Mis sold Unsecured car loan

Biggaz1979

Hi Guys,

I am hoping there are some helpful experts on the forum today. Below I have posted a copy of the email that I sent to the Financial Services Ombudsman about a month ago, after failing to get any help from the dealer I bought the car from. I have just copied and pasted to save time, I hope this is okay by you.

I have been advised by my creditor - Barclay's Partner Finance, to email contact you regarding my mis-sold package.
In July this year, I decided I wanted to take out another credit facility to help rebuild my credit. so I could buy a house for the first time in 2 years or so. I decided I would change my car and do it that way, So I went to a local car dealership - Pinetree Cars in Baglan, South Wales.
Myself and my ex partner found the car we wanted, so the salesman said to leave it with him for an hour and they would call me with the best deal they could find. I specifically said I didn't want a high APR otherwise I'd rather not go ahead. The lady in the office called me an hour later to say they had found me a good deal, so we went back to the dealership.
While she was telling us about the package, she turned the computer screen so we could see the APR, which read at 8%. I thought this was a reasonable amount of interest considering I hadn't had a lot of credit in the past. She also explained to me that unless I took out the warranty and GAP package to go with it, this figure would however double to 16%. So naturally I agreed. She told me the monthly payment, which was £197.56 which I thought was high. She then explained that the warranty and GAP had been added to the payments to take it up to that amount. They said I could have the car for £6.995 as it was up for £7,495 so the overall amount for credit was then £8,467 So they has added around £1,500 for the warranty and GAP. I thought, Okay better to be safe than sorry, even though ideally I wanted to keep the installments down. I didn't know how this worked so I went along with it and didn't question what they said at the time.

So next she prints off all the paperwork for me to sign. All the while still reminding me that it was 8% APR and a good deal for me. Rather foolishly of me, and seeing as she had the details on the screen for me to see all this time, I signed the paperwork without reading each page, because I had trusted what I'd seen on the screen. I trusted this because it was a Barclay's Partner Finance window with text fields that were not editable. So to me at that time, the 8% APR was what I was getting, and that was what it would say on the paperwork also. I admit I was very excited at the idea of having a nearly new car for the first time in my life as well.

So we left with our new car, and a few weeks later, when I had my first letter from Barclay's, I opened it naturally to read it. In this letter it now stated that the APR was 16% my heart sank. I called Barclay's the following day to complain that the APT had doubled and to explain I did take out the warranty and GAP as was required to get the 8% APR. To my total surprise, the lady I spoke to on the phone informed me that it is the monthly APR that was 8% and the annual APR was 16% which should have been explained to me on the day by Pinetree Cars! She also explained to me that there were no conditions that made the warranty and GAP half the APR in any circumstances. And I have also been informed by them this weekend that they don't provide GAP for an unsecured loan, which is what this loan is.

Pinetree Cars were very clever in the way they managed to do this to me, and I have no doubt they have done this to others as well. I am hoping I am not the first person to complain to you about this kind of thing involving Pinetree Cars. This was nothing to do with Barclay's they have just been used by Pinetree Cars to rip me off. There must be something that can be done about this. I have no issues paying my loan off. But I want the loan to be at 8% as I was shown by Pinetree cars in the first place. I want to be able to rebuild my credit profile to buy a house.

If they had just said it to me verbally, then of course I would have read the paperwork before signing anything. But because it was actually shown to me on the screen, I foolishly trusted what I had seen. I hope you can see this the way you should see it.
I have suffered from depression a lot in my life, and this has started it all off again. I even got rid of the car in anger just to get some money back in my pocket, even though I now stand to lose thousands over this. I part exchanged the car for a 2004 audi A4 and £2,100 in cash. The car I had was a 2010 Renault Megane Coupe DCI. I now know why they really wanted me to have the warranty. Within a month of taking the car home, the turbo blew on it, and it took them nearly a week to sort it. And then it started making a funny noise again, so I just got rid of it before something else went wrong with it.

When I first called Barclay's they advised me to contact Pintree to ask what they're prepared to do about it. When I spoke to them the manager wasn't in and was told he would call me back, which he did and left a message on my answerphone. I contacted them again and had the same response, but this time he never did call me back., I have been close to losing my cool and going down there, and I know that is a bad idea so have not bothered contacting them since. But I have been in contact with Barclay's. It was them that recently advised me to write this email complaint to yourselves. They have been really helpful with this. And everyone I have spoken to has agreed with me about the situation, it will all be in the call logs as they told me calls are recorded for training purposes etc.

I feel this has been really unfair on me, I am prepared to go to court and face them there if I have to. They tell me and show me 8% APR when it was 16%, they tell me I have to have the warranty and GAP adding another £1,500 to the package in order to keep it at 8%, and this was absolute rubbish as well. Please can you do something about this? I want the APR to be 8% as I was shown,a nd I do not want the added warranty and GAP and additional £1,500 on the package which I think is fair. I also think that Pinetree should be punished for doing this as well. I have a feeling and am hoping that I am not the only one you have heard from regarding this and this company.

Remember this was addressed to the Financial Services Ombudsman. Any questions you may have, please just ask. And yes I know it makes me sound a plank for trusting what they has said and sown me on the screen and trusted them enough to sign the paperwork. I have never been so humiliated in my life and it is really depressing me.

Thanks for any advice in advance.

Gav

Marktheshark

Biggaz1979 wrote: »

Hi Guys,

I signed the paperwork without reading each page, because I had trusted what I'd seen on the screen.

Thats is the end of the argument IMO.
She said this that and the other is hear say, if the contract you were asked to sign had the interest rate clearly on it and you signed to this contract that is the interest rate you are legally liable to pay.
They are not responsible for your refusal to read the contract.

Thrugelmir

In July this year, I decided I wanted to take out another credit facility to help rebuild my credit. so I could buy a house for the first time in 2 years or so. I decided I would change my car and do it that way,

Doubt this transaction would have any particularly positive impact in terms of a mortgage application. Saving a larger deposit is by far the easiest route. Rather than wasting money even if the rate was only 8%.

Biggaz1979

Marktheshark wrote: »

Thats is the end of the argument IMO.
She said this that and the other is hear say, if the contract you were asked to sign had the interest rate clearly on it and you signed to this contract that is the interest rate you are legally liable to pay.
They are not responsible for your refusal to read the contract.

The interest rate was not clearly on the paperwork I signed. I was shown where to sign on each page which I signed. I was not the only person in the room when this happened. My ex was in the room with me. It is not hear say. It was said. And has probably been done to many others as well.

PeacefulWaters

I couldn't be bothered reading it.

Is there a summary version available?

Biggaz1979

Even Barclays themselves said it has been mis sold to me.

Biggaz1979

As I explained. They showed me the interest rate on the computer screen. Which read 8%. it was all done very quickly and cleverly thinking back.

kloana

PeacefulWaters wrote: »

I couldn't be bothered reading it.

Is there a summary version available?

Was told the car finance was 8% APR when it was actually 16% - backed up by verbal schmoozery and computer-screen trickery from the salesperson. The paperwork (which the OP signed) said 16% - but they didn't read it before signing and understanding it in full.

Biggaz1979

PeacefulWaters wrote: »

I couldn't be bothered reading it.

Is there a summary version available?

There is no short way of saying it. If you can't be bothered then move to the next one.

Biggaz1979

kloana wrote: »

Was told the car finance was 8% APR when it was actually 16% - backed up by verbal schmoozery and computer-screen trickery from the salesperson. The paperwork (which the OP signed) said 16% - but they didn't read it before signing and understanding it in full.

Yes I took their word for it along with what was shown on screen..

lovinituk

Biggaz1979 wrote: »

There is no short way of saying it.

Er...........

kloana wrote: »

Was told the car finance was 8% APR when it was actually 16% - backed up by verbal schmoozery and computer-screen trickery from the salesperson. The paperwork (which the OP signed) said 16% - but they didn't read it before signing and understanding it in full.