T&Cs looked like they were for HP. One could argue that it was worded cleverly to conceal the fact that it was not," to "I checked the T&Cs, they seemed to make sense."

As for your claim that "the average person on the street is not expected to understand every single word of every set of T&Cs they sign," I'm afraid like the law, ignorance is no excuse.