Mis sold Unsecured car loan

lovinituk

Biggaz1979 wrote: »

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

School boy error! I really don't understand why people are so trusting these days with all the bad press surrounding loans!

Biggaz1979

Yeah it was a big error on my part I will admit that. They were very clever with how they conducted the whole sale. But they should not be able to get away with it. And I will make sure I get the word out there that they are scum!

I have heard a lot of other bad things about them since. But I did not know this going in there.

lovinituk

You've already contacted the ombudsman so I'm not sure what advice you want at this stage. I guess you'll just have to wait for an answer.

poipo

LOOOOOOOOOOOL
buying a French Crap on a Credit for such a sum and taking a loan for it :rotfl:
Good luck with that,should have stuck with your audi, or could have just sold your audi+ put that 2k you had and bought some 2008-9 decent car with no loan

Biggaz1979

poipo wrote: »

LOOOOOOOOOOOL
buying a French Crap on a Credit for such a sum and taking a loan for it :rotfl:
Good luck with that,should have stuck with your audi, or could have just sold your audi+ put that 2k you had and bought some 2008-9 decent car with no loan

Ummm..

I had a Fiesta when I bought the French crap. I have the Audi now. Which I had along with over 2k for the French crap! :rotfl:

And I was hoping for s little insight as to what experts on here though.. So thanks for the limited expert mature replies I did get. I feel bad enough without stupid comments like above!

ViolaLass

Biggaz1979 wrote: »

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%...

Doesn't add up. APR means Annual Percentage Rate. And 8% a month would not add up to 16% a year.

Biggaz1979

ViolaLass wrote: »

Doesn't add up. APR means Annual Percentage Rate. And 8% a month would not add up to 16% a year.

That's exactly what Barclay's themselves said it was. But I have just had another look. And it says the interest rate is 8% fixed. But then underneath it says the APR is 16% fixed./ So they clearly only showed me the interest rate, but explained that to me as the actual APR

Caz3121

It will have been a flat rate shown (so would not have said APR beside it)
last section here http://www.moneysavingexpert.com/banking/interest-rates#FLAT

Apples2

Without reading the first post this is a simple misunderstanding by OP that it was APR being mentioned.

Car salesman always quote the Interest rate (Flat Rate) which is about half of the APR, they all do it because it sounds better. Coupled with thae lure of that shiny tin box sitting ready to drive away in, punters simply don't listen or care for what they are agreeing to.

If you have a pice of paper with 8% APR written on it, you stand a chance but it is unlikely.
You are simply another in a loooooong list of people who were so keen to grab the car they didn't care enough to read the agreement.

Biggaz1979

All I know is I was shown a Barclay's screen on their monitor with the figures laid out for me to see. As I knew little about this, I took the 8% as the interest rate as this is what she said to me while pointing to it.
Beside this there is the rubbish they filled me with. Telling me unless I took out the GAP and warranty it would double to 16%, which is the only reason I took them. Just goes to show they knew exactly what they were doing.