un-regulated contract

Thrugelmir

gary_pacha wrote: »

but this deal feels like it has been miss sold to me under false pretences.

On what grounds? You were happy to pay that amount for a car on finance. The monthly repayments were no issue. If you didn't read the small print before signing the contract that's your problem. Little point in complaining now on the grounds that you wish to exit the contract.

SeanG79

Thrugelmir wrote: »

On what grounds? You were happy to pay that amount for a car on finance. The monthly repayments were no issue. If you didn't read the small print before signing the contract that's your problem. Little point in complaining now on the grounds that you wish to exit the contract.

I assume the OP didnt realise that the agreement was unregulated and that with signing an unregulated agreement they waived all their consumer rights under the Consumer Credit Act regarding early settlement, BUT the document will have clearly stated the OP was waiving those rights.

I wouldn't be surprised if the broker and the lender both knew the OP was not self-employed or intending to become self-employed, and the contract should have been written on a regulated agreement. The customer will have a hard time proving this, considering they signed a legal agreement to this effect.

The reason the lender and the broker would have steered towards the unregulated agreement, is the size of the lend and to avoid this exact situation with early settlement.

Hanky_Panky

It was unregulated because it was over £25k - simple. Not sure that they have to advise people who request finance above this figure that their loan wont be covered by the CCA. For example does a mortgage lender inform people that their mortgages aren't covered by the CCA? Why would they?

In any event, as always in this scenario it's up to the individual to actually check what they're signing. It's bonkers to suggest that the OP was 'steered' to this type of loan and 'waived' all rights to the 'security' of the CCA. For a loan over £25k the CCA cannot apply.

Tixy

The £25k limit was removed by the consumer credit act 2006 effective in 2008.

Nearlyold

If you took out the loan 18 months ago ordinarily you would have been covered by the European Consumer Credit Directive but as you have found if its a Business Loan it's unregulated, alternatively did the Broker get you to sign some sort of "high net worth statement" as wealthy customers can opt out of the consumer credit protection if they wish, though this is usually done to get a lower interest rate. I'd put in a formal complaint to the broker and see what happens - you can't be any worse off than you are at the moment. NB did you approach the broker yourself or did the dealer introduce you to him?