Loan guarantee

iwasyoungonce

Looking for some advice on the consumer credit act.
We recently had a quote for solar panels and the rep stated that if we used a 15 year loan to purchase the panels we would get a 15 year guarantee (5 years more than their own 10 year guarantee) we do not need the loan to buy these but the extra 5 years would be useful he then suggested we pay off the loan early to avoid the interest but we would still benefit from the 15 year guarantee, the loan company have stated that the consumer credit act will cover us for the full 15 years is this correct as it is not on the loan documents.
Thanks

InsideInsurance

Consumer credit act simply makes the credit provider jointly liable with the merchant. It doesnt change/ extend liability of the merchant.

Elsewhere in the credit agreement there may be some terms about an extended warranty but this isnt explicitly coming from the CCA.

This assumes it is actually a loan and not some form of HP which may have other considerations but is outside of my area

Clive_Woody

iwasyoungonce wrote: »

Looking for some advice on the consumer credit act.
We recently had a quote for solar panels and the rep stated that if we used a 15 year loan to purchase the panels we would get a 15 year guarantee (5 years more than their own 10 year guarantee) we do not need the loan to buy these but the extra 5 years would be useful he then suggested we pay off the loan early to avoid the interest but we would still benefit from the 15 year guarantee, the loan company have stated that the consumer credit act will cover us for the full 15 years is this correct as it is not on the loan documents.
Thanks

No doubt the rep gets some sort of kick back if you take the finance. I would get him to provide confirmation in writing that you will get a 15 year guarantee (ideally backed up in case they go out of business) and full details of what this guarantee covers (i.e. parts and labour or is it a partial guarantee). Otherwise say no thank you to the loan.

Referring to whatever act is inadequate and he needs to show you details of where it is covered in this act and what is covered.

bigadaj

I'd be tempted to at least put part of it onto a credit card, as that would make the card provider jointly and severally liable.

There is a debate about what is covered and for how long when it comes to solar panels, as their use for decades falls outside virtually any other form of purchase so it makes sense to have as many people to go after for liability as you sensibly can, in case things were to go wrong.