Mis sold personal loan agreement

somethingcorporate

AMILLIONDOLLARS wrote: »

"Reading the small print" before signing anything is generally a good idea.

If you signed it, you're now tied into it. Lesson now learnt for the next time. Sell the bike and pay back what is owed.

Good luck for the future.

AMD

It wouldn't be considered small print - it would be front and centre that it was a personal loan!

Terminator786

On a hpi check it comes up as finance

SeanG79

Call B/Horse and insist they remove the finance marker.

I have heard of banks that do still place a marker on HPI even though it shouldn't be there.

poppasmurf_bewdley

Terminator786 wrote: »

I went and got the bike and signed the paperwork.

My question is what should I do? And can I get out of this agreement?

As well as getting the bike and signing for the loan, you will also have received a further copy of the agreement in the post after you signed it.

That is at least two opportunities to read up on what sort of agreement you were signing.

Your saving grace is that the Quad Bike is yours to sell as you wish. It has been since the day you bought it. You can sell it and pay off the loan if there is any equity. If not, you can still sell it, pay what you get for the bike into the account, and pay off the rest over a period of time.

You have no grounds for getting out of the loan.

AMILLIONDOLLARS

Terminator786 wrote: »

At that time I was going through a mortgage deal so I thought I wouldnt get approved for the bike. I didnt pay too much attention to the documents because 2 years earlier a friend of mine had bought a bike from the same dealership on a finance agreement so i trusted them

Unfortunately this assumption has gotten you into this situation, assuming you can now get yourself out, other than to the sell the bike and paying off the debt is another mistake. Take the advice to try and get the HPI removed, this will be one step further to be free of this debt..

AMD